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APUSH, Chapter Twenty-Three, Political Paralysis in the Gilded Age, Terms

APUSH, Chapter Twenty-Three, Political Paralysis in the Gilded Age, Terms

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Published by Julie
Important terms/concepts relating to the Gilded Age. Information from Chapter 23 of the American Pageant by Kennedy, Cohen, and Bailey.
Important terms/concepts relating to the Gilded Age. Information from Chapter 23 of the American Pageant by Kennedy, Cohen, and Bailey.

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Published by: Julie on Apr 18, 2010
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http://guidesbyjulie.blogspot.com/APUSH
Chapter Twenty-Three: Political Paralysis in the Gilded Age
“ “ “Ohio IdeaOhio IdeaOhio IdeaOhio Idea” ” ” At the Democratic convention, wealthy eastern Democrats wanted federal war bonds to beredeemed in gold, even though many of the bonds had been purchased with badlydepreciated paper greenbacks.Poorer Midwestern Democrats called for redemption in greenbacks, hoping to keep moremoney in circulation and thus, keep interest rates lower so that their debts could be moreeasily paid.“ “ “Waving the Bloody Shirt Waving the Bloody Shirt Waving the Bloody Shirt Waving the Bloody Shirt” ” ” Republicans promoted Ulysses Grant as president by “waving the bloody shirt.” In other words, reminding the voters of the Civil War and Grant’s heroic action.“Vote as You Shot” became a Republican slogan aimed at Union army veterans.  isk and Gould Gold Scandalisk and Gould Gold Scandalisk and Gould Gold Scandalisk and Gould Gold ScandalIn 1869, “Jubilee Jim” isk and Jay Gould came up with a plan to corner the gold market. It would only work, however, if the federal Treasury did not buy gold. They gave Grant’sbrother-in-law $25,000 to keep quiet and also directly worked on President Grant.On “Black riday.” On September 2, they bid the price of gold skyward, driving honest businesspeople to the wall. The bubble broke only when the Treasury was compelled torelease gold.A congressional probe determined that Grant had done nothing wrong, only acting foolishly.Tweed Ring (Boss Tweed)Tweed Ring (Boss Tweed)Tweed Ring (Boss Tweed)Tweed Ring (Boss Tweed)In New York City, Boss Tweed used bribery, graft, and fraudulent elections to illegally obtain asmuch as $200 million from citizens.In 1871, the
New York Times 
secured damning evidence and published it. Thomas Nast, eventhough bribed to desist, published many political cartoons about Tweed.Attorney Samuel J. Tilden headed the prosecution, which later led to his presidentialnomination.Thomas Nast Thomas Nast Thomas Nast Thomas Nast Considered to be the “ather of the American Cartoon,” his drawings were a main factor inthe downfall of Boss Tweed of Tammany Hall.He popularized the use of the elephant to represent the Republican Party and the donkey torepresent the Democrats.
 
http://guidesbyjulie.blogspot.com/APUSH
Chapter Twenty-Three: Political Paralysis in the Gilded Age
HamiltonHamiltonHamiltonHamilton   isisisish (Secretary of Sh (Secretary of Sh (Secretary of Sh (Secretary of St ttate)ate)ate)ate)ish served both of Grant’s terms as Secretary of State and was extremely capable.He brought about the Treaty of Washington with Britain and was instrumental in reaching apeaceful settlement with Spain after the Virginius Affair.Credit Mobilier Credit Mobilier Credit Mobilier Credit Mobilier 1872: Union Pacific Railroad insiders formed the Credit Mobilier construction company andthen hired themselves at inflated prices to build the railroad line, earning dividends as high as348 percent.The company distributed shares of its valuable stock to key congressmen until a newspaper exposé and congressional investigation led to the formal censure of two congressmen and therevelation that the vice president had also accepted payments from Credit Mobilier.Whiskey RingWhiskey RingWhiskey RingWhiskey Ring1874-1875: Treasury robbed of millions in excise tax revenues.While Grant initially declared “Let no guilty man escape,” he was instrumental in theexoneration of his own personal secretary.Belknap ScandalBelknap ScandalBelknap ScandalBelknap Scandal1876: Secretary of War William Belknap was forced to resign after it was discovered that hewas pocketing bribes from suppliers to the Indian reservations.Grant, ever loyal to his corrupt colleagues, accepted Belknap’s resignation “with great regret.” Liberal Rep. PartyLiberal Rep. PartyLiberal Rep. PartyLiberal Rep. PartyThe Liberal Republicans were reform-minded citizens disgusted with the corruption of Grantism. They were interested in cleansing the Washington administration and endingmilitary Reconstruction.As their candidate in the 1872 elections, they chose Horace Greeley, the dogmatic andemotional editor of the
New York Tribune 
.Despite Greeley’s history of heavy criticism of Democrats, many office-seeking Democratssupported Greeley. However, Greeley’s call for peace was appealing to Democrats in both theNorth and South.
 
http://guidesbyjulie.blogspot.com/APUSH
Chapter Twenty-Three: Political Paralysis in the Gilded Age
General Amnesty Act (1872)General Amnesty Act (1872)General Amnesty Act (1872)General Amnesty Act (1872)Restored political rights, such as voting, to all but five hundred former Confederate leaders.Panic of 187Panic of 187Panic of 187Panic of 1873333As a result of overspeculation by financiers and overbuilding by industry and railroads, profitsfailed to materialize, resulting in unpaid loans and the collapse of the economy.More than fifteen thousand businesses went bankrupt. African-Americans were also hard hit,as the reedman’s Savings and Trust Corporation had made unsecred loans to severalcompanies that went under.Debtors continued demanding inflationary policies, raising the issue of printing greenbacks.“ “ “HardHardHardHard----MoneyMoneyMoneyMoney” ” ” Stable money backed by gold.Proponents of “hard-money” were able to convince Grant in 1874 to veto a bill to print morepaper money.“ “ “Soft Soft Soft Soft----MoneyMoneyMoneyMoney” ” ”////” ” ”CheapCheapCheapCheap----MoneyMoneyMoneyMoney” ” ” Greenback money not supported by gold.Agrarian and debtor groups, which supported “cheap-money”: they reasoned that moremoney meant cheaper money, and hence, rising prices and easier-to-pay debts.Resumption Act (1875)Resumption Act (1875)Resumption Act (1875)Resumption Act (1875)“Hard-money” advocates won another victory in the Resumption Act, which pledged the government to the further withdrawal of greenbacks from circulationBeginning in 1879, the government would also redeem of all paper currency in gold at facevalue.“ “ “Crime of Crime of Crime of Crime of ‘‘73737373” ” ” In the early 1870s, the Treasury maintained that an ounce of silver was only worth one-sixteenth as much as an ounce of gold, even though open-market prices for silver werehigher. Silver miners thus stopped offering their product for sale to federal mints.In 1873, Congress formally dropped the coinage of silver dollars.Westerners from silver-minter states joined with debtors to denounce this “crime” anddemand a return to the “Dollar of Our Daddies.” 

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