Chapter 23 - Political Paralysis in the Gilded Age (1869-1896) Flashcards
Ulysses S. Grant
- Unexperienced in the political arena
- Had one presidential vote for the Democratic ticket in 1856
- Republicans enthusiastically nominated him for the presidency in 1868
Became the 18th U.S. president
- His popular quote “Let us have peace” became a leading campaign slogan
- Nation believed a good general would make a good president
- 500,000 former slaves gave vote to Grant
“Waving the Bloody Shirt”
Term for reviving gory memories of the Civil War, became a prominent feature of a presidential campaign
Used by Republicans to stir up enthusiasm
Jay Gould
- A millionaire who was partners with another, “Jubilee Jim” Fisk; provided the intelligence
- Concocted a plot in 1869 with his partner to corner the gold market (would only work if the federal Treasury stopped selling gold
Inflated price of gold, hoping they could profit from its heightened value; congressional probe concluded Grant did nothing but acted stupid
William Marcy Tweed/Tweed Ring
- “Boss” Tweed employed bribery, graft, and fraudulent elections to farm the metropolis of as much as $200 million
- Tweed Ring was infamous in NYC as it displayed the ethics (or lack of ethics) typical of the age
Honest citizens were forced into silence and protestors found their tax assessments raised
Thomas Nast
A cartoonist who attacked Tweed
Refused a heavy bribe to stop
Samuel J. Tilden
- New York attorney who headed the prosecution of Tweed
- Gained fame that later paved the path to his presidential nomination
Crédit Mobilier Scandal
1872
- A news paper exposé and congressional investigation led to the censure of two congressmen and the revelation that the vice president accepted their payments
- formed by Union Pacific Railroad insiders who cleverly hired themselves at inflated prices to build the railroad line
Tarred Grant
Whiskey Ring - Grant’s own private secretary was among the culprits; Grant volunteered a written statement to the jury to exonerate the thief
Horace Greeley
- Fearless editor for the New York Tribune
- Elected for the presidency by the Liberal Republicans’ Cincinnati nominating convenion
- Was dogmatic, emotional, petulant, and unsound in his political judgements; screwed up the Liberal Republicans’ chance
- Pleased the Democrats, North and South when he pleaded for clasping hands across “the bloody chasm”
A “bad bet” to win the election
- Democrats approved his candidacy and derided Grant as ignoramous, drunkard, swindler
- Reublicans denounced him as an atheist, communist, a free-lover, vegetarian, and a cosigner of Jefferson Davis’s bail bond
Panic of 1873
- Caused by uncontrolled capitalist expansion
- Businesses went bankrupt and black economic development worsened
- Overreaching promoters deluded themselves that war-fueled boom times would go on forever and laid more railroad track, sank more mines, erected more factories, and sowed more grainfields than peacetime markets could bear
- Bankers made too many careless loans to finance enterprises; profits failed to materialize and loans went unpaid, collapsing U.S. economy
Hard Money v. Soft Money
- Hard Money: advocates persuaded Grant to veto a bill to print more paper money and scored another victory in the Resumption Act of 1875
- Soft Money: afflicted agrarian and debtor groups (“cheap-money” supporters) clamored for a reissuance of the greenbacks, reasoning that more money meant inflation and easier-to-pay debts
Debtors looked for relief in precious metal, silver
Resumption Act of 1875 - pledged the government to the further withdrawal of greenbacks from circulation and the redemption of all paper currency in gold at face value
Policy of “Contraction”
- The policy of the accumulation of gold stocks against the appointed day for resumption of metallic-money payments along with the reduction of greenbacks
- Deflated the amount of money per capita in circulation between 1870 and 1880
- Worsened the impact of the depression but restored the government’s credit rating
Brought greenbacks up to their full face value
People no longer spent money, waiting for prices to drop
Gilded Age
- Mark Twain’s sarcastic name to the 30-year-long-post-Civil War era
- The political seesaw was mostly balanced
- The majority party in the House switched 6 times in the 11 sessions between 1869 and 1891; they controlled the House, Senate, and White House in only 3 sessions
- Economic expansion was promising on outside but was an ugly reality for most American laborers; nearly 80% of those eligible voted
Roscoe Conkling
- A U.S. senator from New York who was imperious and embraced the system of swapping civil-service jobs for votes
- Led a “Stalwart” faction in the Republican party; opposed by the Half-Breeds
James G. Blaine led Half-Breeds
Patronage
The act of disbursing jobs by the mass in return for votes, kickbacks, and party service
The “lifeblood” of both Democrats and Republicans
Boisterous infighting over patronage beset Republicans
Rutherford B. Hayes
- A Republican compromise candidate dubbed “The Great Unknown”
- Against the Democratic nominee Samuel J. Tilden
Foremost qualification was the fact that he came from Ohio
- Served three terms as governor in the electorally doubtful but potent state of Ohio
- Part of the forgotten presidents (Hayes, Arthur, Garfield, and B. Harrison)