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167-428: The 25th United States president , McKinley took office following the 1896 presidential election , in which he defeated Democrat William Jennings Bryan . In the campaign, McKinley advocated " sound money ", promised that high tariffs would restore prosperity, and denounced Bryan as a radical who promoted class warfare . He defeated Bryan again in the 1900 presidential election , in a campaign focused on imperialism in

334-659: A $ 10 gold eagle was also approved, containing 247.5 grains (16.0377 g) fine gold. Hamilton therefore put the U.S. dollar on a bimetallic standard with a gold–silver ratio of 15.0. American-issued dollars and cents remained less common in circulation than Spanish dollars and reales (1/8th dollar) for the next six decades until foreign currency was demonetized in 1857. $ 10 gold eagles were exported to Europe where it could fetch over ten Spanish dollars due to their higher gold ratio of 15.5. American silver dollars also compared favorably with Spanish dollars and were easily used for overseas purchases. In 1806 President Jefferson suspended

501-412: A fixed exchange rate , governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions . According to a 2012 survey of 39 economists, the vast majority (92 percent) agreed that a return to the gold standard would not improve price-stability and employment outcomes, and two-thirds of economic historians surveyed in the mid-1990s rejected

668-469: A gold bullion standard whenever gold bars are offered, or a gold exchange standard whenever other gold-convertible currencies are offered. John Maynard Keynes referred to both standards above as simply the gold exchange standard in his 1913 book Indian Currency and Finance . He described this as the predominant form of the international gold standard before the First World War, that a gold standard

835-471: A gold exchange standard , where the government guarantees a fixed exchange rate, not to a specified amount of gold, but rather to the currency of another country that is under a gold standard. This became the predominant international standard under the Bretton Woods Agreement from 1945 to 1971 by the fixing of world currencies to the U.S. dollar , the only currency after World War II to be on

1002-498: A parallel bimetallic standard (where gold circulates at a floating exchange rate to silver) or reverted to a mono-metallic standard. France was the most important country which maintained a bimetallic standard during most of the 19th century. The English pound sterling introduced c.  800 CE was initially a silver standard unit worth 20 shillings or 240 silver pennies. The latter initially contained 1.35 g fine silver, reduced by 1601 to 0.464 g (hence giving way to

1169-689: A 1% premium, and by the German Reichsbank partially suspending free payment in gold, though "covertly and with shame". Some countries had limited success in implementing the gold standard even while disregarding such "rules of the game" in its pursuit of other monetary policy objectives. Inside the Latin Monetary Union , the Italian lira and the Spanish peseta traded outside typical gold-standard levels of 25.02–25.42F/£ for extended periods of time: In

1336-484: A backtrack from the merit system. The McKinley administration brought foreign affairs to the top of the agenda for the first time since the 1840s. Most Republicans supported an expansionist foreign policy, building the American presence in the world that suited its increasing economic dominance. Opposition came from an anti-imperialist element, that include some old time Republicans, as well as most Democrats. However, in 1898

1503-693: A base to dominate much of the Pacific, defend the Pacific Coast, and expand trade with Asia. Republican Congressman William Sulzer stated that "the Hawaiian Islands will be the key that will unlock to us the commerce of the Orient." McKinley stated, "we need Hawaii just as much and a good deal more than we did California. It is manifest destiny ." President McKinley's position was that Hawaii could never survive on its own. It would quickly be gobbled up by Japan—already

1670-668: A ceasefire on those terms on August 12, and treaty negotiations began in Paris in September 1898. The talks continued until December 18, when the Treaty of Paris was signed. The United States acquired Puerto Rico and the Philippines as well as the island of Guam , and Spain relinquished its claims to Cuba; in exchange, the United States agreed to pay Spain $ 20 million. McKinley had difficulty convincing

1837-616: A competitive modern navy, Pacific bases, an isthmian canal through Nicaragua or Panama, and, above all, an assertive role for the United States as the largest industrial power. They warned that Japan was sending a warship and was poised to seize an independent Hawaii, and thereby be within range of California—a threat that alarmed the West Coast. The Navy prepared the first plans regarding a war with Japan. McKinley submitted an annexation treaty in June 1897, but anti-imperialists prevented it from winning

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2004-476: A fixed maximum rate in terms of the local currency, the reserves necessary to provide these remittances being kept to a considerable extent abroad. Its theoretical advantages were first set forth by Ricardo (i.e. David Ricardo , 1824) at the time of the Bullionist Controversy. He laid it down that a currency is in its most perfect state when it consists of a cheap material, but having an equal value with

2171-468: A fixed price. First emerging in the late 18th century to regulate exchange between London and Edinburgh, Keynes (1913) noted how such a standard became the predominant means of implementing the gold standard internationally in the 1870s. Restricting the free circulation of gold under the Classical Gold Standard period from the 1870s to 1914 was also needed in countries which decided to implement

2338-537: A former general who had also served as the governor of Michigan . Competent enough in peacetime, Alger proved inadequate once the Spanish–American War began. With the War Department plagued by scandal, Alger resigned at McKinley's request in mid-1899 and was succeeded by Elihu Root . During the war, General Henry Clark Corbin gained McKinley's trust as the adjutant general of the army, and Corbin acted as

2505-599: A former slave, to the post of customs collector in Presidio, Texas . African Americans in Northern states felt that their contributions to McKinley's victory were overlooked, as few were appointed to office. African Americans saw the onset of war in 1898 as an opportunity to display their patriotism, and black soldiers fought bravely at El Caney and San Juan Hill. African Americans in the peacetime Army had formed elite units; nevertheless they were harassed by whites as they traveled from

2672-440: A fourth of the islands' population was Japanese. Japan would then dominate the Pacific and undermine American hopes for large-scale trade with Asia. The issue of annexation became a major political issue heatedly debated across the United States, which carried over into the 1900 presidential election. By then the national consensus was in favor of the annexation of both Hawaii and the Philippines. Historian Henry Graff says that in

2839-595: A garrison of approximately 80,000. Disease was a major factor: for every American soldier killed in combat in 1898, seven died of disease. The U.S. Army Medical Corps made great strides in treating tropical diseases. There were lengthy delays in Florida—Colonel William Jennings Bryan spent the entire war there as his militia unit was never sent to combat. The combat army, led by Major General William Rufus Shafter , sailed from Florida on June 20, landing near Santiago de Cuba two days later. Following

3006-521: A gold–silver ratio of 15.2, higher than prevailing ratios in Continental Europe. Great Britain was therefore de jure under a bimetallic standard with gold serving as the cheaper and more reliable currency compared to clipped silver (full-weight silver coins did not circulate and went to Europe where 21 shillings fetched over a guinea in gold). Several factors helped extend the British gold standard into

3173-623: A middle course between proponents of free silver and those who favored a gold standard. When the special session of Congress convened in March 1897, Dingley introduced the Dingley Act to revise the Wilson–Gorman Tariff Act of 1894. McKinley supported the bill, which increased tariffs on wool, sugar, and luxury goods, but the proposed new rates alarmed the French , who exported many luxury items to

3340-453: A potentially long, expensive war posed serious threat to full economic recovery. The leading railroad magazine editorialized, "from a commercial and mercenary standpoint it seems peculiarly bitter that this war should come when the country had already suffered so much and so needed rest and peace." The strong anti-war consensus of the business community strengthened McKinley's resolve to use diplomacy and negotiation rather than brute force to end

