In his 1889 inaugural addresss after having won the Presidency over Grover Cleveland (having won the electoral vote but lost the popular vote), Benjamin Harrison announced several courses of action in his inaugural address. Perhaps primary among them - as it would be throughout his administration - was the issue of the protective tariff.
In addition, Harrison's somewhat productive term saw him focusing on the issue of "bimetalism" (that is the decision of whether to use gold or silver to back the public finances), and on a first attempt to stifle the growing number of trusts (monopolies) in American business.
Raising the Tariff
Harrison, like most members of the Republican party, favored a high protective tariff which at that point was viewed by many as being too high. In fact, the high tariff had been bringing a surplus of funds to America, which was seen by many as being "embarassing."
Nevertheless, one of the primary results of Harrison's term in office was the passage of an even higher tariff - sponsered by Senator (and future President) William McKinley of Ohio.
Under the McKinley Tariff of 1890, the tariff was raised, though Harrison himself had qualms about this, and attempted to offset the surplus revenue by removing the tariff from certain exported items such as sugar, which helped some in the south.
The Sherman Silver Act
In order to get the McKinley tariff passed, congressional republicans were forced to throw support to a bill which most in their party opposed - the Sherman Silver Purchase Act. This act was the product of those who favored an inflationary economic policy, led by the unlimited coinage of silver (which would then lower the value of paper money).
The Sherman act was not an "unlimited" coinage act, like many wanted, but it served to increase the amount of silver the government was required to purchase each month.
Sure enough, though, the passsage of the act served to increase inflation, raising prices throughout the nation and forcing many to turn in silver and paper notes for gold, which was more reliable. Many credit the economic turbulence (which precipitated the Panic of 1893 and the ensuing depression) to Harrison's failed attempt at reelection.
President Cleveland, serving a second term three years later, would repeal the act in an effort to stave off the economic crisis.
The Sherman Antitrust Act
Senator John Sherman of Ohio (the same who was behind the Sherman Silver Act) also sponsored a second bill which is generally viewed in a much more positive light today.
In an effort to curtail the monopolistic practices of business giants such as John D. Rockefeller's Standard Oil Trust, congress passed the Sherman Antitrust act, which was, by today's standards, a relatively "watered-down" bill intended to limit the abilities of companies to form trusts.
Because it was very vague and contained practically no penalties for those who ignored it, this act was relatively worthless at the time. Nevertheless, many view it as a positive first step in the right direction, which paved the way for future anti-trust laws by setting an important precedent.
The Legacy of Benjamin Harrison
These three pieces of historic legislation, whether good or bad, effectively defined the Harrison, and were all passed in 1900, within the first half of Harrison's administration.
While several other pieces of legislation of varying importance were argued in congress during Harrison's term, these three formed almost the entirety of his legacy (when, that is, he is remembered at all).
The election of 1892 was unique in American history, being the first time the two major candidates - Cleveland and Harrison - had both served as President. Nevertheless, because of the state of the national economy and Harrison's failure to earn the unanimous support of his own party, Cleveland won a sweeping victory (this had been foreshadowed by the off-year election of 1890, when Democrats had taken back control of the house of representatives).
Moving back to Indiana, Harrison served the final eight years of his life giving the ocassional lecture. He remarried (his first wife having died soon after he had lost reelection), and had a final child at the age of 64 (she was only 4 when he died). In 1901, at the age of 68, Benjamin Harrison died, having served a Presidency which some saw as supremely successful (due to the sheer number of Republican legislative measures which were passed), and others saw as a failure.
More often than not, however, Benjamin Harrison is forgotten by all but the most ardent students of American history, which is certainly a shame.
For more information:
References:
"Benjamin Harrison." American Presidents: An Online Reference Resource.
"Inaugural Address of Benjamin Harrison."
"Biography of Benjamin Harrison." The White House.
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