Chapter 23 Flashcards
election of 1868
repubs:
Grant
platform: maintain military reconstruction
“waving the bloody shirt”
dems:
Horatio Seymour
against military reconstruction
split over greenbacks vs gold
Grant won
freedmen gave grant the edge
ohio idea
redemption of greenbacks supported by poorer Dems
Jubilee Jim Fisk and Jay Gould
tried to get Frant to hold back gold so they could price it up
Grant released it anyway
Tweed Ring (Boss Tweed)
used bribery, graft and fradulent elections to gain 200 mil
nytimes secured evidence and the boss crumbled
credit mobilier scandal (1872)
railroad insiders created a group and hired themselves at inflated prices to build the railroad line
distributed stock to congressmen and VP
whiskey ring
robbed treasury of mils in excise tax revenue
grant’s secretary involved
liberal republicans
reform-minded people created the party
wanted the purification of washington
end military reconstruction
election of 1872
liberal repubs nominated Horace Greely
supported by dems
“clasping hands across the bloody chasm”
repubs renominated grant
repubs denounced greely as a vegetarian, athiest
dems said grant was a drunkard, swindler
grant won
panic of 1873 causes
bankers made too many loans and credit failed
overdevlopment
proponets of inflation
greenbacks or silver
agrarian and debtors
more $ = cheaper $ = rising prives and easier to pay debts
proponets of hard money
creditors
didnt want their loans to be paid back in depreciated money
persuaded GRant to veto a bill printing more greenbacks
backlash helped elect a Dem House
panic of 1873 effects
15000 A businesses went bankrupt
Freedmen’s Savings and Trust COmpany went under
Resumption Act
Contraction
money per capita decreased
Resumption Act of 1875
further withdrawal and redemption of all paper currency in gold
contraction
treasury began to accumalate gold stocks and reduct amount of greenbacks
worsened the impact of the depression
politics in the gilded age
elections were competitive
only a few signigicant economic issues separated the parties
ethnic and cultural differneces caused the msot amount of divides b/w parties
voter turnouts were at a high
patronage
republican party characteristics
traced lineage to puritans
believed gov should play a role in regulating the economic and moral affairs in society
electoral base in Mid W, rural NE, freedmen in S
division over patronage