Unit 7 Flashcards
Was Grant a good person?
No, he was very narrow-minded and was only a good general.
What party did Grant belong to? What was the slogan of the campaign? What was the party’s view about the reconstruction of the South?
The Republican Party. “Let us have freedom.” The party believed in the Reconstruction and wanted it to go on and be successful.
Who was the candidate of the Democratic party? Did he win?
Horatio Seymour. No, he did not win.
What was the issue about the federal war bonds?
Eastern delegates wanted a plank that promised that the federal war bonds be redeemed in gold.
What was the Ohio Idea? What did Seymour do?
Redemption in greenbacks instead of gold. Seymour repudiated the idea.
Who won the Election of 1868? Why did he win?
Grant won the election, but only because of the former slaves who voted for him.
What was going on with the politicians postwar?
They were super corrupted.
Black Friday of 1869?
Fisk and Gould tried to corner the gold market and asked the treasury not to release gold. However, the treasury was compelled to release it when businessmen were “driven up the wall”.
Tweed Ring?
Tweed tried to steal $200 million from the metropolis. It failed when Nast exposed it.
Credit Mobilier scandal?
insiders hired themselves at inflated rates and then they contributed shares to two congressmen and the vice-president.
Whiskey Ring scandal
The Whiskey Ring robbed the Treasury of millions in excise-tax revenues. Grant’s private secretary turned out to be one of the culprits.
How did people feel about the whole Grantism thing?
People hated it, and they wanted to turn the Rascals Out.
What mistake did the Liberal Republicans make?
Nominated Greeley for presidency, who was extremely unsound.
Who won the election of 1872?
Greeley
General Amnesty Act
Reduced high Civil War tariffs
Mild civil-service reform
What happened in 1873 that caused a big upheaval in the US?
Financial Depression.
Who were affected the most by the Depression?
Blacks and Debtors
Resumption Act of 1875
- That the U.S. Treasury be prepared to resume the redemption of legal tender notes in specie (gold) as of January 1, 1879
- That gradual steps be taken to reduce the number of greenbacks in circulation
- That all “paper coins” (notes with denominations less than one dollar) be removed from circulation and be replaced with silver coins
Which metal also caused an uproar in the US during the times of depression?
Silver
What was the purpose of the coinage of silver?
To promote inflation.
What was contraction? What did it do?
Resumption of metallic-money payments and reduction of greenbacks.
It restored the government’s credit rating and brought greenbacks up to their full face value.
Why was politics so delicately balanced during the Gilded Age?
Both parties saw eye-to-eye on everything and were extremely competitive.
Republican party beliefs?
Puritanism, strict codes, etc.
Democrat beliefs?
Lutheranism, Catholicism, less stern, etc.