3507-475: A provision allowing for international bimetallism. The Senate passed the bill in a near-party-line vote in March 1900, and McKinley signed the bill into law later that month. Democrats tried to make free silver a campaign issue in 1900, but it failed to attract much attention. A key element of McKinley's appeal in an 1896 election was the spirit of pluralism. No group in America was to be ostracized or banned. Everyone

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3674-573: A skirmish at Las Guasimas on June 24, Shafter's army engaged the Spanish forces on July 2 in the Battle of San Juan Hill . In an intense day-long battle, the American force was victorious, although both sides suffered heavy casualties. Leonard Wood and Theodore Roosevelt, who had resigned as assistant secretary of the Navy, led the " Rough Riders " into combat. Roosevelt's battlefield exploits would later propel him to

3841-491: A standard of this type was made by Holland. The free coinage of silver was suspended in 1877. But the currency continued to consist mainly of silver and paper. It has been maintained since that date at a constant value in terms of gold by the Bank's regularly providing gold when it is required for export and by its using its authority at the same time for restricting so far as possible the use of gold at home. To make this policy possible,

4008-571: A switch to gold by several European countries in the 1870s and led as well to the suspension of the unlimited minting of silver 5-franc coins in the Latin Monetary Union in 1873. The following countries switched from silver or bimetallic currencies to gold in the following years (Britain is included for completeness): The gold standard became the basis for the international monetary system after 1873. According to economic historian Barry Eichengreen , "only then did countries settle on gold as

4175-497: A way to end the war. On July 22, the Spanish authorized Jules Cambon , the French Ambassador to the United States, to represent Spain in negotiating peace. The Spanish initially wished to restrict their territorial loss to Cuba, but were quickly forced to recognize that their other possessions would be claimed as spoils of war. McKinley's Cabinet unanimously agreed that Spain must leave Cuba and Puerto Rico, but they disagreed on

4342-598: Is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold . The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system . Many states nonetheless hold substantial gold reserves . Historically,

4509-420: Is always getting into rows with everybody." Nevertheless, he appointed Roosevelt. McKinley chose James Wilson , a former congressman with strong support in the state of Iowa, to be his secretary of agriculture. McKinley's first choice for Postmaster General was Mark Hanna, but he declined the position. McKinley also considered appointing Henry Clay Payne , but opposition from Robert M. La Follette 's faction of

4676-579: Is often seen as a realigning election , as with it the nation's focus shifted from repairing the damage caused by the Civil War, to building for the future through social reform. It was also a realigning election in that it launched a long period of Republican control over Congress and the White House, the Fourth Party System , that would continue until 1932 . McKinley's first presidential inauguration

4843-407: Is the only possible means of bringing China onto a gold basis ... The classical gold standard of the late 19th century was therefore not merely a superficial switch from circulating silver to circulating gold. The bulk of silver currency was actually replaced by banknotes and token currency whose gold value was guaranteed by gold bullion and other reserve assets held inside central banks. In turn,

5010-411: The 1st Congress convened, political factions began rallying around dominant Washington administration officials, such as Alexander Hamilton and Thomas Jefferson . Concerned about the capacity of political parties to destroy the fragile unity holding the nation together, Washington remained unaffiliated with any political faction or party throughout his eight-year presidency. He was, and remains,

5177-564: The Straits dollar of 24.26 g silver was fixed at 28 pence (or £1 = 8 4 ⁄ 7 dollars; ratio 28.4). Nearly similar gold standards were implemented in Japan in 1897, in the Philippines in 1903, and in Mexico in 1905 when the previous yen or peso of 24.26 g silver was redefined to approximately 0.75 g gold or half a U.S. dollar (ratio 32.3). Japan gained the needed gold reserves after

Presidency of William McKinley - Misplaced Pages Continue

5344-590: The Territory of Hawaii . McKinley appointed Sanford B. Dole , who had served as the president of the Republic of Hawaii from 1894 to 1898, as the first territorial governor. By the time McKinley took office, rebels in Cuba had waged an intermittent campaign for freedom from Spanish colonial rule for decades. By 1895, the conflict had expanded to a war for independence . The United States and Cuba enjoyed close trade relations, and

5511-663: The United States Courts of Appeals , and 28 judges to the United States district courts . The long, deep depression that followed the Panic of 1893 finally ended in late 1896, as all the economic indicators in 1897 turned positive. Business newspapers and magazines were filled with optimistic reports throughout 1897. The New York Commercial of 3 January 1898 surveyed a wide variety of businesses and industries nationwide and concluded, "after three years of waiting and of false starts,

5678-530: The executive branch of the federal government and is the commander-in-chief of the United States Armed Forces . Since the office was established in 1789, 45 men have served in 46 presidencies. The first president, George Washington , won a unanimous vote of the Electoral College. Grover Cleveland served two non-consecutive terms and is therefore counted as the 22nd and 24th president of

5845-529: The silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities , and path dependence . Great Britain accidentally adopted a de facto gold standard in 1717 when Isaac Newton , then-master of the Royal Mint , set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became

6012-511: The "gold points" (in the example above, cases existed of the pound climbing above 25.42 francs or falling below 25.02 francs). Central banks were found to pursue other objectives other than fixed exchange rates to gold (like e.g., lower domestic prices, or stopping huge gold outflows), though such behavior is limited by public credibility on their adherence to the gold standard. Keynes described such violations occurring before 1913 by French banks limiting gold payouts to 200 francs per head and charging

6179-482: The "rules" actually observed during the classical gold standard era from 1873 to 1914, however, reveal how much more powerful national central banks actually are in influencing price levels and specie flows, compared to the "self-correcting" flows predicted by the price-specie flow mechanism. Keynes premised the "rules of the game" on best practices of central banks to implement the pre-1914 international gold standard, namely: Central banks were also expected to maintain

6346-459: The 1780s, Thomas Jefferson , Robert Morris and Alexander Hamilton recommended to Congress that a decimal currency system be adopted by the United States. The initial recommendation in 1785 was a silver standard based on the Spanish milled dollar (finalized at 371.25 grains or 24.0566 g fine silver), but in the final version of the Coinage Act of 1792 Hamilton's recommendation to include

6513-515: The 1896 election, McKinley and his manager, Cleveland businessman Mark Hanna , quietly built up support for a presidential bid. When rivals Speaker Thomas Brackett Reed and Senator William B. Allison sent agents outside their states to organize support for their candidacies, they found that McKinley agents had preceded them. By the time the 1896 Republican National Convention began in St. Louis in June, McKinley had an ample majority of delegates, and he won

6680-526: The 19th century, namely: A proclamation from Queen Anne in 1704 introduced the British West Indies to the gold standard; however, it did not result in the wide use of gold currency and the gold standard, given Britain's mercantilist policy of hoarding gold and silver from its colonies for use at home. Prices were quoted de jure in gold pounds sterling but were rarely paid in gold; the colonists' de facto daily medium of exchange and unit of account

6847-453: The 19th century. Gold functioned as a medium for international trade and high-value transactions, but it generally fluctuated in price versus everyday silver money. A bimetallic standard emerged under a silver standard in the process of giving popular gold coins like ducats a fixed value in terms of silver. In light of fluctuating gold–silver ratios in other countries, bimetallic standards were rather unstable and de facto transformed into

Presidency of William McKinley - Misplaced Pages Continue

7014-441: The 20th century historians and textbooks disparaged McKinley as a weak leader—echoing Roosevelt, who called him spineless. They blamed McKinley for losing control of foreign policy and agreeing to an unnecessary war. A wave of new scholarship in the 1970s, from both right and left, reversed the older interpretation. Robert L. Beisner summed up the new views of McKinley as a strong leader. He said McKinley called for war—not because he

