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8 Cards in this Set
- Front
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Era of Good Stealings
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Jim Fisk and Jay Gould devised a plot to drastically raise the price of the gold market in 1869. On "Black Friday," September 24, 1869, the two bought a large amount of gold, planning to sell it for a profit. In order to lower the high price of gold, the Treasury was forced to sell gold from its reserves.
"Boss" Tweed employed bribery, graft, and fraudulent elections to milk New York of as much as $200 million. (Tweed Ring) Tweed was eventually put into prison. During the presidency of Grant. |
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Liberal Republican Revolt 1872
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In response to disgust of the political corruption in Washington and of military Reconstruction, the Liberal Republican Party was formed in 1872.
The Liberal Republican Party met in Cincinnati and chose Horace Greeley as their presidential candidate for the election of 1872. The Democratic Party also chose Greeley as their candidate. The Republican Party continued to put its support behind President Grant. Grant won the election of 1872. The Liberal Republicans caused the Republican Congress to pass a general amnesty act in 1872; removing political disabilities from most of the former Confederate leaders. Congress also reduced high Civil War tariffs and gave mild civil-service reform to the Grant administration. |
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Resumption Act 1875
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required the government to continue to withdraw greenbacks from circulation and to redeem all paper currency in gold at face value beginning in 1879. provided for the replacement of the Civil War fractional currency by silver coins. It also reduced the greenback total to $300 million
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Bland Allison Act 1878
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requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars. Though the bill was vetoed by President Rutherford B. Hayes, the Congress overrode Hayes' veto on February 28, 1878 to enact the law. cheap-money advocates (led by Representative Richard P. Bland, a Democrat of Missouri), to join with silver-producing interests in urging a return to bimetallism, the use of both silver and gold as a monetary standard
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Stalwarts vs. Halfbreed
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"traditional" Republicans who opposed Rutherford B. Hayes' civil service reform. They were pitted against the "Half-Breeds" (moderates) for control of the Republican Party. The only real issue between Stalwarts and Half-Breeds was patronage. The Half-Breeds worked to get civil service reform, and finally created the Pendleton Civil Service Reform Act. Stalwarts also favored traditional machine politics.
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Hayes/Tilden Election 1876
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one of the most disputed and controversial presidential elections in American history. Samuel J. Tilden of New York outpolled Ohio's Rutherford B. Hayes in the popular vote, and had 184 electoral votes to Hayes's 165, with 20 votes uncounted. These 20 electoral votes were in dispute in three states: Florida, Louisiana, and South Carolina; each party reported its candidate had won the state, while in Oregon one elector was declared illegal (as an "elected or appointed official") and replaced. The 20 disputed electoral votes were ultimately awarded to Hayes after a bitter legal and political battle, giving him the victory.
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Compromise of 1877
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settled the disputed 1876 U.S. Presidential election, regarded as the second "corrupt bargain", and ended Congressional ("Radical") Reconstruction. Through it, Republican Rutherford B. Hayes was awarded the White House over Democrat Samuel J. Tilden on the understanding that Hayes would remove the federal troops that were propping up Republican state governments in South Carolina, Florida and Louisiana.
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James Fisk/Jay Gould
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Fisk/Gould scandal, was a financial panic in the United States caused by two speculators’ efforts to corner the gold market on the New York Gold Exchange. It was one of several scandals that rocked the presidency of Ulysses S. Grant. the United States government issued a large amount of money that was backed by nothing but credit. After the war ended, people commonly believed that the U.S. Government would buy back the “greenbacks” with gold. In 1869, a group of speculators, headed by James Fisk and Jay Gould, sought to profit off this by cornering the gold market. Gould began buying large amounts of gold. This caused prices to rise and stocks to plummet. After Grant realized what had happened, the federal government sold $4 million in gold. On September 20, 1869, Gould and Fisk started hoarding gold, driving the price higher.
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