A tariff is any duty imposed mainly on imported goods with the aim of protecting certain goods from unfair competition. The federal government under Presidents Cleveland and Harrison proposed the reduction of tariffs since they were very high. His view was supported by most democrats. The Republicans supported a high tariff so as to protect their companies and industries. A bill was introduced in 1886 to reduce tariffs which got the support of more members of the congress. Cleveland was unhappy with some proposed bills and requested for revision in an attempt to control trust and business interests, he even allowed some laws to become law without his signature.
Cleveland advocate on tariff reforms lead to surplus which lead to the introduction of tariffs for revenues only.
A trust is legal arrangements that allow one person to hold property for the benefit of the others. The establishment and signing of the monetary bill by president ensured that trust ensured that people were relieved from the oppressive monetary powers and they were able to take control of the congress and the Wall Street could not cheat on them. These lead better to financial stability.
The trust ensured that interest rates were more favorable and eliminated speculations that brought panic among investors.
The federal government gave much land and grants for the construction of railroads. The railroads linked markets and improved communication reducing transport rates drastically. The lines as well lead to the death of towns that were not along their path. New markets were established like the manufacture of locomotives and cars. The rail construction consumed most of the domestic and steel in the market causing a deficiency. Employment was on the rise which encouraged massive immigration and formation of powerful union resulting to political riots.
Geoffrey, B. (1992). “The Emergence of Grover Cleveland: a Fresh Appraisal” New York History.
Reitano, J. R. (1994).The Tariff Question in the Gilded Age: The Great Debate of 1888
Welch, R. E. (1988). The Presidencies of Grover Cleveland From Wealth to Power, Princeton University Press.