7181-423: The American position. Spain ignored the calls and fought the hopeless war alone in order to defend its honor and keep the monarchy alive. McKinley put it succinctly in late 1897 that if Spain failed to resolve its crisis, the United States would see “a duty imposed by our obligations to ourselves, to civilization and humanity to intervene with force." Most historians argue that an upsurge of humanitarian concern with

7348-530: The Anti-Imperialist League within the United States, forces in Hawaii vigorously opposed the annexation. The Hawaiian Patriotic League and its female counterpart, both of which were made up of native Hawaiians, began a mass petition drive. The petition, which was clearly titled "Petition Against Annexation", was signed by over half of the native Hawaiian population. However, the anti-imperialists could not stop

7515-563: The Bank of Holland has kept a reserve, of a moderate and economical amount, partly in gold, partly in foreign bills. Since the Indian system (gold exchange standard implemented in 1893) has been perfected and its provisions generally known, it has been widely imitated both in Asia and elsewhere ... Something similar has existed in Java under Dutch influences for many years ... The Gold-Exchange Standard

7682-557: The Caribbean theater, a large force of regulars and volunteers gathered near Tampa, Florida , for an invasion of Cuba. The army faced difficulties in supplying the rapidly expanding force even before they departed for Cuba, but by June, Corbin had made progress in resolving the problems. The U.S. Navy began a blockade of Cuba in April while the Army prepared to invade the island, on which Spain maintained

7849-539: The Civil War era. The anti-imperialists believed that imperialism violated the fundamental principle that just republican government must derive from " consent of the governed ." The anti-imperialist league argued that such activity would necessitate the abandonment of American ideals of self-government and non-intervention —ideals expressed in the Declaration of Independence, George Washington's Farewell Address and Abraham Lincoln 's Gettysburg Address . In addition to

8016-449: The Cuban rebellion adversely affected the American economy which was already weakened by the depression. As rebellion engulfed the island, Spanish reprisals grew ever harsher, and Spanish authorities began removing Cuban families to guarded camps near Spanish military bases. The rebels put high priority on their appeals to the sympathy of ordinary Americans, and public opinion increasingly favored

8183-563: The Cubans to voluntarily request annexation after they gained full independence. Even if annexation was not achieved, McKinley wanted to help establish a stable government that could resist European interference and would remain friendly to U.S. interests. With input from the McKinley administration, Congress passed the Platt Amendment , which stipulated conditions for U.S. withdrawal from the island;

8350-491: The Democrats took the lead in demanding Spain stop oppressing the independent-minded people of Cuba, while McKinley tried to stop the rush to war. Hawaii long had very close political, cultural, religious and economic relations with the United States. The native population was virtually powerless in small villages. Large sugar interests had imported tens of thousands of workers, mostly Japanese. Expansionists spoke of annexation and

8517-576: The House Reed, but pressure from McKinley helped the bill win passage by wide margins in both houses of Congress. McKinley signed the Newlands Resolution into law on July 8, 1898. McKinley biographer H. Wayne Morgan notes, "McKinley was the guiding spirit behind the annexation of Hawaii, showing ... a firmness in pursuing it". Congress passed the Hawaiian Organic Act in 1900, establishing

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8684-595: The House of the Representatives. Although McKinley was initially inclined to allow Long to choose his own the assistant secretary of the navy , there was considerable pressure on the president-elect to appoint Theodore Roosevelt , the head of the New York City Police Commission. McKinley was reluctant to appoint Roosevelt, stating to one Roosevelt booster, "I want peace and I am told that your friend Theodore

8851-503: The Lost Cause evolved into a language of vindication and renewal, as well as an array of practices and public monuments through which they could solidify both their Southern pride and their Americanness. In the 1890s, Confederate memories no longer dwelled as much on mourning or explaining defeat; they offered a set of conservative traditions by which the entire country could gird itself against racial, political, and industrial disorder. And by

9018-556: The McKinley administration. He appointed Irish Catholic labor leader Terence Vincent Powderly founder of the Knights of Labor organization, as Commissioner-General of Immigration. Immigration restrictions such as literacy tests proposed by Republican Senator Henry Cabot Lodge of Massachusetts and his allies in the Immigration Restriction League (founded in 1894) had been included in the 1896 GOP platform, but McKinley and

9185-409: The Philippines at the end of June 1898, McKinley had decided that Spain would be required to surrender the archipelago to the United States. He professed to be open to all views on the subject; however, he believed that as the war progressed, the public would come to demand retention of the islands as a prize of war, and he feared that Japan or possibly Germany might seize the islands. Meanwhile, in

9352-436: The Philippines was heavily debated, and became an issue in the 1900 election, with Democrats opposed to American ownership. McKinley decided it needed American protection and it remained under U.S. control until the 1940s. As a result of the war, the United States also took permanent possession of Guam and Puerto Rico. Under McKinley's leadership, the United States also annexed the independent Republic of Hawaii in 1898. Unlike

9519-449: The Philippines, because he believed Japan would take control of them if the U.S. did not. McKinley proposed to open negotiations with Spain on the basis of Cuban liberation and Puerto Rican annexation, with the final status of the Philippines subject to further discussion. He stood firmly in that demand even as the military situation on Cuba began to deteriorate when the American army was struck with yellow fever . Spain ultimately agreed to

9686-608: The Philippines, high tariffs, and free silver . McKinley's presidency marked the beginning of an era in American political history, called the " Fourth Party System " or " Progressive Era ", which lasted from the mid-1890s to the early 1930s. On the national level, this period was generally dominated by the Republican Party. In 1897–1898, the most pressing issue was an insurrection in Cuba against repressive Spanish colonial rule which had been worsening for years. Americans sympathized with

9853-528: The Philippines, with some wishing to annex the entire archipelago and some wishing only to retain a naval base in the area. Although public sentiment mostly favored annexation of the Philippines, prominent Democrats like Bryan and Grover Cleveland, along with some intellectuals and older Republicans, opposed annexation. These annexation opponents formed the American Anti-Imperialist League . McKinley ultimately decided he had no choice but to annex

10020-412: The Philippines. On May 1, Dewey's force defeated the Spanish navy at the Battle of Manila Bay , destroying Spanish naval power in the Pacific. The next month, McKinley increased the number of troops sent to the Philippines and granted the force's commander, Major General Wesley Merritt , the power to set up legal systems and raise taxes—necessities for a long occupation. By the time the troops arrived in

10187-454: The Republican position on the money and tariff questions. The Republican Party printed and distributed 200 million pamphlets and sent hundreds of speakers out across the nation to deliver stump speeches on McKinley's behalf. Bryan was portrayed as a radical, a demagogue, and a socialist, while McKinley was cast as the guarantor of full employment and industrial growth. By the end of September,

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10354-530: The Senate amended the Dingley Bill to lower rates on French products and approved of a commission charged with negotiating the international bimetallic agreement. As doubts about the likelihood of reaching an international monetary agreement grew, the Senate inserted a provision that authorized the president to reach bilateral treaties providing for the mutual reduction of tariff duties. The Senate passed its version of

10521-467: The Senate prevented their ratification. The final tariff was highest on products considered to be necessities of life, and some numbers show that cost of living rose by as much as 25% as a result of the Dingley Tariff. While Congress debated the tariff, the U.S. and France approached Britain to gauge its enthusiasm for bimetallism. The government of Prime Minister Lord Salisbury showed some interest in

