McKinley Administration, 1897-1901

As expected, McKinley's administration favored big business and the Eastern financial interests. Higher tariffs were set. Gold was established as the standard for currency. A policy of noninterference with trusts followed. Of more lasting significance, however, were McKinley's actions in foreign affairs, which included war with Spain in 1898 to force that nation to grant independence to Cuba. Through the Spanish-American War the United States not only forced Spain out of Cuba, but also acquired the Philippine Islands, Guam, and Puerto Rico.

Further growth of the United States as a world power was marked by the annexation of Hawaii in this period. By accepting the United States' demand for equal treatment in trade with China—the "Open Door" policy—European powers in effect recognized the new status of the United States in international affairs.

In the 1900 Presidential election, the Democratic party hoped to prevent McKinley's reelection by raising an issue new to United States politics—imperialism. The argument was that failure to grant immediate independence to the Philippines meant that the United States was being committed to a colonial policy contrary to American democratic ideals. Bryan was again the Democratic candidate.

McKinley was reelected by a larger majority than in 1896. He had served only a few months of his second term when an anarchist—an opponent of all government—shot and fatally wounded him at Buffalo, New York. Theodore Roosevelt, McKinley's Vice President, then became President.