The first major problem of Grant1

The first major problem of Grant1 - The first major problem...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 goldand 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 door, even better, prevent the Secretary from doing anything at allthey 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...
View Full Document

Page1 / 2

The first major problem of Grant1 - The first major problem...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online