U.S. History Exam 2 Study Guide PDF

U.S. History Exam 2 Terms Red = need to memorize Key terms Populism - a political approach that strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups. The Grange - coalition of U.S. farmers, particularly in the Middle West...

U.S. History Exam 2 Terms Red = need to memorize Key terms Populism - a political approach that strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups. The Grange - coalition of U.S. farmers, particularly in the Middle West, that fought monopolistic grain transport practices during the decade following the American Civil War. Farmers’ Alliance - an American agrarian movement during the 1870s and '80s that sought to improve the economic conditions for farmers through the creation of cooperatives and political advocacy. Populist Party - an agrarian populist political party in the United States in the late 19th century. Omaha Platform - suggested a federal loans system so that farmers could get the money they needed. The platform also called for the elimination of private banks. The platform proposed a system of federal storage facilities for the farmers' crops. “Free Silver” - a political and economic philosophy that advocates for the unlimited coinage of silver into money, in addition to or in place of gold Graduated Income Tax - a type of tax where the rate of taxation increases as the income or value being taxed increases. This means that people who earn more or have more valuable property will pay a higher percentage of their income or property value in taxes than those who earn less or have less valuable property. Direct Democracy - a form of government in which policies and laws are decided by a majority of all those eligible rather than by a body of elected representatives. Presidential Election of 1896 - a political realignment that ended the old Third Party System and began the Fourth Party System Progressivism - support for or advocacy of social reform 16th Amendment - grants Congress the authority to issue an income tax without having to determine it based on population. It also is the most far-reaching anti- trust law in American history, which created the FTC to oversee business mergers and acquisitions to prevent the formation of monopolies. 17th Amendment - Establishes the direct election of United States senators by popular vote. 19th Amendment - Prohibits the denial of the right to vote based on sex.  New Nationalism - The central issue he argued about was government protection of human welfare and property rights, but he also argued that human welfare was more important than property rights. New Freedom - the political ideology of Woodrow Wilson, enunciated during his successful 1912 presidential campaign, pledging to restore unfettered opportunity for individual action and to employ the power of government on behalf of social justice for all. Clayton Act - a piece of legislation, passed by the U.S. Congress and signed into law in 1914, that defines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor. Underwood Tariff - U.S. legislation enacted in October 1913 that lowered average tariff rates from about 40 percent to about 27 percent and reintroduced a federal income tax. Federal Reserve System – Created a national banking system that decentralizes financial power and access to investment capital, but also strengthens the U.S.’s financial system. Election of 1896 – Resulted in the birth of modern-day methods of campaigning for president of the U.S., such as large campaign spending and active participation in the campaigns by the candidates. o It also resulted in the end of the populist Party on account of it merging with the Democratic Party. o It also was credited with initiating the Democratic Party’s shift from its pro- business and conservative ideology in the late 19 th century, to its eventual 20th century role as a party of liberal reform. Hepburn Act – imposed the first federal regulations on how the freight price railroad companies could charge their clients. Triangle Shirtwaist Factory fire - a fire in New York's Triangle Shirtwaist Company in 1911 killed 146 people, mostly women. They died because the doors were locked and the windows were too high for them to get to the ground. Dramatized the poor working conditions and let to federal regulations to protect workers. Coinage Act of 1873 - revised the laws of its predecessor to pivot the country toward the gold standard and away from silver. Section fifteen of the Act specified the exact silver coins to be minted in the future and their respective weights, but the standard silver dollar was not included. Panic of 1893 - one of the most severe financial crises in the history of the United States. The crisis started with banks in the interior of the country. Instability arose  for two key reasons. First, gold reserves maintained by the U.S. Treasury fell to about $100 million from $190 million in 1890. “Bonanza” farming – The result of cheap abundance of land among Eastern factory workers for their commodities and more efficient machinery. Wabash v. Illinois – an 1896 case where the Supreme Court of the U.S. ended up striking down the constitutionality of Granger laws. The reason for that is because the Supreme Court of the U.S. ruled that only the U.S. Congress could regulate industries that were engaged in interstate commerce, meaning they crossed state boarders and the railroads. Key terms: Great Stock Market Crash of 1929 - a sharp decline in U.S. stock market values in 1929 that contributed to the Great Depression of the 1930s The Great Depression - the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939 Smoot-Hawley tariff - enacted to protect U.S. farmers from foreign competition by increasing tariffs on certain foreign goods Reconstruction Finance Corporation – a government-sponsored financial institution whose purpose was to lend directly to banks and other financial institutions including those without access to Federal Reserve credit facilities New Deal - a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt. It was separated into halves as the First New Deal (1933-35) and Second New Deal (1935-38). It focused on relief for the unemployed/poor, recovery of the economy back to normal levels, and reform of the financial system to prevent a recent depression. Homeowners Refinancing Act - provided mortgage assistance to homeowners or would-be homeowners by providing them money or refinancing mortgages Public Works Administration - New Deal government agency (1933–39) designed to reduce unemployment and increase purchasing power through the construction of highways and public buildings Civilian Conservation Corp - recruit unemployed young men from urban areas to perform conservation work throughout the nation's forests, parks, and fields. National Recovery Administration - a prime agency established by U.S. president Franklin D. Roosevelt (FDR) in 1933. The goal of the administration was to eliminate "cut throat competition" by bringing industry, labor, and government together to create codes of "fair practices" and set prices.  