10688-549: The Senate said he was too closely associated with railroad interests and lacked the qualifications of a Supreme Court justice. Despite the objections, McKenna's nomination was approved unanimously. McKenna responded to the criticism of his legal education by taking some courses at Columbia Law School for several months before taking his seat. McKenna served on the court until 1925, often taking centrist positions between more conservative and more progressive judges. Along with his Supreme Court appointment, McKinley appointed six judges to

10855-438: The Senate to approve the treaty by the requisite two-thirds vote, but his lobbying, and that of Vice President Hobart, eventually saw success, as the Senate voted to ratify the treaty on February 6, 1899, on a 57 to 27 vote. Though a significant bloc of senators opposed the treaty, they were unable to unite behind an alternative to ratification. Cuba came under temporary American occupation, which gave Army doctors under Walter Reed

11022-486: The Sino-Japanese War of 1894–1895. For Japan, moving to gold was considered vital for gaining access to Western capital markets. In the 1920s John Maynard Keynes retrospectively developed the phrase "rules of the game" to describe how central banks would ideally implement a gold standard during the prewar classical era, assuming international trade flows followed the ideal price–specie flow mechanism . Violations of

11189-576: The South in late 1898, hoping for sectional reconciliation. In addition to visiting Tuskegee Institute and Booker T. Washington , he addressed the Georgia legislature, wearing a badge of gray, and visited Confederate memorials. In his tour of the South, McKinley did not mention the racial tensions or violence. Although the president received a rapturous reception from Southern whites, many African Americans, excluded from official welcoming committees, felt alienated by

11356-465: The South, there was little McKinley could have done to improve race relations, and he did better than later presidents Theodore Roosevelt, who doubted racial equality, and Woodrow Wilson , who supported segregation. The issue of the spoils system and reform of civil service had been one of the dominant issues of the Gilded Age . Past presidents had made significant inroads with regards to the expansion of

11523-557: The Spanish tyranny in Cuba. On the other hand, humanitarian sensibilities reached fever pitch as church leaders and activists wrote hundreds of thousands of letters to political leaders, calling for intervention in Cuba. These political leaders in turn pressured McKinley to turn the ultimate decision for war over to Congress. In January 1898, Spain promised some concessions to the rebels, but when American consul Fitzhugh Lee reported riots in Havana , McKinley obtained Spanish permission to send

11690-459: The United States, giving rise to the discrepancy between the number of presidencies and the number of individuals who have served as president. The presidency of William Henry Harrison , who died 31 days after taking office in 1841, was the shortest in American history. Franklin D. Roosevelt served the longest, over twelve years, before dying early in his fourth term in 1945. He is the only U.S. president to have served more than two terms. Since

11857-446: The United States. With the international effort a failure, McKinley turned away from silver coinage and embraced the gold standard. Agitation for free silver eased as prosperity returned and gold from recent strikes in the Yukon and Australia increased the monetary supply even without silver coinage. In the absence of international agreement, McKinley favored legislation to formally affirm

12024-487: The United States. The Dingley Act passed the House easily, but faced resistance in the Senate. Passage of the bill in the Senate required the support of several Western Republicans, including Wolcott, whose chief priority was an international agreement on bimetallism. French representatives offered to cooperate with the United States in developing such an international agreement if the new tariff rates were reduced. Led by Wolcott, Allison, Nelson Aldrich , and Orville H. Platt ,

12191-574: The West to Tampa for embarkation to the war. Under pressure from black leaders, McKinley required the War Department to commission black officers above the rank of lieutenant. The heroism of the black troops did not still racial tensions in the South, as the second half of 1898 saw several outbreaks of racial violence; eleven African Americans were killed in riots in Wilmington, North Carolina . McKinley toured

12358-401: The basis for their money supplies. Only then were pegged exchange rates based on the gold standard firmly established." Adopting and maintaining a singular monetary arrangement encouraged international trade and investment by stabilizing international price relationships and facilitating foreign borrowing. The gold standard was not firmly established in non-industrial countries. As feared by

12525-473: The battleship USS Maine to Havana to demonstrate American concern. On February 15, the Maine exploded and sank with 266 men killed. Public opinion was disgusted with Spain for losing control of the situation, but McKinley insisted that a court of inquiry determine whether the explosion of the Maine was accidental. Negotiations with Spain continued as the court of inquiry considered the evidence, but on March 20,

12692-519: The bill in July 1897, and a conference committee produced a final bill that contained the reciprocity provision but generally adhered to the higher tariff rates set by the original House bill. McKinley, who strongly supported the idea of reciprocity, signed the Dingley Act into law in late July 1897. The McKinley administration later reached reciprocity treaties with France and other countries, but opposition in

12859-458: The brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold." Bryan's financial radicalism shocked bankers, as many thought that his inflationary program would bankrupt the railroads and ruin the economy. Hanna cultivated the backing of these bankers, giving Republicans a massive financial advantage that allowed McKinley's campaign to invest $ 3.5 million for speakers and distribute over 200 million pamphlets advocating

13026-501: The business community in Honolulu wanted annexation by the U.S., fearing that otherwise Japan would take it over from a king who had no army. The reciprocity treaty in the 1870s had made the Kingdom of Hawaii a "virtual satellite" of the United States. After Queen Liliʻuokalani announced plans to issue a new constitution designed to give her absolute power, she was immediately overthrown by

13193-469: The business community, which requested annexation by the United States. President Harrison tried to annex Hawaii, but his term ended before he could win Senate approval of an annexation treaty, and Cleveland withdrew the treaty. Cleveland deeply opposed annexation because of a personal conviction that would not tolerate what he viewed as an immoral action against the little kingdom. Additionally, annexation faced opposition from domestic sugar interests opposed to

13360-646: The campaign, was considered for the Treasury post but by some accounts, Dawes considered himself too young; he would instead become the comptroller of the currency in 1898. McKinley ultimately appointed Lyman J. Gage , president of the First National Bank of Chicago and a Gold Democrat , as secretary of the treasury. Leadership of the Navy Department went to former Massachusetts Congressman John Davis Long , an old colleague of McKinley's from his time serving in

13527-639: The chance to implement major medical reforms and eliminate yellow fever. Cuba was devastated from the war and from the long insurrection against Spanish rule, and McKinley refused to recognize the Cuban rebels as the official government of the island. Nonetheless, McKinley felt bound by the Teller Amendment, and he established a military government on the island with the intention of ultimately granting Cuba independence. Many Republican leaders, including Roosevelt and possibly McKinley himself, hoped that benevolent American leadership of Cuba would eventually convince

13694-415: The city of Santiago, which surrendered on July 17, placing Cuba under effective American control. McKinley and Miles also ordered an invasion of Puerto Rico , which met little resistance when it landed in July. The distance from Spain and the destruction of the Spanish navy made resupply impossible, and the Spanish government—its honor intact after losing to a much more powerful army and navy—began to look for

13861-552: The conditions allowed for a strong American role despite the promise of withdrawal. Cuba became independent in 1902, but the U.S. would re-occupy the island in 1906. List of presidents of the United States The president of the United States is the head of state and head of government of the United States , indirectly elected to a four-year term via the Electoral College . The officeholder leads

14028-545: The convention, McKinley decided, after hearing from politicians and businessmen, that the platform should endorse the gold standard , though it should allow for bimetallism by international agreement. Adoption of the platform caused some western delegates , led by Colorado Senator Henry M. Teller , to walk out of the convention. However, Republicans were not nearly as divided on the issue as were Democrats, especially as McKinley promised future concessions to silver advocates. Democratic President Grover Cleveland firmly supported

