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1Jessica OtChapter 23: The Gilded AgeI.Age of CorruptionA.Election of 1868Seymour- Democrat-Ohio Idea: turn in war bonds and get greenbacks; increase greenbacks and decrease value of greenbacks; farmers want inflation to pay back debtGrant- Republican, war hero-“Let us have peace”: Southern reconstruction-“waving the bloody shirt”: revive Civil War memoriesOutcome:-Grant wins by 300,000 majority (free slaves)B.Grant’s PresidencyCongressmen bought by business menMajor corruption within cabinetC.Corruption/ScandalsFisk and Gould-Wanted to corner gold market-Bribed Treasury to not sell any gold-Treasury releases gold-Grant is found as stupid but not corruptTweed Ring-Stole $200 million from Treasury-Bribed Congressmen-Thomas Nast: drew cartoons of Boss Tweed and exposed himCredit Mobilier-Union Pacific Railroad-Inflated prices of building railroads (with tax payer money)-Bribed Congressmen with stocksWhiskey Ring-Distillers that bribed Congressmen to avoid paying millions in whiskey taxes-Grant’s private secretary involvedD.Election of 1872Birth of Liberal Republican (wanted to end corruption in Washington)Greely vs GrantGrant wonE.Grant’s 2ndTermPanic of 1873:-Too many greenbacks-Caused by over expansion of railroads, mines, factories, etc. -Too many loans given out that weren’t paid backResumption Act of 1875:-Contraction: stopped giving out loans and decrease number of greenbacks-Build up gold in Treasury
2Brand-Allison Act:-Build up silverF.Era in GeneralSimilar views