• The federal gov't had little or no right to regulate business
• Had no right to protect workers
• Social and economic problems were the problems of the state and local gov't

• Believed in high tariffs
• Tight monetary supply
• Located in small town New England, Pennsylvania, Mid-West
• Native-born Protestants
• Wave the bloody shirt
• Support from the GAR (Grand Army of the Republic)

• low tariffs
• loose monetary supply
• South will vote this way
• new immigrants will vote this way
• "Rum, Romanism, Rebellion"

• the gov't should have a limited supply of money 
• paper money will be backed by gold
• stable economy and low inflation
• businesses, bankers, and creditors support this

• more money out
• unbacked greenbacks
• bank notes backed by silver and gold
• false sense of making money during high inflation
• West and South support this

Loose monetary supply

• they believed in the unlimited coinage of silver

• lasted 6 years
• stock speculation and contraction in monetary supply
• increased debate over monetary supply
• the federal gov't will stop minting silver coins
• "The Crime of '73"
• decided to stop printing paper money

• brought in more cash out of the economy by promising they will give gold for greenbacks starting in 1879

• required the fed. gov't to buy 2 to 4 million dollars worth of silver buillon each month and turn it into coins
• did not call for the issuing of the coins

• required the fed. gov't to buy 4 one-half million oz. of silver a month

• all the paper money would be backed by gold
• 1970, the act is dropped

Gold Standard Act of 1900

• Civil service jobs were given out using the system
• in the 1870s, a debate arose within the Republican Party

• led by Roscoe Conkling (a founding father of the Republican Party)
• firm believers in the Spoils System

Stalwarts

• against the Spoils System

• led by James G. Blaine
• Spoils System should be reformed

• elected in 1868 and 1872
• nice guy
• problem with the bottle
• a little to trusting
• a lot of scandals during his presidency (this is coined as Grantism)

Ulysses S. Grant

• Jay Gould and James Fisk
• tried to corner the gold market
• employed Grant's brother-in-law (Abel Corbin) to stop the fed gov't from getting involved
• Grant did not give his consent, but they assumed they had it
• 1869 - they tried to corner the gold market; Grant steps in at the last minute; he used the fed. treasury to stop them, but not before a lot of businesses and investors are ruined
• Grant is tainted