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30 Cards in this Set
- Front
- Back
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What currency did America use before the 1890s? |
Bimetallism |
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What was the ration between gold and silver before any reforms? |
1:16 |
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What was found in California and in what year? |
Gold, in 1848 |
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How did the gold deposits affect the value of silver? |
The ration increased to 1:60 |
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What Act was passed instead of re-balancing the ratio between gold and silver? |
1873 Coinage Act |
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What was the Coinage Act? |
Demonetised silver |
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Who did the Coinage Act affect? |
Silver miners and farmers |
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Why did the Coinage Act affect the miners and farmers? |
Gold based currency would put silver miners out of a job and the farmers prices were kept down |
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What would happen if the Coinage Act was reversed? |
Inflation would rise and damage savings, pensions and international trade. |
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Why were Greenbacks a problem? |
They could be printed cheaply and could cause inflation |
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What was the solution to the Gold vs Silver? |
1875 Resumption Act |
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What was the Resumption Act? |
Made Greenbacks redeemable in gold |
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Why is this era criticised? |
Known as the Era of Greed |
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How were jobs rewarded in the Gilded Age? |
Patronage not principle |
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What was the system of patronage called? |
Spoils system |
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Give an example of corruption? |
The New York Customs was controlled by Senators Conkling ans Weed who both received bribes. Conkling received a bribe of $50,000 |
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Why were tariffs useful? |
1. They allowed the Gov't to collect extra revenue in foreign imports 2. Protect American Industry by making domestic goods more attractive to buyers |
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Who introduced the Tariffs? |
Republicans |
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What reform took place in the Civil Service? |
In 1881, the Civil Service Reform League was created |
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What was the aim of the Civil Service Reform League? |
To create a system of Meritocracy |
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What is Meritocracy? |
When jobs are given on ability rather than who they know |
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How was the surplus of money used in the Gilded Age? |
Pensions |
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Name one pressure group supporting pensions? |
Grand of Army of the Republic |
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What Act was introduced in relation to Pensions? |
Arrears of Pensions Act 1879 |
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How many names were on the pension list by 1885? |
350,000 |
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Why were pensions important? |
Voting power |
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Why was the increasing power of Big Business a problem? |
They could influence the Gov't through their financial power to secure legislation and handbacks |
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How was the issue of Big Business tackled? |
1887 Interstate Commerce Act and the 1890 Sherman Anti-Trust Act |
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What did the Interstate Commerce Act do? |
Created a regulatory body on the railroad |
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What did the Sherman Anti-Trust Act do? |
Limited the growing power of Corporations and Trusts |
