William McKinley (1843-1901) was the twenty-fifth president of the United States. During his administration the Spanish-American War of 1898 overshadowed the two important issues of tariff and currency, presenting the United States with new problems of world power and territorial expansion.

With the growth of post-Civil War industrialism, serious social and economic problems developed in the United States. Agricultural depression brought severe hardship and farm unrest; relations between laborers and employers deteriorated; and Americans argued over what monetary policies the U.S. government should adopt to maintain a healthy economy.

As congressman, governor, and president, William McKinley emphasized obtaining prosperity by stimulating American business via a favorable tariff structure. Although early in his career he directed his energies toward protective tariffs on finished materials, he later favored tariffs modified by reciprocity treaties. Under these, he hoped that raw materials would enter the United States at low tariff rates, making...