page_title: William McKinley
section_title: Tariffs and bimetallism
hierarchical_section_title: William McKinley / Presidency (1897–1901) / Tariffs and bimetallism
caption_attribution_description: English: Campaign poster showing William McKinley holding U.S. flag and standing on gold coin "sound money", held up by group of men, in front of ships "commerce" and factories "civilization". Français: Affiche utilisée pendant la campagne présidentielle américaine de William McKinley en 1896-1897. Il est dessiné au centre tenant dans sa main un drapeau des États-Unis et debout sur une grande pièce de monnaie en or soutenu par des soldats, des hommes d'affaires, des fermiers et des membres de profession libérale. En arrière-plan se trouvent des navires à la gauche et des usines à la droite. L'affiche contient plusieurs expressions&#160;: «&#160;Prosperity at home, prestige abroad.&#160;»&#160;: Prospérité nationale, prestige international «&#160;Commerce&#160;» en avant-plan de navires à voile «&#160;Civilization&#160;» en avant-plan d'usines «&#160;Sound money&#160;» (sur la piece de monnaie)&#160;: qui veut suggérer une saine gestion économique. La pièce d'or est une allusion au système monétaire qui s'appuie sur l'étalon-or.
context_page_description: William McKinley was the 25th president of the United States from 1897, until his assassination in 1901. During his presidency, McKinley led the nation to victory in the Spanish–American War, raised protective tariffs to promote American industry, and kept the nation on the gold standard in a rejection of the expansionary monetary policy of free silver.
  McKinley was the last president to have served in the American Civil War and the only one to have started the war as an enlisted soldier, beginning as a private in the Union Army and ending as a brevet major. After the war, he settled in Canton, Ohio, where he practiced law and married Ida Saxton. In 1876, he was elected to Congress, where he became the Republican Party's expert on the protective tariff, which he promised would bring prosperity. His 1890 McKinley Tariff was highly controversial and, together with a Democratic redistricting aimed at gerrymandering him out of office, led to his defeat in the Democratic landslide of 1890. He was elected governor of Ohio in 1891 and 1893, steering a moderate course between capital and labor interests.
context_section_description: McKinley had built his reputation in Congress on high tariffs, promising protection for American business and well-paid American factory workers. With the Republicans in control of Congress, Ways and Means chairman Dingley introduced the Dingley Act which would raise rates on wool, sugar, and luxury goods. McKinley supported it and it became law.
  American negotiators soon concluded a reciprocity treaty with France, and the two nations approached Britain to gauge British enthusiasm for bimetallism. The Prime Minister, Lord Salisbury, and his government showed some interest in the idea and told the American envoy, Edward O. Wolcott, that he would be amenable to reopening the mints in India to silver coinage if the Viceroy's Executive Council there agreed. News of a possible departure from the gold standard stirred up immediate opposition from its partisans, and misgivings by the Indian administration led Britain to reject the proposal. With the international effort a failure, McKinley turned away from silver coinage and embraced the gold standard. Even without the agreement, agitation for free silver eased as prosperity began to return to the United States 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 the gold standard, but was initially deterred by the silver strength in the Senate. By 1900, with another campaign ahead and good economic conditions, McKinley urged Congress to pass such a law, and was able to sign the Gold Standard Act on March 14, 1900, using a gold pen to do so.
caption: 1900 reelection poster with the theme that McKinley has returned prosperity to America
exif: {}