A believed annexation would promote caribbean trade

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a.Believed annexation would promote Caribbean trade and provide a haven for persecuted southern blacks b.Congress disliked the plani.Charles Sumner denounced it as an imperialist dance of blood.ii.The senate rejected the annexation treaty and further diminished grant’s reputation. viii.Liberal republicans formed as election of 1872 approached. Led by a combination of former radials and other republicans left out of grant’s barbecue. ( reference to profiteers who feasted at the public trough)ii.Liberals Revolt1.Liberal Republicansa.Split the republican party and undermined support for republican southern policyb.Those who endorsed economic doctrines such as free trade, the gold standard, and law of supply and demand.c.Attacked regular republicans on several issuesi.Denounced Grantism and ‘spoilsmen’ (political hacks who gained party office); they demanded a civil service reform to bring the ‘best men’ into government. ii.Rejected the usual republican high tariff policy, espoused free trade. iii.Condemned bayonet rule in the southiv.Corruption in government, north and south, liberals asserted, posed a greaterthreat than confederate resurgence. v.Liberals said the best men were ex confederates who had been barred from office holdingvi.Nominated Horace Greely for president.1.Supported both a stringent reconstruction policy and leniency toward former rebels2.“anything to beat grant” was the slogan3.Died few weeks after election
4.Grant carried 56 percent of pop vote and won all the northern states and most of the 16 southern and Border States. The division among the republicans affected reconstruction. a.Grant republicans passed the amnesty act- allowed all but few hundred exconfederate officials to hold office. b.The flood of private amnesty acts that followed convinced white southerners that any exconfederae could rise to power. iii.The Panic of 18731.Grant’ second term (election of 1872; against Horace Greeley) began with an economic disaster.a.In 1873 overspeculation by financiers and overbuilding by industry and railroads led to widespread business failures and depression.i.Jay Cooke- took over a new transcontinental line- the northern pacific in 1869. Northern Pacific securities sold briskly for years, but in 1873 the line’s construction costs outran new investments. 1.Cooke failed to meet his obligations, and his bank, the largest in the nation, shut down. b.Debtors on the farms and in the cities sought an inflationary, easy-money solution bydemanding Greenback paper money that was not supported by gold.c.In 1874, Grant finally decided to side with the hard-money bankers and creditors who wanted a stable money supply backed by gold and vetoed a bill calling for the release of additional Greenbacks.d.Triggered a five year depressione.Banks closed, farm prices plummeted, steel furnaces stood idle, one out of four railroads failed. f.Those still at work suffered repeated wage cuts, labor protest mounted, and industrialviolence spread. g.Revealed that conflicts born of industrialization had replaced sectional divisionsh.Fed a dispute over currencyi.During the civil war, Americans had used both bank notes which would

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