14195-614: The court ruled that the Maine was blown up by an underwater mine . As pressure for war mounted in Congress, McKinley continued to negotiate for Cuban independence. Spain refused McKinley's proposals, and on April 11, McKinley turned the matter over to Congress. He did not ask for war, but Congress declared war anyway on April 20, with the addition of the Teller Amendment , which disavowed any intention of annexing Cuba. European powers called on Spain to negotiate and give in; Britain supported

14362-491: The de facto commander of the army under McKinley administration's auspices. McKinley's most controversial Cabinet appointment was that of John Sherman as secretary of state . Sherman was not McKinley's first choice for the position; he initially offered it to Senator William Allison. One consideration in Senator Sherman's appointment was to provide a place in the Senate for Hanna, and, as Sherman had served as secretary of

14529-518: The decline of the Byzantine Empire's economic influence. However, economic systems using gold as the sole currency and unit of account never emerged before the 18th century. For millennia it was silver, not gold, which was the real basis of the domestic economies: the foundation for most money-of-account systems, for payment of wages and salaries, and for most local retail trade. Gold functioning as currency and unit of account for daily transactions

14696-417: The developing international financial system. Due to the inflationary finance measures undertaken to help pay for the U.S. Civil War , the government found it difficult to pay its obligations in gold or silver and suspended payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie. In 1862 paper money

14863-471: The entire Northeast and Midwest. Bryan had concentrated entirely on the silver issue, and had not failed to broaden his appeal to include urban workers. McKinley's view of a stronger central government building American industry through protective tariffs and a dollar based on gold triumphed. McKinley's coalition included most Northern cities, well-to-do farmers, industrial laborers, and most ethnic voters aside from Irish Americans . The 1896 presidential election

15030-407: The even more energetic forces of imperialism. They were led by Secretary of State Hay, naval strategist Alfred T. Mahan , Senator Henry Cabot Lodge, Secretary of War Root, and Theodore Roosevelt. These expansionists had vigorous support from newspaper publishers William Randolph Hearst and Joseph Pulitzer , who whipped up popular excitement. Mahan and Roosevelt designed a global strategy calling for

15197-400: The form of circulating gold sovereigns as well as banknotes that were convertible at par into sovereigns or Bank of England banknotes. Canada introduced its own gold dollar in 1867 at par with the U.S. gold dollar and with a fixed exchange rate to the gold sovereign. Up until 1850 only Britain and a few of its colonies were on the gold standard, with the majority of other countries being on

15364-588: The gold bullion standard. The use of gold as money began around 600 BCE in Asia Minor and has been widely accepted ever since, together with various other commodities used as money , with those that lose the least value over time becoming the accepted form. In the early and high Middle Ages , the Byzantine gold solidus or bezant was used widely throughout Europe and the Mediterranean, but its use waned with

15531-468: The gold exchange standard was just one step away from modern fiat currency with banknotes issued by central banks, and whose value is secured by the bank's reserve assets, but whose exchange value is determined by the central bank's monetary policy objectives on its purchasing power in lieu of a fixed equivalence to gold. The final chapter of the classical gold standard ending in 1914 saw the gold exchange standard extended to many Asian countries by fixing

15698-408: The gold it professes to represent; and he suggested that convertibility for the purposes of the foreign exchanges should be ensured by the tendering on demand of gold bars (not coin) in exchange for notes, so that gold might be available for purposes of export only, and would be prevented from entering into the internal circulation of the country. The first crude attempt in recent times at establishing

15865-516: The gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money. Passage of the Independent Treasury Act of 1848 placed the U.S. on a strict hard-money standard. Doing business with the American government required gold or silver coins. Government accounts were legally separated from the banking system. However, the mint ratio (the fixed exchange rate between gold and silver at

16032-537: The gold standard has three benefits that made its use popular during certain historical periods: "its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism." The gold standard is supported by many followers of the Austrian School , free-market libertarians , and some supply-siders . The United Kingdom slipped into a gold specie standard in 1717 by over-valuing gold at 15 + 1 ⁄ 5 times its weight in silver. It

16199-708: The gold standard on the ideal assumption of international trade operating under the price–specie flow mechanism proposed by economist David Hume wherein: In practice, however, specie flows during the classical gold standard era failed to exhibit the self-corrective behavior described above. Gold finding its way back from surplus to deficit countries to exploit price differences was a painfully slow process, and central banks found it far more effective to raise or lower domestic price levels by lowering or raising domestic interest rates. High price level countries may raise interest rates to lower domestic demand and prices, but it may also trigger gold inflows from investors – contradicting

16366-459: The gold standard were responsible. McKinley is consistently ranked by political historians in the upper tier of United States presidents. On William McKinley, historian Lewis L. Gould stated: He was a political leader who confirmed the Republicans as the nation's majority party; he was the architect of important departures in foreign policy; and he was a significant contributor to the evolution of

16533-608: The gold standard while guaranteeing the exchangeability of huge amounts of legacy silver coins into gold at the fixed rate (rather than valuing publicly held silver at its depreciated value). The term limping standard is often used in countries maintaining significant amounts of silver coin at par with gold, thus an additional element of uncertainty with the currency's value versus gold. The most common silver coins kept at limping standard parity included French 5-franc coins , German 3-mark thalers , Dutch guilders , Indian rupees , and U.S. Morgan dollars . Lastly, countries may implement

16700-420: The gold standard, but an increasing number of rural Democrats, especially in corn belt and western states, called for a bimetallic " free silver " system. The silverites took control of the 1896 Democratic National Convention and chose William Jennings Bryan for president; he had electrified the delegates with his Cross of Gold speech which became famous for its closing phrase, "You shall not press down upon

16867-409: The gold standard, but was initially deterred by the silver strength in the Senate. In 1900, with another campaign ahead, McKinley urged Congress to pass such a law while economic conditions were strong. Aldrich and other leading Senate Republicans fashioned a bill that established gold as the only standard for the redemption of paper money , but placated Wolcott and other Western Republicans by including

17034-525: The governorship of New York in the fall election of 1898. After the American victory at San Juan Hill, the Spanish Caribbean squadron, which had been sheltering in Santiago's harbor, broke for the open sea. The Spanish fleet was intercepted and destroyed by Rear Admiral William T. Sampson 's North Atlantic Squadron in the Battle of Santiago de Cuba , the largest naval battle of the war. Shafter laid siege to

17201-428: The groundswell of demand is at last begun to rise with the steadiness which leaves little doubt that an era of prosperity has appeared." It reported that January 1898 represents "a supreme moment in the period of transition from depression to comparative prosperity". The unemployment rate, which had been at nearly 20 percent in 1895, dropped to 15 percent in 1897 and to 8 percent in early 1898. McKinley largely adhered to

17368-562: The idea and told Wolcott that he would be amenable to reopening the mints in India to silver coinage if the Indian Viceroy's Executive Council agreed. News of a possible departure from the gold standard stirred up immediate opposition from gold partisans, and misgivings by the Indian administration led Britain to reject the proposal. Opposition from Britain led to the collapse of negotiations for joint adoption of bimetallism by France, Britain, and

17535-489: The idea that the gold standard "was effective in stabilizing prices and moderating business-cycle fluctuations during the nineteenth century." The consensus view among economists is that the gold standard helped prolong and deepen the Great Depression . Historically, banking crises were more common during periods under the gold standard while currency crises were less common. According to economist Michael D. Bordo ,

