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New Concerns in the North, 1868-1876
Grantism:
Grant’s presidency was filled with bribery, fraud, and corruption—his subordinates, not him personally; he had few political skills
His sec/state named FISH! Convinced England to pay America $15.5 mil. for Confederate ships they damaged during the war
Previous president annexed Alaska, so Grant tried to annex Dominican Republic and failed.
The Liberals’ Revolt:
Liberal Republicans (free trade, hard money, supply/demand)—thought Reconstruction was complete, said corruption was bigger problem
Liberals/Democrats supported Greeley, but he died. Grant won the election—passed Amnesty Act, allowed Confederates to hold office
The Panic of 1873:
America was full of industrialization, speculation, econ. growth, especially railroads—transcontinental finished in 1869
Owner of Transcontinental/Largest bank’s costs outran investments, so the bank failed, triggering the Panic of 1873
Americans used yellow bank notes, which had a gold value, and green, which did not. The “sound money” policy would get rid of all green
This favored investors but hurt indebted farmers, who needed this easy money
Public Credit Act made the government pay back government bonds (IOU’s) in gold coin, not greenbacks—eliminated silver dollar
“Free-silver” advocated passed Bland-Allison Act, partially restored silver coins
The Greenback Party was created, fought to keep greenbacks in circulation
Reconstruction and the Constitution:
Ex Parte Milligan said military courts can’t work when there’s civil ones. Texas v. White said Reconstruction was Constitutional
The Slaughterhouse cases happened when Louisiana gave one slaughterhouse a monopoly and shut all others down. Butchers argued that the state took their occupation w/o due process. Court ruled that the 14th amendment protected national rights, not states.
The Court eventually nullified Civil Rights Act/1875 and Ku Klux Klan Act—dismantled Reconstruction policies
Republicans in
Grantism:
Grant’s presidency was filled with bribery, fraud, and corruption—his subordinates, not him personally; he had few political skills
His sec/state named FISH! Convinced England to pay America $15.5 mil. for Confederate ships they damaged during the war
Previous president annexed Alaska, so Grant tried to annex Dominican Republic and failed.
The Liberals’ Revolt:
Liberal Republicans (free trade, hard money, supply/demand)—thought Reconstruction was complete, said corruption was bigger problem
Liberals/Democrats supported Greeley, but he died. Grant won the election—passed Amnesty Act, allowed Confederates to hold office
The Panic of 1873:
America was full of industrialization, speculation, econ. growth, especially railroads—transcontinental finished in 1869
Owner of Transcontinental/Largest bank’s costs outran investments, so the bank failed, triggering the Panic of 1873
Americans used yellow bank notes, which had a gold value, and green, which did not. The “sound money” policy would get rid of all green
This favored investors but hurt indebted farmers, who needed this easy money
Public Credit Act made the government pay back government bonds (IOU’s) in gold coin, not greenbacks—eliminated silver dollar
“Free-silver” advocated passed Bland-Allison Act, partially restored silver coins
The Greenback Party was created, fought to keep greenbacks in circulation
Reconstruction and the Constitution:
Ex Parte Milligan said military courts can’t work when there’s civil ones. Texas v. White said Reconstruction was Constitutional
The Slaughterhouse cases happened when Louisiana gave one slaughterhouse a monopoly and shut all others down. Butchers argued that the state took their occupation w/o due process. Court ruled that the 14th amendment protected national rights, not states.
The Court eventually nullified Civil Rights Act/1875 and Ku Klux Klan Act—dismantled Reconstruction policies
Republicans in