Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
A.P. US Mods 6/7/8 Artem Kholodenko 0109 Notes for pgs. 539 – 546 The Panic of 1873 - Jay Cooke - Collapse of the Economy - The Economic Results - Currency Dispute – “Sound Money” - Hugh McCulloch - The Federal Debt - Public Credit Act of 1869 - Bland-Allison Act of 1878 - Greenback Party - Speculation, industrialization and economic expansion came in the postwar year The country seemed to be full of opportunities with high tariffs and rising prices; railroads were the biggest lure In May 1869 the Union Pacific and Central Pacific lines were joined by a golden spike producing a transcontinental railroad and a new era By 1873 almost 400 new railroad companies covered the country A Philly banker, he helped finance the Union effort with his bonds during the Civil war and took over the new transcontinental line, Northern Pacific in 1869 He needed financing, but by 1873 no one would by his bonds; he didn’t meet expectations and his bank, the largest in the nation, collapsed, along with the stock market A 5-year depression came next and caused devastation: banks closed, farm price dropped, steel factories stopped working, and 1 of 4 railroads failed; In 2 years 18,000 businesses went bankrupt A dispute over currency also came from the depression During the war yellow national bank notes and greenbacks were used, the 1st was backed by gold, the 2nd wasn’t and would need to be removed from circulation Investors favored this policy and it was used by Treasury Secretary McCulloch with Congress’s backing Farmers and manufacturers depended on “easy-credit” – greenbacks and were against the new policy, especially when the demand for easy money rose during the depression Parties were divided by how to repay the federal debt The Union borrowed a lot of $ during the war mostly by selling bonds and by 1869 the issue of repaying them was a problem Suggested by John Sherman and other (R) leaders, it promised to pay the war debt in “coin” Old bonds were traded in for new ones that would be paid within the next generation A bill defined “coin” as a gold not silver coin, form which the dollar was made and then discontinued Many democrats demanded along with some (R) to restore the silver dollar, after 1875 to restore the economy and relieve the depression The law required the treasury to buy and turn into coins each month $2mil. - $4mil. of silver Started in 1876, it adopted the debtors’ cause and fought to keep greenbacks, but didn’t get anywhere The depression ended in 1889 and the need for easy Reconstruction and the Constitution - Texas vs. White (1869) - Slaughterhouse Cases of 1873 - Duel Citizenship - Backing from the Enforcement Act - - Republicans in Retreat - Reconstruction Abandoned Redeeming the South - New Democrats - money began to vanish and a new issue was created Questions about the support of the court of freedmen’s rights was brought up and the Ex parte Milligan decision of 1866 proved to not, where the judge said that a military court won’t try civilians were war was not present and civil courts were Another question was if the court would sabotage the reconstruction plans The court ruled that while the Union was not breakable and secession illegal, Reconstruction was constitutional That supported the (R) but in the 1870s cases with the 14th and 15th amendment arose and the court backed away During these trials the court began to chip away at the 14th amendment The cases involved business monopoly more than freedmen’s right, but still applied In 1869 LA granted a monopoly to one slaughterhouse and closed all other The national court brought up duel citizenship and said the 14th protected on the national basis, but not on the state one Two more cases had the courts back off: US v. Reese (1876), where KT officials wouldn’t let blacks vote, but were indicted by the state court; the Supreme court said that the act didn’t protect suffrage, just said that not allowing to vote couldn’t be based on race or color In US vs. Cruikshank, the issued involved the Colfax massacre where 70 blacks surrendered but ½ killed; the court said the 14th protected individuals from states, not other individuals In 1883 the Civil Rights Act of 1875 and KKK Act of 1871 was invalidated, dismantling Reconstruction The (R) left their plans gradually, beginning with Grant’s election in 1868 Grant tried to enforce Reconstruction but wasn’t a fan of it, supporting less federal control in local and state affairs In 1870s military presence shrank in the south By 1875 radical (R) vanished from the scene, with Chase, Stevens, and Sumner dead, while others abandoned ideas and office positions Now (R) agreed with (D) that although in need of freedom, blacks were inferior to whites Democrats began to gain massive power and control By 1872 their power was regained in TN, VI, GA, & NC The (R) survived in SC, FL, & LA After 1872 almost all ex-Confed. officials regained office Some carpetbaggers returned north while others joined the (D) Scalawags deserted the (R) in even larger #s Blacks gained control in the (R)’s as white southerners left the party They were divided into businessmen who wanted to “White League” - Redemption - The Election of 1876 - Common Ground for Candidates - Corruption Begins - Compromise of 1877 - - industrialize the south and Bourbons who were the old planter elite who wanted to keep agriculture important In AL (D) won by cutting taxes and getting out the white vote An organization formed in 1874, it undermined the (R) hold by intimidating black voters, like the KKK Blacks still continued to vote despite the patrols of white gangs This word described the (D) return to power Some policies cut back taxes, cutting social programs, lowered taxes, and revised tax systems to relieve landowners Blacks were restricted from fishing, hunting, carrying guns, owning dogs Some blacks went to Kansas, away from the whites The (R) nominated Rutherford R. Hayes (3x Ohio Gov.) who presented himself as a moderate on the southern policy, favored home rule and guaranteed civil and political right for all – contradictory The (D) nominated gov. Samuel J. Tilden of NY who was a millionaire corporate lawyer and political reformer He assaulted the Tweed Crime Ring that controlled NYC and campaigned against fraud and waste Both were fiscal conservatives and favored sound money; endorsed civil-service reform, and decried corruption Tilden won the popular vote by a small margin and seemed like the likely winner During this period, the (R) discarded legitimate (D) ballots and (D) illegally prevented freedmen from voting In Jan. 1877 the congress created a committee to decide what to do with the votes; Hayes won 8 to 7 The congress had to certify the vote, but (D) controlled the House and stalled Delegates met to make promises about the lection, for example, if Hayes won he would have to remove troops from SC and LA and (D) would gain control of those states Hayes’s election was ratified by Congress, who once in office fulfilled some of the promises He appointed a former confed as postmaster and ordered fed. troops out of SC and LA as (D) took control of those state gov. Promises to treat southern blacks fairly were forgotten by the (D) and Hayes’s pledges to ensure black’s rights They party didn’t mean to make good on their promises