american history 2 - FIFTH OUTLINE 5 Election of 1872 A Liberal Republicans 6 2nd Term Scandals A Credit Mobilier B Whiskey Ring 7 Election of 1876 8

american history 2 - FIFTH OUTLINE 5 Election of 1872 A...

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FIFTH OUTLINE 5. Election of 1872 A. Liberal Republicans 6. 2 nd Term Scandals A. Credit Mobilier B. Whiskey Ring 7. Election of 1876 8. Compromise of 1877 9. End of Reconstruction Jim Fisk & Jay Gould- sought to corner the Gold market *President Grant was courted by Gould & Fisk; Gould & Fisk then began to buy up Gold contracts *There was a floated rumor that the Treasury would not be selling Gold at the end of the month, so Gould & Fisk drove the price sky high *Grant’s reputation was ultimately hurt…he was seen as either a fool or a crook. The Election of 1872 -Grant sought to keep the Radical Government alive in the South -Radical Republicans did not have majority in Congress as they once did -The Liberal Republicans sought to deny Grant the nomination for a second term Horace Greeley- opposition candidate to Grant, but not a viable candidate -Grant wins re-election for a second term Grant Credit Mobilier Scandal- involved the building of the Trans-Continental Railroad. -Credit Mobilier Company hired themselves at inflated prices to build railroad line, earning huge dividends. -Investigators were bribed to cover up the scandal. -Schuyler Colfax, Grant’s Vice-President…heavily involved in scandal Whiskey Ring Scandal- involved the underreporting of the Whiskey tax, as tax collectors kicked back money to the distillers. -Grant sent his private secretary, Orville Babcock to St. Louis to find out what was going on. Babcock was eventually bribed in the Scandal himself. *These scandals directly hurt Grant’s reputation. To his credit, Grant handled many foreign policy issues skillfully. *Grant left office in 1877. By 1884, Grant & his family were on the verge of bankruptcy. Grant signed a contract w/ a publisher to write his civil war memoirs & stories for only 10 percent of royalties. Later, his good friend Mark Twain advised his against doing this, & Twain signed Grant for the deal, offering him 70 percent of royalties.

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