A History of the United States

by Charles Kendall Adams; William P. Trent

677. Financial Reform.—The second Congress of McKinley’s first administration early took into consideration the vexed question of the currency, and also discussed banking laws and refunding the national debt. The legislation finally adopted, which went into effect March 14, 1900, placed the entire currency of the country on a gold basis, provided for the establishment of national banks in the smaller towns and villages, and authorized the Secretary of the Treasury to issue long-time two per cent bonds, with the income of which the shorter-time three, four, and five per cent bonds were to be called in and paid. The success of the refunding measure was a remarkable evidence of the firm basis on which the credit of the country was now established. Though the new bonds sold at par, within two months of the passage of the bill more than two hundred and sixty millions of the old bonds had been refunded at the lower rate. The significance of this success is shown by the fact that, while this process of refunding with a two per cent bond was going on, the lowest Russian bonds were bearing four per cent; the lowest French bonds, three and a half per cent; the lowest bonds of the German Empire, three per cent; and the lowest bonds of Great Britain, two and three-fourths per cent. For the first time in its history, it might fairly be claimed that the credit of the United States was the best in the world.

Theodore Roosevelt.
[Copyright by Pach Brothers, New York.]

678. Presidential Candidates in 1900.—As the end of McKinley’s term approached, it became evident that there would be no opposition in the Republican party to his renomination. The Convention met in Philadelphia, June 19, and adopted a platform which indorsed McKinley’s policy of government in Porto Rico, in Cuba, and in Hawaii, and also advocated the retention of the Philippine Islands under conditions that would secure for them local self-government as rapidly as the condition and spirit of the people would permit. Interest was chiefly centered in the nomination of a candidate for the Vice Presidency. There were three prominent candidates, each with strong local support, in different parts of the country. But as soon as the delegates assembled, it became apparent that there was a great popular sentiment in favor of the nomination of Governor Theodore Roosevelt,[^[303]] of New York. He was not only not a candidate, but with great earnestness besought the delegations from the different states not to put forward his name. But he had distinguished himself by his work on the Civil Service Commission, as a police commissioner of New York City, as a brave and picturesque commander of the Rough Riders in the Spanish war, and as an honest and intelligent governor of New York, and his energetic opposition to being put forward as a candidate was of no avail. McKinley received every vote in the convention, on the first ballot; and Roosevelt, who sat in the convention, received every vote excepting his own. On the 5th of July the Democratic Convention, at Kansas City, nominated, with equal unanimity, William J. Bryan for President, and ex-Vice President Adlai Stevenson of Illinois, for Vice President. The Democratic platform was vigorous in its expressions of opposition to McKinley’s policy of expansion, promised legislation against trusts, and declared anew its advocacy of free coinage of silver at a ratio of sixteen to one. The impossibility of uniting all interests in these two candidates for the Presidency was shown by the fact that ten other candidates were, in the course of the summer, put in the field by various small parties.

679. Reëlection of McKinley.—After an interesting but not exciting campaign, in which the maintenance of the financial standing of the country, rather than the approval or disapproval of the so-called “imperial” system, became the paramount question, McKinley and Roosevelt were elected over Bryan and Stevenson by the large majority of two hundred and ninety-two electoral votes to one hundred and fifty-five. McKinley’s popular majority was even greater than that received by him in 1896.

680. Foreign Affairs.—During the summer of 1900, public attention was distracted from the Philippines to China, where the Boxer uprising put foreign residents, especially missionaries, in great jeopardy. The United States joined the chief nations of Europe in sending forces to China. These troops behaved well; and in the subsequent diplomatic negotiations, President McKinley and his Secretary of State, John Hay, won much praise for their moderate and statesmanlike course of action. The latter gained great credit also for his efforts to secure an agreement between Great Britain and the United States with regard to the control of any interoceanic canal that might be undertaken in Central America. The treaty, as modified by the Senate, was rejected by Great Britain; but after concessions on both sides, a new Hay-Pauncefote treaty was finally ratified (December 16, 1901), which secured to America complete control of any such canal.

681. Domestic Affairs.—Among the most important domestic events of the close of McKinley’s first term were the exclusion from Congress of the polygamist Representative Roberts of Utah; the unfortunate contest for the governorship of Kentucky, which resulted in the assassination of the Democratic contestant, Mr. Goebel; and the terrible storm which devastated the city of Galveston, Texas. The completion of the twelfth census in 1900 showed a total population of 76,303,387, and an increase of wealth and industrial power so marvelous as to promise almost incredible achievements in the near future. On February 28, 1901, an act was passed reducing the taxes that had been levied to defray the expenses of the Spanish War.

McKINLEY’S SECOND ADMINISTRATION.

682. Second Inauguration of McKinley.—President McKinley entered upon his second term of office on March 4, 1901, and retained the Cabinet as it stood at the close of his first term. His inaugural address emphasized the material prosperity of the country and the need of securing foreign markets by wise treaties of reciprocity. This liberal policy was consistently advocated by him in speeches delivered during a summer tour of the country, and especially in one made at the Pan-American Exposition at Buffalo, New York.

683. The Assassination of President McKinley.—Immediately after this noteworthy speech, President McKinley was taken from the nation whose affairs he was guiding with an ever steadier hand. On September 6, 1901, while he was holding a reception in the Temple of Music at the Buffalo Exposition, he was shot by an anarchist who had concealed a revolver under a handkerchief that apparently covered a wounded hand. The President bore himself with remarkable dignity and courage, both at the time of the shooting and during the eight days of suffering that followed. At first it seemed as if he would recover; but on September 14 he died, and Vice President Roosevelt at once took the oath of office as President. The whole world was profoundly shocked by the tragedy, and the manifestations of popular grief, as the body was conveyed to Washington and from there to Canton, Ohio, were extraordinary. On September 19, while the interment was taking place at Canton, all labor was suspended throughout the country. Popular indignation was naturally directed against anarchists and political agitators of all sorts; but, in the main, the people restrained themselves in a most praiseworthy manner. The trial and execution of the assassin were conducted with great promptitude and decorum.