![]() The policy of the Treasury accumulating gold stock to replace the greenbacks was known as " contraction." This policy increased the value of the greenback due to its reduction in circulation. Mints miners could receive more money for the silver, elsewhere. The coinage of silver dollars was stopped by Congress in 1873 when silver miners began to stop selling their silver to the federal To redeem all paper currency in gold at face value beginning in 1879. Supported by advocates of hard money (coin money), the Resumption Act of 1875 required the government to continue to withdraw greenbacks from circulation and Mistrust of the government lead to high inflation of the greenback. When profits failed to materialize, people were unable to pay back their loans. Banks gave too many imprudent loans to support over-expansion. ![]() Over-speculation was the primary cause of the panic ofġ873. High Civil War tariffs and gave mild civil-service reform to the Grant ![]() Restrictions from most of the former Confederate leaders. Pass a general amnesty act in 1872, removing political The Liberal Republicans caused the Republican Congress to Party continued to put its support behind President Grant. The Democratic Party also chose Greeley as their candidate. Horace Greeley as their presidential candidate for the election of 1872. The Liberal Republican Party met in Cincinnati and chose Washington and their dissatisfaction with military Reconstruction. The Liberal Republican Party was formed in 1872 in response to the political corruption in The company paid off members of Congress and the Vice President. The Credit Mobilier scandal erupted in 1872 when Union Pacific Railroad insiders formed the Credit Mobilier constructionĬompany and then hired themselves at inflated prices to build the railroad line,Įarnings a lot of money. Members of the federal government also participated in illicit/unethical activity. Ring) Tweed was eventually put into prison. " Boss" Tweed employed bribery, graft, andįraudulent elections to milk New York of as much as $200 million. On " Blackįriday," September 24, 1869, the Treasury was forced to sell gold from its reserves to lower the high price of gold. The two men bought and hoarded a large amount of gold, driving up the price. The Republican Party supported the continued Reconstruction of the South, while Grant stood on the platform of "justĭrastically raise the price of the gold market in 1869. The Republicans nominated General Grant for the
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |