ECON 219 Lecture Notes - Lecture 5: William Jennings Bryan, Sherman Silver Purchase Act, List Of Fables Characters
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ECON 219 Full Course Notes
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Tariffs are used as a legislative tool, they must go through house of reps. and. U. s had low tariffs for a while due to support from two important parts of the country: south: cotton producers, buyers of manufactured goods from england, midwest: wheat and corn producers. New england is industrializing and does not want to compete against british manufactured goods. Conditions in north vs. south: north. U. s does the following things to create a domestic economy: adopts gold standard, restricts money supply, which increases the value of the u. s dollar, raises tariffs on imports. Republican package in 1890: mckinley tariff. High rates on manufacturing goods, protectionist: sherman antitrust act. Cannot own a monopoly: sherman silver purchase act. Government will buy silver and make coinage. Midwesterners feel unrepresented: want to vote republican but do not support the tariff, hate domestic monopolies, especially the railroad as it charged high prices to ship grain, wants antitrust policy.
