Politics, Reform, and Expansion, 1890-1900

By Harold U. Faulkner | Go to book overview

CHAPTER 7
Depression, Bonds, and Tariffs

"THERE has never been a time in our history," said Benjamin Harrison in his last message to Congress, "when work was so abundant, or when wages were as high, whether measured by the currency in which they are paid, or by their power to supply the necessaries and comforts of life."1 Within months the worst financial panic in years broke over the country. Ten days before Harrison left office the Philadelphia and Reading Railroad, with no warning, suddenly went bankrupt. The volume of sales on the day of its collapse was the greatest in the history of the New York Stock Exchange. The air was filled with anxiety. The unfortunate Cleveland was installed in the White House. Then on May 5 the National Cordage Company failed in spectacular fashion, shortly after paying its regular dividend. The market collapsed abruptly. Banks called in their loans; the stream of credit dried to a trickle. Businesses failed daily. The Erie went down in July, the Northern Pacific in August, the Union Pacific in October, the Atchison in December.

Before the year was out, 500 banks and nearly 16,000 businesses had declared themselves bankrupt.

The month of August [wrote the Commercial and Financial Chronicle] will long remain memorable . . . in our industrial history. Never before has there been such a sudden and striking cessation of industrial activity. Nor was any section of the country exempt from the paralysis. Mills, factories, furnaces, mines nearly everywhere shut down in large numbers, and commerce and enterprise were arrested in an extraordinary degree and hundreds of thousands of men thrown out of employment.

____________________
1
J. D. Richardson, Messages and Papers of the Presidents ( Washington, 1897), IX, 309.

-141-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Politics, Reform, and Expansion, 1890-1900
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Editors' Introduction ix
  • Preface xiii
  • Chapter 1 - The Restless Decade 1
  • Chapter 2 - The Revolt of the Cities 23
  • Chapter 3 - The Decline of Agriculture 48
  • Chapter 4 - Progress and Poverty 72
  • Chapter 5 - Billion-Dollar Politics 94
  • Chapter 6 - The Election of 1892 119
  • Chapter 7 - Depression, Bonds, and Tariffs 141
  • Chapter 8 - 1894 163
  • Chapter 9 - The Bryan Campaign 187
  • Chapter 10 - The Drums of War 212
  • Chapter II - The War with Spain 235
  • Chapter 12 - End of a Decade 260
  • Bibliography 281
  • Index 305
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 320

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.