1 - Gilded Age / Westward expansion / New South Presidency...

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Gilded Age / Westward expansion / New South Presidency of Ulysses S Grant – Conducted Reconstruction Grant – not very good president, his personality affected his decisions Also he took a lot of bad advice from people close to him. Tariff- duty placed on imported goods. Problem: Manufacturers are protected from foreign imports Farmers screwed by other countries putting tariffs on their exports Congress responded with Public Credit Act of 1869 Gov. would pay people back in gold instead of greenbacks elec of 1872(?) Grant reelected these events were a cumulative fuck up on grants part Corner of the Gold Market Gold – commodity (demand regulates price). 2 speculators Fiske and Gould decided to try and get Corbin (Grant’s bro in law) to convince Grant to enact (and did) certain monetary policies. Butterfield elected (position) and brought in on scam. They knew everything the government. was going to do before it happened (insider information). (Before puts a lot of gold in market, they sell and make profit) Very quickly they began to gather a majority of the gold supply so that they could regulate the gold market. Grant realized this and so government. sold massive amounts of gold Price of gold collapsed and “Black Friday” - price of gold collapsed and market fell apart. Credit Mobilier- scandal. Name of the construction company contracted to build the Union Pacific (east to west) for the transcontinental railway. Company bid on the contracts to build the railway. Guys from the company approached a congressman and made a deal that if the got the bid, they would give them bribes. So Congress controlled the amount of money given to company, company skimmed, and gave some back to Congress. Costs government 47 mil.
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This note was uploaded on 03/31/2008 for the course HIST 106 taught by Professor Smith during the Spring '08 term at Texas A&M.

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1 - Gilded Age / Westward expansion / New South Presidency...

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