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Unformatted text preview: The first major problem of Grant's administration arose over gold. Grant obeyed the conservative Republicans who believed that the United States needed to rid itself of the paper money issued during the war. Grant therefore signed legislation declaring the government's intention to cash in the paper money for gold–and he ultimately got duped by two speculators, Jay Gould and Jim Fisk. The Secretary of the Treasury controlled about a hundred million dollars of gold, and each month he was to sell some of it retire the paper money. Gould and Fisk realized that if they knew what the Secretary would do–or, even better, prevent the Secretary from doing anything at all–they could corner the gold market and make a killing. They invited Grant to New York and wined and dined him, gradually convincing him that the fall crops would fetch better prices if the...
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- Summer '08
- war. Grant, gold. Grant