The Bloody Shirt Elects Grant
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The Bloody Shirt Elects Grant
People still believe that a good general would make a good preseident.
Republicans elect Grant as president.
Call for reconstruction of the south
Democrats
Denounce military reconstruction.
Wealthy eastern delegates want bond issue during war be redeem in gold though it was first purchase with depreciated money.
Poorer Midwestern delegates want Ohio a redemption of money maximum extent as possible.
Grant won by margin vote. His victory came from black vote and not having 3 of southern states counted. ( Republicans had to control South in order to remain in power).
The Era of Good Stealings
Population of republic rise agai ( increase of immigration and 3rd largest nation of the west). Moral structure of u.S. fell short of its physical structure.
Money got through to wrong fingers. ( few skink politically pollution prevaill).
Jubilee Jim and Gay Gould 2 millionaries plan to 1869 to corner the gold market, a plan that would only work if Treasury would refrain from selling gold. They bribe Grants brother-in- law and on black Friday madly bid price of god and drove business men to the wall.. AT last Grant release gold in treasury but still he was foolish for letting it take place.
Buis Tweed employ bribery, graft, and fraudulent election to milk the country. Which raise tax assessment of citizens. In 1871 NY times publish evidence of his deed and Samuel J. Tilden prosecuted him and gain fame that late pave the way as a presidential candidate.
A Carnival of Corruption
Grant cant sense his cabinet is full of trash except Hamilton Fish ( secretary of state) hi sin lawss attain public payroll.
Grant is tarred by Credit Mobiler (scandal who 1867-1868 before taken office) which is a railroad construction company by transcontinental union pacific railroad. They made the price of cost more than it was and share bribed with congressmen.
in 1872 Ny newpaper reveal scandal( vice prez + congressme)n were shown to be part of it.
Alcohol is another scandal in Washington. 1875 Whiskey ring ahd robbed treasury of illion tax revenue.
Grant 1st want no guilty men to escape.
He change his view when his own secretary is guilty, so push power to jury which led guilty to escape.
1876 another corruption came when secretary of war William Belknap shown to have pocketed money by selling privilege of disbursing supplies to Indians. Belknap was impeached by House but he resigned.
The Liberal Republican Revolt of 1872
1872 Liberal Republican party is formed by a national wave of disgust of Grant. It wanted:
Purification of Washington administration.
End to military reconstruction.
The party was muffed at Cincinati nominating covention when reformers of journalist and politicians nominated Horace Greeley as prez ( an editor who denounced Democrats) he was surprisingly endorse by Democracy North and South when he pleaded for a bloody chasm.
4. Again like other third party it made important impression in the history of America.
The Republicans again nombined Grant.
Both nominees were eminently unqualified for this high office, but grant won.
Because of the outcome regular republicans cleaned own house fearing liberal republican would use it to them out out of congress.
1872 passed amnesty removing political disabilities form all but some 500 former confederation.
Reduce high civil war tariffs
Fumigate Grant administration with mild civil service reformers.
.Depression and Demands for Inflation
Panic of 1873 broke ( Cause: roller coaster economy in this unbridle capital expansion).
Laid by more railroad, sunk more mines, erecting more factories, and clear more grain field than market can handle.
Bankers made too much loans financing these unbridle enterprises. Thus wwhen profits fai, loans become unpaid, and whoel things collapse.
Jay Cooke and Company went bankrupt 15,000 business went bankrupt.( people were unemployeted, black hit hard because Freedmen saving trust company is also involved).
Debtors look for ways to lessen value of debts thus promoted issuance of more money 4 cheap money.
Creditors argue oppositely and advocated hard money by:
1.Getting Grant to veto against priiinting more money.
2. Resumption Act 1875 passed wheree gov to withdraw green back money from circulation and to the redemption of all paper currency gold at face value, beg 1879.
Debtors look toward silver, 1870 treasury said silver only worth 1/16 of an ounce of gold. Д silver miner stop going to gov.Д Congress drop coinage of silver dollar but 1870 new discovery of silver again dropped pricesД western miner and debtors assail drime of 73 demanding for more greenbacks ( an inflation).. = Republicans rresist this demand and Grant went against it.
Grant = sound money.( Contract = treasury accumulate gold stock and reduce issuance of money Д deflationary effect. But it restore gov credit rationt, brought paper money to full face value, and redemption pay few exchange bills for gold.
Bland Allison Act of 1876 by Richard P. Bland is a compromise between silver loving soft money and silver hating sound money. (Law said gov would buy and coin 3-4 million silver each month good 4 inflationist, but gov only agree to buy legal minimum.
Republican hard money policy had a political backlash.
Helped elect a Democratic