HY 101 Chapter Notes - Chapter 23: The Embarrassment, Grover Cleveland, Spoils System
Document Summary
The republicans nominated general grant for the presidency in 1868. Party supported the continued reconstruction of the south, while grant stood on the platform of "just having peace. " Jim fisk and jay gould devised a plot to drastically raise the price of the gold market in: the two men bought and hoarded a large amount of gold, driving up the price. "black friday," september 24, 1869, the treasury was forced to sell gold from its reserves to lower the high price of gold. "boss" tweed employed bribery, graft, and fraudulent elections to milk new york of as much as million. (tweed ring) tweed was eventually put into prison. Members of the federal government also participated in illicit/unethical activity. The credit mobilier scandal erupted in 1872 when union pacific railroad insiders formed the credit mobilier construction company and then hired themselves at inflated prices to build the railroad line, earnings a lot of money.
