nov 3, 1896 - 1896 Presidential Election
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Mark Hanna, the Chairman of the Republican National Committee, helped to raise a record-breaking $16 million to support the presidential election campaign of William McKinley, who narrowly won.
Banks, companies, and millionaires were individually assessed by Hanna and asked to contribute, which almost all did out of horror at the prospective of the election of William Jennings Bryan, a populist progressive who was promising significant reforms, such as 'Free Silver'.
Hanna famously said that "There are two things that are important in politics. The first is money and I can't remember what the second one is."
William Jennings Bryan, by contrast, was ill-financed, with the largest donation to his campaign being just $40,000.
This election was a landmark in the history of the private financing of election campaigns in the United States. It led many, especially progressives and populists, to call for limits to be placed on political contributions from the rich and powerful.
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The History of Money in Politics
A history of the evolving law around the private and public ...
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