17702-415: The idealism by suggesting the people were deliberately misled by propaganda and sensationalist yellow journalism . Political scientist Robert Osgood, writing in 1953, led the attack on the American decision process as a confused mix of "self-righteousness and genuine moral fervor", in the form of a "crusade" and a combination of "knight-errantry and national self- assertiveness." Osgood argued: For much of

17869-473: The importation of Hawaiian sugar , and from some Democrats who opposed acquiring an island with a large non-white population. The temporary government of Hawaii thereupon established the Republic of Hawaii which was recognized by the world powers as an independent nation. McKinley pursued the annexation of the Republic of Hawaii as one of his top foreign policy priorities. In American hands, Hawaii would serve as

18036-579: The laissez-faire attitude that the Cleveland administration had held towards trusts . Attorneys General Joseph McKenna and John W. Griggs pursued some antitrust cases under the terms of the Sherman Antitrust Act and the Supreme Court case of United States v. E. C. Knight Co. , but the McKinley administration sympathized with the view that consolidation could be beneficial in many cases. Debate over

18203-526: The limping standard of freely circulating legacy silver coins in order to prevent the further deterioration of the gold–silver ratio which reached 20 in the 1880s. After 1890 however, silver's price decline could not be prevented further and the gold–silver ratio rose sharply above 30. In 1893 the Indian rupee of 10.69 g fine silver was fixed at 16 British pence (or £1 = 15 rupees; gold–silver ratio 21.9), with legacy silver rupees remaining legal tender. In 1906

18370-400: The merit system. McKinley attempted to strike a middle ground on this issue. More partisan Republicans, however, despised the reforms made by President Grover Cleveland , which had left many Democratic officials in the civil service. McKinley ended up caving to the partisans, and on May 29, 1899, issued an executive order which exempted 3 to 4000 jobs from competitive civil service examinations,

18537-494: The mid-1890s, "unmistakably, the sentiment at home was maturing with immense force for the United States to join the great powers of the world in a quest for overseas colonies." The drive for expansion was opposed by a vigorous nationwide anti-expansionist movement, organized as the American Anti-Imperialist League . The anti-imperialists listened to Bryan as well as industrialist Andrew Carnegie , author Mark Twain , sociologist William Graham Sumner , and many older reformers from

18704-429: The mint) continued to overvalue gold. In 1853, silver coins 50 cents and below were reduced in silver content and cannot be requested for minting by the general public (only the U.S. government can request for it). In 1857 the legal tender status of Spanish dollars and other foreign coinage was repealed. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through

18871-723: The minting of exportable gold coins and silver dollars in order to divert the United States Mint 's limited resources into fractional coins which stayed in circulation. The United States also embarked on establishing a national bank with the First Bank of the United States in 1791 and the Second Bank of the United States in 1816. In 1836, President Andrew Jackson failed to extend the Second Bank's charter, reflecting his sentiments against banking institutions as well as his preference for

19038-401: The modern presidency. On these achievements rest his substantial claims as an important figure in history of the United States. McKinley rose to prominence within the Republican Party as a congressman closely associated with protective tariffs . He earned national notoriety in the 1880s and 1890s for his nationwide campaigning, and in 1891 he won election as Governor of Ohio . In the lead-up to

19205-465: The national currency, it is a matter of comparative indifference whether it actually forms the national currency ... The Gold-Exchange Standard may be said to exist when gold does not circulate in a country to an appreciable extent, when the local currency is not necessarily redeemable in gold, but when the Government or Central Bank makes arrangements for the provision of foreign remittances in gold at

19372-406: The nomination on the first ballot of the convention. Hanna selected Republican National Committee vice chairman Garret Hobart of New Jersey for vice president. Hobart, a wealthy lawyer, businessman, and former state legislator, was not widely known, but as Hanna biographer Herbert Croly pointed out, "if he did little to strengthen the ticket he did nothing to weaken it". In the final days before

19539-488: The only U.S. president never affiliated with a political party. The incumbent president is Joe Biden , who assumed office on January 20, 2021 . The president-elect is Donald Trump , who will assume office on January 20, 2025. Trump will be the second president after Grover Cleveland to serve two non-consecutive terms, as the 45th and 47th president. General Expert studies Presidential biographies Online sources Gold standard A gold standard

19706-416: The other new possessions, citizens of Hawaii became American citizens and Hawaii became a territory with an appointed governor . McKinley's foreign policy created an overseas empire and put the U.S. on the world's list of major powers. In 1897 the economy rapidly recovered from the severe depression, called the Panic of 1893 . McKinley's supporters in 1900 postulated that the new tariff and the commitment to

19873-444: The party convinced him to appoint another individual. McKinley settled on James Albert Gary , a Republican from Maryland. For the position of Attorney General, McKinley turned to another old friend from the House, Joseph McKenna of California. Cornelius Newton Bliss , who was acceptable to the divided New York Republican Party, was selected as the secretary of the interior. The position of secretary of war went to Russell A. Alger ,

20040-575: The party had discontinued printing material on the silver issue, and were entirely concentrating on the tariff question. The battleground proved to be the Midwest—the South and most of the West were conceded to the Democrats—and Bryan spent much of his time in those crucial states. On November 3, 1896, McKinley was victorious, winning the Electoral College vote 271 to 176, and receiving 7,102,246 popular votes to Bryan's 6,502,925. McKinley won

20207-521: The party leadership in Congress blocked their passage. The anti-Catholicism that had started to appear in the 1890s faded away, as shown by the rapid decline of the American Protective Association . Nonetheless, restrictive immigration laws would continue to receive support during and after McKinley's tenure, partly due to the rising number of immigrants from Southern Europe and Eastern Europe . A high priority for McKinley's pluralism

20374-460: The plight of the Cubans was the main motivating force that caused the war with Spain in 1898. Louis Perez states, "Certainly the moralistic determinants of war in 1898 has been accorded preponderant explanatory weight in the historiography." By the 1950s, however, some political scientists said that policy was unwise because it was based on idealism, arguing that a better policy would have been realism in terms of American self interest. They discredited

20541-510: The post of register at the Treasury Department; this post was traditionally given to an African American by Republican presidents. McKinley appointed several black postmasters; however, when whites protested the appointment of Justin W. Lyons as postmaster of Augusta, Georgia , McKinley asked Lyons to withdraw (he was subsequently given the post of Treasury register after Bruce's death in 1898). The president also appointed George B. Jackson,

20708-426: The premise that gold will flow out of countries with high price levels. Developed economies deciding to buy or sell domestic assets to international investors also turned out to be more effective in influencing gold flows than the self-correcting mechanism predicted by Hume. Another set of violations to the "rules of the game" involved central banks not intervening in a timely manner even as exchange rates went outside

20875-524: The president looked for strategic advice first from Miles's predecessor, General John Schofield , and later from Adjutant General Henry Clarke Corbin. McKinley presided over an expansion of the Regular Army from 25,000 to 61,000 personnel; including volunteers, a total of 278,000 men served in the Army during the war. McKinley not only wanted to win the war, he also sought to bring North and South together again, as white Southerners enthusiastically supported

21042-551: The president's personal secretary . Cortelyou acted as the de facto White House press secretary and chief of staff . Vice President Garret Hobart , as was customary at the time, was not invited to Cabinet meetings, but he proved a valuable adviser to McKinley. Hobart leased a residence close to the White House, and the two families visited each other without formality. Hobart died of heart disease in November 1899. As no constitutional provision existed for filling an intra-term vacancy in

