In 18731 -...

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In 1873, the country was rocked by financial depressions, starting when a large bank,  Jay Cooke and Company, filed for bankruptcy. Grant faced down increasingly pressure  to allow inflation, vetoing legislation that would have allowed paper money again, and  holding strong that gold money equaled sound money. Grant claimed that anything less  might lead to financial disaster. His administration seemed to be greatly benefiting big  businesses and companies at the expense of workers. The distrust of monopolies that  developed at the turn of the century was finding its footing in Grant's government. Furthermore, the scandals in Grant's administration only deepened. The entire  administration looked like it tried to profit from the "salary grab" act of March 1873, which  retroactively increased the pay of Congress and the President. Grant's Secretary of War  became involved in graft on Army bases in the West, and the Speaker of the House 
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This note was uploaded on 12/25/2011 for the course HIST 1320 taught by Professor Murphy during the Summer '08 term at Texas State.

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