The United States and the Problem of Recovery after 1893

By Gerald T. White | Go to book overview

Chapter II
A First Answer of Government

The response of government to the problem of recovery after 1893 is of pivotal significance. During the preceding major depression, the panic of 1873, the idea that government should play an active role is much more difficult to discern. Secretary of the Treasury W. A. Richardson and President Ulysses S. Grant traveled to New York within a week of the outbreak of that earlier panic and agreed to purchase $13 million of government bonds in an inadequate attempt to help relieve the currency shortage. Later Richardson released about $26 million of retired greenbacks for circulation for the same purpose. These efforts represented the outer limits of executive action. 1

Grant and his successor, Rutherford B. Hayes, supplied virtually no leadership. In the absence of presidential leadership some discussions concerning recovery took place inside and outside legislative halls but without consensus for action. During 1878 and 1879 successive special committees in the House of Representatives held hearings to determine what government might do to alleviate depression. They listened to opinions ranging from the laissez-faire views of William Graham Sumner to the advocates of the eight-hour day, public works, laws supporting unionization and strikes, the issuance of more paper money, and a host of others. These calls for government action received little publicity. They were often far ahead of their time. Even at the level of local government the advocates of public works met with little success. At the national level the inflationary Independent (Greenback) party peaked briefly at about 1 million votes in the off-year elections of 1878 as the result of frequent alliances between fusion Democrats and Greenbackers. Free silver was also attracting the attention of Greenbackers and their sympathizers. But by 1878 the depression was waning. New York's Governor Samuel J. Tilden, the Democratic presidential candidate in 1876, had expressed earlier that year the typical feeling of the time when he called for "government institutions, simple,

-8-

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.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

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
The United States and the Problem of Recovery after 1893
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface ix
  • Chapter I- The Panic of 1893 1
  • Chapter II- A First Answer of Government 8
  • Chapter III- The Problem of Belief and the Unemployed 21
  • Chapter IV- The Tariff of 1894 33
  • Chapter V- The Bond Issues 41
  • Chapter VI- A Second Answer of Government 56
  • Chapter VII- Agriculture and Recovery 71
  • Chapter VIII- Exports of Manufactures and Recovery 82
  • Chapter IX- Recovery in 1898 91
  • Chapter X - An Overview and a "Legacy" 102
  • Notes 117
  • Bibliography 145
  • Index 157
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?

Help
Full screen
/ 166

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access 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

    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.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.