Chapter 23 Flashcards
“Bloody shirt”
Grant’s campaign strategy to revive civil war memories
Credit mobilier scandal
Grant administration. Union Pacific railroad insiders hired themselves at inflated prices. Later distributed stocks to key congressmen. The vice president accepted payments.
“Jubilee Jim” Fishk and Jay Gould
Cornered the gold market. Stopped the treasury from selling fold, then madly bid the price skyward. Bubble broke when the Treasury was compelled to release gold
Whiskey ring scandal
Grant administration. Whiskey Ring stole excise-tax revenues from the Treasury. Grant’s private secretary was involved.
William Belknap
Grant’s Secretary of War who was forced to resign after pocketing bribes from suppliers to the Indian Reservations.
Boss Tweed
Leader of the NYC Tweed Ring who stole $200+ million. Cartoonist Nast help capture him by drawing cartoons.
Causes of the Panic of 1873
Overproduction of RRs, mines, factories, etc. Industry expanding too fast. Too many risky loans
Liberal Republican party
Reform-minded citizens disgusted with Grant who banded together, urging purification of the Washington administration and an end to military reconstruction.
Horace Greeley
Liberal Republican presidential candidate. New York Tribune editor, notoriously unsound in political judgement. Also pleased Democrats
Effects of the Panic of 1873
Sparked the debate over hard currency v. greenbacks
Why did debtors want greenbacks after the Panic of 1873?
Debtors=farmers. The value of a dollar is less due to inflation, making it easier to pay back loans
Why did lenders want hard currency after the Panic of 1873?
It is not affected by inflation, increasing its value
“Solid South”
Democratic base in the South
Grand Army of the Republic
Several hundred thousand Union veterans that tended to vote Republican
Stalwarts
Led by Sen. Conkling, believed in patronage