21209-414: The president's words and actions. The administration's response to racial violence was minimal, causing McKinley to lose further black support. When black postmasters were assaulted at Hogansville, Georgia in 1897, and at Lake City, South Carolina the following year, McKinley issued no statement of condemnation. Although black leaders criticized McKinley for inaction, supporters responded by saying there

21376-532: The protection of American businesses against foreign competition. Additionally, the tariff provided nearly half of the government's revenue, and a rate increase could help put an end to the deficits that the government had experienced in the midst of the Panic of 1893. Before taking office, McKinley also authorized Senator Edward O. Wolcott of Colorado to travel to Europe to discuss the possibility of an international bimetallic agreement. International bimetallism represented

21543-750: The ratification of the Twenty-second Amendment to the United States Constitution in 1951, no person may be elected president more than twice, and no one who has served more than two years of a term to which someone else was elected may be elected more than once. Four presidents died in office of natural causes (William Henry Harrison, Zachary Taylor , Warren G. Harding , and Franklin D. Roosevelt), four were assassinated ( Abraham Lincoln , James A. Garfield , William McKinley , and John F. Kennedy ), and one resigned ( Richard Nixon , facing impeachment and removal from office). John Tyler

21710-403: The ratio is below 15.5, and silver 5-franc coins whenever the ratio is above 15.5. The United States dollar was also bimetallic de jure until 1900, worth either 24.0566 g fine silver, or 1.60377 g fine gold (ratio 15.0); the latter revised to 1.50463 g fine gold (ratio 15.99) from 1837 to 1934. The silver dollar was generally the cheaper currency before 1837, while the gold dollar

21877-441: The rebels and demanded action to resolve the crisis. The administration tried to persuade Spain to liberalize its rule but when negotiations failed, both sides wanted war. American victory in the Spanish–American War was quick and decisive. During the war the United States took temporary possession of Cuba ; it was promised independence but it remained under the control of the U.S. Army throughout McKinley's presidency. The status of

22044-403: The rebels. President Cleveland had supported continued Spanish control of the island, as he feared that Cuban independence would lead to a racial war or intervention by another European power. McKinley also favored a peaceful approach, but he hoped to convince Spain to grant Cuba independence, or at least to allow the Cubans some measure of autonomy. The United States and Spain began negotiations on

22211-605: The role of trusts grew throughout McKinley's presidency, and the issue would become increasingly important after McKinley's presidency. After the 1896 election, McKinley indicated that he would call special session of Congress to address the tariff , and Congressman Dingley began hearings on the bill in December 1896, during the lame duck period of Cleveland's presidency. While Democrats tended to oppose high tariffs, arguing that they hurt consumers by raising prices, McKinley and other leading Republicans viewed high tariffs as essential to

22378-408: The second secretary, Alvey A. Adee . Day, an Ohio lawyer unfamiliar with diplomacy, was often reticent in meetings; Adee was somewhat deaf. One diplomat characterized the arrangement, "the head of the department knew nothing, the first assistant said nothing, and the second assistant heard nothing". McKinley asked Sherman to resign in 1898, and Day became the new secretary of state. Later that year, Day

22545-497: The sheer virtue of losing heroically the Confederate soldier provided a model of masculine devotion and courage in an age of gender anxieties and ruthless material striving. The black vote supported McKinley in 1896 and African Americans were hopeful of progress towards racial equality. McKinley had spoken out against lynching while governor, and most African Americans who could vote supported him in 1896. McKinley's priority, however,

22712-413: The shilling [12 pence] of 5.57 g fine silver). Hence the pound sterling was originally 324 g fine silver reduced to 111.36 g by 1601. The problem of clipped, underweight silver pennies and shillings was a persistent, unresolved issue from the late 17th century to the early 19th century. In 1717 the value of the gold guinea (of 7.6885 g fine gold) was fixed at 21 shillings, resulting in

22879-535: The silver North German thaler and South German gulden to the German gold mark , reflecting the sentiment of the first international monetary conference in 1867, and utilizing the 5 billion gold francs (worth 4.05 billion marks or 1,451 metric tons ) in indemnity demanded from France at the end of the Franco-Prussian War . This transition done by a large, centrally located European economy also triggered

23046-496: The silver standard. France and the United States were two of the more notable countries on the bimetallic standard . France's actions in maintaining the French franc at either 4.5 g fine silver or 0.29032 g fine gold stabilized world gold–silver price ratios close to the French ratio of 15.5 in the first three quarters of the 19th century by offering to mint the cheaper metal in unlimited quantities – gold 20-franc coins whenever

23213-459: The subject in 1897, but it became clear that Spain would never concede Cuban independence, while the rebels and their American supporters would never settle for anything less. Business interests overwhelmingly gave strong support to McKinley's go-slow policies. Big business, high finance, and Main Street businesses across the country were vocally opposed to war and demanded peace, as the uncertainties of

23380-543: The support of two-thirds of the Senate. In mid-1898, during the Spanish–American War, McKinley and his congressional allies made another attempt to win congressional approval of an annexation measure. With McKinley's support, Democratic Representative Francis G. Newlands of Nevada introduced a joint resolution that provided for the annexation of Hawaii. The Newlands Resolution faced significant resistance from Democrats and anti-expansionist Republicans like Speaker of

23547-555: The temptation of territorial aggression. Nick Kapur says that McKinley's priorities were based on his values of arbitrationism, pacifism, humanitarianism, and manly self-restraint, and not on external pressures. Maine Congressman Nelson Dingley Jr. was McKinley's first choice for secretary of the treasury, but Dingley preferred to remain as chairman of the Ways and Means Committee . Charles Dawes , who had been Hanna's lieutenant in Chicago during

23714-486: The treasury under President Rutherford B. Hayes , only the State position was likely to entice him from the Senate. Sherman's mental faculties were decaying even in 1896; this was widely spoken of in political circles, but McKinley did not believe the rumors. Sherman's mental incapacity became increasingly apparent after he took office. He was often bypassed by his first assistant, McKinley's Canton crony William R. Day , and by

23881-538: The use of gold coins for large payments rather than privately issued banknotes. The return of gold could only be possible by reducing the dollar's gold equivalence, and in the Coinage Act of 1834 the gold–silver ratio was increased to 16.0 (ratio finalized in 1837 to 15.99 when the fine gold content of the $ 10 eagle was set at 232.2 grains or 15.0463 g). Gold discoveries in California in 1848 and later in Australia lowered

24048-404: The value of local currencies to gold or to the gold standard currency of a Western colonial power. The Netherlands East Indies guilder was the first Asian currency pegged to gold in 1875 via a gold exchange standard which maintained its parity with the gold Dutch guilder . Various international monetary conferences were called up until 1892, with various countries actually pledging to maintain

24215-567: The various international monetary conferences, the switch to gold, combined with record U.S. silver output from the Comstock Lode , plunged the price of silver after 1873 with the gold–silver ratio climbing to historic highs of 18 by 1880. Most of continental Europe made the conscious decision to move to the gold standard while leaving the mass of legacy (and erstwhile depreciated) silver coins remaining unlimited legal tender and convertible at face value for new gold currency. The term limping standard

24382-616: The vice presidency (prior to ratification of the Twenty-fifth Amendment in 1967), the office was left vacant for the balance of his term. In March 1901, Theodore Roosevelt, who served as McKinley's running mate in the 1900 election, became vice president. After the retirement of Justice Stephen Johnson Field , McKinley appointed Attorney General Joseph McKenna to the Supreme Court of the United States in December 1897. The appointment aroused some controversy as McKenna's critics in

