What triggered the Panic of 1893 ?

A decrease in US gold reserves caused panic.

What were the effects of the Panic of 1893 ?

It caused widespread bankruptcies of banks, railroad companies, and businesses, along with high unemployment and widespread poverty .

True or False? President Grover Cleveland expanded the money supply to help the economy recover from the Panic of 1893.

False. Cleveland held firm to the gold standard and refused to expand the money supply , making it harder for businesses and farmers to recover.

Define gold standard .

The gold standard was a system in which US currency was backed by gold .

Why did farmers and some business owners oppose the gold standard ?

It limited the amount of money in circulation , restricting growth and making it harder for people in debt .

How did farmers and businessmen want to expand the money supply ?

They wanted currency backed by silver or paper money as well as gold, which would lower interest rates and give them more money to pay off debts .

In Wabash v. Illinois, the Supreme Court ruled that only the government could regulate interstate commerce rates, including railroad rates.

In Wabash v. Illinois, the Supreme Court ruled that only the federal government could regulate interstate commerce rates, including railroad rates.

Why was the creation of the Interstate Commerce Commission significant?

It marked the beginning of federal regulation of business , especially in national industries like railroads .

Why did American businesses look for overseas markets ?

American businesses looked for overseas markets because supply often exceeded domestic demand .

Why did the United States want to annex Hawaii ?

It wanted to expand trade , gain access to resources such as sugar , and use Hawaii's strategic location in the Pacific .

Which 1893 event led to the annexation of Hawaii in 1898?

The overthrow of Queen Liliuokalani in 1893, largely organized by American business interests , led to the annexation of Hawaii in 1898.

Define Open Door Policy (1899) .

The Open Door Policy was Secretary of State John Hay's policy to secure equal trading rights in China so American traders were not shut out of the Chinese market .

AP®HistoryCollege BoardUS HistoryFlashcardsPeriod 6: 1865-1898Controversies over the Role of Government in the Gilded Age

Controversies over the Role of Government in the Gilded Age (College Board AP® US History): Flashcards

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What triggered the Panic of 1893?

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Cards in this collection (12)

What triggered the Panic of 1893?
A decrease in US gold reserves caused panic.
What were the effects of the Panic of 1893?
It caused widespread bankruptcies of banks, railroad companies, and businesses, along with high unemployment and widespread poverty.
True or False?
President Grover Cleveland expanded the money supply to help the economy recover from the Panic of 1893.
False.
Cleveland held firm to the gold standard and refused to expand the money supply, making it harder for businesses and farmers to recover.
Define gold standard.
The gold standard was a system in which US currency was backed by gold.
Why did farmers and some business owners oppose the gold standard?
It limited the amount of money in circulation, restricting growth and making it harder for people in debt.
How did farmers and businessmen want to expand the money supply?
They wanted currency backed by silver or paper money as well as gold, which would lower interest rates and give them more money to pay off debts.
In Wabash v. Illinois, the Supreme Court ruled that only the government could regulate interstate commerce rates, including railroad rates.
In Wabash v. Illinois, the Supreme Court ruled that only the federal government could regulate interstate commerce rates, including railroad rates.
Why was the creation of the Interstate Commerce Commission significant?
It marked the beginning of federal regulation of business, especially in national industries like railroads.
Why did American businesses look for overseas markets?
American businesses looked for overseas markets because supply often exceeded domestic demand.
Why did the United States want to annex Hawaii?
It wanted to expand trade, gain access to resources such as sugar, and use Hawaii's strategic location in the Pacific.
Which 1893 event led to the annexation of Hawaii in 1898?
The overthrow of Queen Liliuokalani in 1893, largely organized by American business interests, led to the annexation of Hawaii in 1898.
Define Open Door Policy (1899).
The Open Door Policy was Secretary of State John Hay's policy to secure equal trading rights in China so American traders were not shut out of the Chinese market.

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