Whiskey Ring The Greenback Question Panic of 1837 Specie Resumption Act Were

Whiskey ring the greenback question panic of 1837

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Whiskey Ring “The Greenback Question” Panic of 1837 Specie Resumption Act Were there any external factors that called for Grant’s support for sound currency? National Greenback Party “Republican Democracy” Seward’s Folly Who was the instigator of the deal to obtain Alaska from Russia? What was Fish’s main challenge as Secretary of State? Treaty of Washington “ The Grant Administration” “The Soldier President” Grant (Republican) won the Election of 1868 by a narrow margin against Seymour due to the support of new black republican voters in the South. Most of his cabinet appointments were also ill-equipped to do the job asked of them. He relied on party leaders for support and used the spoils system for appointments. Supported Radical Reconstruction policies. Grant’s policies led to a split in the Republican Party. Liberal republicans had come to oppose what they called “Grantism”. In attempt to prevent Grant’s reelection, the liberals placed Horace Greeley as their candidate in he Election of 1872 (also endorsed by Democrats); but lost the election. “The Grant Scandals” Political scandals that would plague Grant and the Republicans involved the French-owned Crédit Mobilier construction company, which had helped build the Union Pacific Railroad. Its heads had used their positions as Union Pacific stockholders to steer large fraudulent contracts to their company (thus bilking millions). To prevent an investigation the directors had given stock to key members in Congress. Whiskey ring and Indian ring also contributed to the growing impression that Grantism had brought corruption to government. “The Greenback Question” Compound Grant’s problems was a financial crisis known as the Panic of 1837 – began with the failure of a leading investment banking firm, Jay Cooke and Company, which had invested to heavily in postwar railroad building. Those heavy in debt wanted the U.S. to put more money into circulation through the release of greenbacks (paper currency). But wanted “sound” currency based solidly off gold reserves. Republicans in congress then passed the Specie Resumption Act which allowed greenback dollars to be redeemed for by the government and replaced by certificates pegged to the price of gold. This caused a problem for debtors as sound money makes it difficult for the money supply to expand. Frustrated by the act, the greenbackers created a political party – The National Greenback Party but failed to gain widespread support. “Republican Democracy” Johnson and Grant both achieved their greatest successes in foreign affairs; this was the result of their Secretary’s of State – William Seward and Hamilton Fish. Seward was able to negotiate the purchase of Alaska from the Russians for a mere $7.2 million (considered “Seward’s Folly” at the time) and annex the tiny Midway Islands west of Hawaii.

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