24549-538: The war effort, and one senior command went to a former Confederate General. His ideal was a unity with Northerner and Southerner, white and black, fighting together for the United States. Since 1895, the Navy had planned to attack the Philippines if war broke out between the United States and Spain. On April 24, McKinley ordered the Asiatic Squadron under the command of Commodore George Dewey to launch an attack on

24716-451: The world's leading financial and commercial power in the 19th century, other states increasingly adopted Britain's monetary system. The gold standard was largely abandoned during the Great Depression before being re-instated in a limited form as part of the post- World War II Bretton Woods system . The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining

24883-498: The world's leading financial and industrial powers of the 19th century while the United States was an emerging power. By the time the gold–silver ratio reverted to 15.5 in the 1860s, this bloc of gold-utilizing countries grew further and provided momentum to an international gold standard before the end of the 19th century: The international classical gold standard commenced in 1873 after the German Empire decided to transition from

25050-585: Was accomplished by growing the stock of money less rapidly than real output. By 1879 the market price of the greenback matched the mint price of gold, and according to Barry Eichengreen, the United States was effectively on the gold standard that year. The Coinage Act of 1873 (also known as the Crime of ‘73) suspended the minting of the standard silver dollar (of 412.5 grains, 90% fine), the only fully legal tender coin that individuals could convert silver bullion into in unlimited (or Free silver ) quantities, and right at

25217-403: Was achieved during the Spanish–American War, as enlistment rates across the South were quite high. The swift stunning victory certainly boosted the reconciliation process. Historian David W. Blight argues: The Lost Cause became an integral part of national reconciliation by dint of sheer sentimentalism, by political argument, and by recurrent celebrations and rituals. For most white Southerners,

25384-486: Was bellicose, but because he wanted: Along similar lines Joseph Fry summarizes the new scholarly appraisals: The telegraph and the telephone gave McKinley a greater control over the day-to-day management of the war than previous presidents had enjoyed. He set up the first war room and used the new technologies to direct the army's and navy's movements. McKinley did not get along with the Army's commanding general, Nelson A. Miles . Bypassing Miles and Secretary of War Alger,

25551-524: Was cheaper between 1837 and 1873. The nearly coincidental California gold rush of 1849 and the Australian gold rushes of 1851 significantly increased world gold supplies and the minting of gold francs and dollars as the gold–silver ratio went below 15.5, pushing France and the United States into the gold standard with Great Britain during the 1850s. The benefits of the gold standard were first felt by this larger bloc of countries, with Britain and France being

25718-453: Was full unification of the white South psychologically and patriotically back into the United States. This initiative conflicted with the civil rights of blacks, which were being increasingly restricted in the South. While McKinley did not officially endorse the " Lost Cause of the Confederacy ", he did reach out in terms of appointments and speeches and visits to the white South. Reconciliation

25885-496: Was generally impossible to implement before the 19th century due to the absence of recently developed tools (like central banking institutions, banknotes, and token currencies), and that a gold exchange standard was even superior to Britain's gold specie standard with gold in circulation. As discussed by Keynes: The Gold-Exchange Standard arises out of the discovery that, so long as gold is available for payments of international indebtedness at an approximately constant rate in terms of

26052-549: Was held on March 4, 1897, in front of the Original Senate Wing, at the U.S. Capitol . Chief Justice Melville Fuller administered the oath of office. It was the first inaugural ceremony recorded by a motion picture camera. McKinley gave a lengthy inaugural address, in which he urged tariff reform, and stated that the currency issue would have to await tariff legislation. He also warned against U.S. foreign interventions, declaring, We want no wars of conquest. We must avoid

26219-446: Was in ending sectionalism, and African Americans were generally disappointed by his policies and appointments. Although McKinley made some appointments of African Americans to low-level government posts, and received some praise for that, the appointments were less than they had received under previous Republican administrations. Blanche Bruce , an African American who during Reconstruction had served as senator from Mississippi, received

26386-456: Was little the president could do to intervene. Critics replied by saying that he could at least publicly condemn such events, as former President Benjamin Harrison had done. McKinley also took no action to prevent the passage of Jim Crow laws designed to disenfranchise and segregate African Americans in the South. According to Gould and later biographer Phillips, given the political climate in

26553-399: Was made legal tender. It was a fiat money (not convertible on demand at a fixed rate into specie). These notes came to be called " greenbacks ". After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates. The market price of gold in greenbacks was above the pre-war fixed price ($ 20.67 per ounce of gold) requiring deflation to achieve the pre-war price. This

26720-545: Was not possible due to various hindrances which were only solved by tools that emerged in the 19th century, among them: The earliest European currency standards were therefore based on the silver standard , from the denarius of the Roman Empire to the penny (denier) introduced by Charlemagne throughout Western Europe, to the Spanish dollar and the German Reichsthaler and Conventionsthaler which survived well into

26887-410: Was only resolved by national central banks taking over the replacement of silver with national bank notes and token coins, centralizing the nation's supply of scarce gold, providing for reserve assets to guarantee convertibility of legacy silver coins, and allowing the conversion of banknotes into gold bullion or other gold-standard currencies solely for external purchases. This system is known as either

27054-517: Was predominantly the Spanish silver dollar . (Also explained in the history of the Trinidad and Tobago dollar .) Following the Napoleonic Wars, Britain legally moved from the bimetallic to the gold standard in the 19th century in several steps, namely: From the second half of the 19th century Britain then introduced its gold standard to Australia, New Zealand, and the British West Indies in

27221-486: Was succeeded by John Hay , a veteran diplomat who had served as assistant secretary of state in the Hayes Administration. McKinley made two other changes to his Cabinet in 1898; Charles Emory Smith succeeded the ailing Gary as Postmaster General, while John W. Griggs replaced McKenna as Attorney General after McKenna joined the Supreme Court. For most of McKinley's time in office, George B. Cortelyou served as

27388-455: Was the first vice president to assume the presidency during a presidential term, and set the precedent that a vice president who does so becomes the fully functioning president with their own administration. Throughout most of its history, American politics has been dominated by political parties . The Constitution is silent on the issue of political parties, and at the time it came into force in 1789, no organized parties existed. Soon after

27555-468: Was unique among nations to use gold in conjunction with clipped, underweight silver shillings, addressed only before the end of the 18th century by the acceptance of gold proxies like token silver coins and banknotes. From the more widespread acceptance of paper money in the 19th century emerged the gold bullion standard , a system where gold coins do not circulate, but authorities like central banks agree to exchange circulating currency for gold bullion at

27722-498: Was used to describe currencies whose nations' commitment to the gold standard was put into doubt by the huge mass of silver coins still tendered for payment, the most numerous of which were French 5-franc coins , German 3-mark Vereinsthalers , Dutch guilders and American Morgan dollars . Britain's original gold specie standard with gold in circulation was not feasible anymore with the rest of Continental Europe also switching to gold. The problem of scarce gold and legacy silver coins

27889-447: Was welcome to enjoy the new prosperity. McKinley had a very broad appeal in terms of race, ethnicity, region and class. Where Bryan had ridiculed and denounced bankers and railroads, McKinley welcomed the business community. McKinley was famous as a champion of high tariffs to protect the high wages of American factory workers. Proposals for immigration restriction and attacks on Jews, Eastern Europeans and Southern Europeans had no place in

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