Section 7a - guaranteed workers the right of collective bargaining, factory owners regularly broke strikes or set up alternate “company unions” that they asserted satisfied the requirements of Section 7a. Agricultural Adjustment Act - a United States federal law of the New Deal era designed to boost agricultural prices by reducing surpluses. The government bought livestock for slaughter and paid farmers subsidies not to plant on part of their land. Securities & Exchanges Commission - oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds to promote fair dealing, the disclosure of important market information, and to prevent fraud. Townsend Plan - proposed that the federal government pay citizens over age 60 a pension of $200 dollars a month, he believed this plan would increase spending and remove people form the labor force, freeing up jobs for the unemployed. Bonus Army Event – WWI veterans seeking early payment of the bonus certificates they had received after the war as extra compensation for their military service Presidential Election of 1932 Wealth Tax Act – a progressive tax that took up to 75 percent of the highest incomes. Many wealthy people used loopholes in the tax code. The Revenue Act of 1937 cracked down on tax evasion by revising tax laws and regulations. It raised federal income on higher income levels, being the highest in American history. Social Security Act - created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement Works Progress Administration - an American New Deal agency that employed millions of jobseekers (mostly men who were not formally educated) to carry out public works projects, including the construction of public buildings and roads. Presidential Election of 1936 “Court-Packing Scheme” - FDR's 1937 attempt to add additional justices to the U.S. Supreme Court Progressive Reform Movement: Was the result of high levels of political corruption, and the depressed condition of labor Was the result of high levels of political corruption and the emergence of a seemingly permanent lower class Achieved significant and lasting social, economic, and political reforms to the U.S. Populist Reform Movement:  The result of high levels of social, economic, and political problems facing American farmers in the late 19th century The result of economic abuses perpetrated by railroad companies and falling commodity prices due to overproduction and deflationary monetary policies of the federal government. Had significant result of bringing radical ideas of the late 19 th century into the mainstream by the early 20th century Key individuals: Herbert Hoover - favored policies in which government, business, and labor worked together to achieve economic prosperity, but he generally opposed a direct role for the federal government in the economy. Seeking to address an ongoing farm crisis, Hoover signed the Agricultural Marketing Act of 1929. Huey Long - brought his radical social platform of redistributing wealth to the national level and appeared to be a serious threat to President Roosevelt in the 1936 election before being assassination. He also proposed the plan in a national radio address, which is now referred to as the "Share Our Wealth Speech". To stimulate the economy, the Share Our Wealth program called for massive federal spending, a wealth tax, and wealth redistribution. Francis Townsend - devised an old-age pension scheme to help alleviate the Great Depression. Known as the "Townsend Plan", this proposal would pay every person over age 60 $200 per month, with the requirement it all be spent quickly. Charles Coughlin - Dubbed "The Radio Priest " and considered a leading demagogue, he was one of the first political leaders to use radio to reach a mass audience. During the 1930s, when the U.S. population was about 120 million, an estimated 30 million listeners tuned to his weekly broadcasts. He was also a fascist, even leading Nazi rallies. Franklin D. Roosevelt - created numerous programs to provide relief to the unemployed and farmers while seeking economic recovery with the National Recovery Administration and other programs. He also instituted major regulatory reforms related to finance, communications, and labor, and presided over the end of Prohibition. William McKinley - saw rapid economic growth. He promoted the 1897 Dingley Tariff to protect manufacturers and factory workers from foreign competition and, in 1900, secured the passage of the Gold Standard Act. He hoped to persuade Spain to grant independence to rebellious Cuba without conflict.  Willian Jennings Bryan - Democratic candidate in 1896 that advocated in free silver movement, farming interests and improved conditions for the urban working class, who also delivered the famous “Cross of Gold” speech at the Democratic National Convention. William H. Taft – Was uncomfortable wielding the power of the executive branch and relied more on the federal judiciary to address the social, political, and economic productions of the early 20th century Theodore Roosevelt – Stressed heavy government regulation of American corporations and concepts of “social justice” and direct democracy as a means by which to address the social, political, and economic problems of the early 20 th century. He also was the result of social, economic, and political problems facing American farmers in the late 19th century. Woodrow Wilson – Stressed about the increased competition between American companies as a means by which to address the social, political, and economic problems of the early 20th century.