Chapter 23 Flashcards
What kind of era marked the Reconstruction Age?
Financial corruption was common in the American financial world.
Black Friday was contributed by the corrupt financial conspirators and New York’s economy was robbed of its profits by the Tweed Ring
What scandals/controversies marked the Grant presidency?
What was significant about them?
The Credit Mobilier scandal was a strategic operation to inflate prices to build the Union Pacific Railroad that would maximize dividend profits. The culprits had reached members of Congress and the vice president was benefiting from the scandal as well.
President Grant had demonstrated hypocrisy when he stated “let no guilty man escape” during the Whiskey Ring scandal, but when his private secretary was found to also be a culprit, Grant had exonerated him.
Explain the significance of the panic of 1873 and its impact on Blacks?
The overexpansion of railroad tracks lead to a mass bankruptcy for railroad companies that could not pay their loans to the bank. It domino’d to thousands of American businesses going bankrupt and African Americans were hard hit by the unemployment they experienced.
