To install click the Add extension button. That's it.

The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. You could also do it yourself at any point in time.

4,5
Kelly Slayton
Congratulations on this excellent venture… what a great idea!
Alexander Grigorievskiy
I use WIKI 2 every day and almost forgot how the original Wikipedia looks like.
Live Statistics
English Articles
Improved in 24 Hours
Added in 24 Hours
What we do. Every page goes through several hundred of perfecting techniques; in live mode. Quite the same Wikipedia. Just better.
.
Leo
Newton
Brights
Milds

Public Credit Act of 1869

From Wikipedia, the free encyclopedia

Image of one dollar "Greenback",
first issued in 1862

The Public Credit Act of 1869 in the USA states that bondholders who purchased bonds to help finance the Civil War (1861 – 1865) would be paid back in gold. The act was signed on March 18, 1869, and was mainly supported by the Republican Party, notably Senator John Sherman.

YouTube Encyclopedic

  • 1/3
    Views:
    774
    1 432 054
    2 631
  • Illinois in the Gilded Age, 1866-1896: War's Aftermath, 1866-1869
  • The Industrial Economy: Crash Course US History #23
  • How Does The Civil War Qualify as the First Modern War?

Transcription

{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff31507\deff0\stshfdbch31506\stshfloch31506\stshfhich31506\stshfbi31507\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;} {\f37\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;} {\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;} {\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;} {\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;} {\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f39\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f40\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;} {\f42\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f43\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f44\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f45\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);} {\f46\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f47\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f379\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f380\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;} {\f382\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f383\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f386\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f409\fbidi \fswiss\fcharset238\fprq2 Calibri CE;} {\f410\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\f412\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\f413\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\f416\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;} {\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;} {\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);} {\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;} {\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;} {\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;} {\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;} {\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;} {\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;} {\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);} {\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;} {\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;} {\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;} {\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;} {\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);} {\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);} {\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;} {\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;} {\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);} {\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}} {\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;\red255\green255\blue255;\red0\green0\blue128;\red0\green128\blue128;\red0\green128\blue0; \red128\green0\blue128;\red128\green0\blue0;\red128\green128\blue0;\red128\green128\blue128;\red192\green192\blue192;}{\*\defchp \f31506\fs22 }{\*\defpap \ql \li0\ri0\sa200\sl276\slmult1 \widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }\noqfpromote {\stylesheet{\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext0 \sqformat \spriority0 \styrsid9840608 Normal;}{\*\cs10 \additive \ssemihidden \sunhideused \spriority1 Default Paragraph Font;}{\* \ts11\tsrowd\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblind0\tblindtype3\tscellwidthfts0\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv \ql \li0\ri0\sa200\sl276\slmult1 \widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \snext11 \ssemihidden \sunhideused \sqformat Normal Table;}{ \s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 \sbasedon0 \snext15 \spriority0 \styrsid11814469 intro;}{\*\cs16 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2 \sbasedon10 \ssemihidden \sunhideused \styrsid11814469 Hyperlink;}}{\*\pgptbl {\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0 \sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}}{\*\rsidtbl \rsid725965\rsid1324809 \rsid1394397\rsid1903590\rsid3872832\rsid4460321\rsid8066208\rsid9840608\rsid11814469}{\mmathPr\mmathFont34\mbrkBin0\mbrkBinSub0\msmallFrac0\mdispDef1\mlMargin0\mrMargin0\mdefJc1\mwrapIndent1440\mintLim0\mnaryLim1}{\info{\author a1548234} {\operator a1548234}{\creatim\yr2011\mo2\dy15\hr10\min47}{\revtim\yr2011\mo2\dy15\hr10\min47}{\version2}{\edmins1}{\nofpages4}{\nofwords1770}{\nofchars10090}{\*\company Founder's Memorial Library}{\nofcharsws11837}{\vern32771}}{\*\xmlnstbl {\xmlns1 http:/ /schemas.microsoft.com/office/word/2003/wordml}}\paperw12240\paperh15840\margl1440\margr1440\margt1440\margb1440\gutter0\ltrsect \widowctrl\ftnbj\aenddoc\trackmoves1\trackformatting1\donotembedsysfont1\relyonvml0\donotembedlingdata0\grfdocevents0\validatexml1\showplaceholdtext0\ignoremixedcontent0\saveinvalidxml0\showxmlerrors1\noxlattoyen \expshrtn\noultrlspc\dntblnsbdb\nospaceforul\formshade\horzdoc\dgmargin\dghspace180\dgvspace180\dghorigin1440\dgvorigin1440\dghshow1\dgvshow1 \jexpand\viewkind1\viewscale100\pgbrdrhead\pgbrdrfoot\splytwnine\ftnlytwnine\htmautsp\nolnhtadjtbl\useltbaln\alntblind\lytcalctblwd\lyttblrtgr\lnbrkrule\nobrkwrptbl\snaptogridincell\allowfieldendsel\wrppunct \asianbrkrule\rsidroot11814469\newtblstyruls\nogrowautofit\usenormstyforlist\noindnmbrts\felnbrelev\nocxsptable\indrlsweleven\noafcnsttbl\afelev\utinl\hwelev\spltpgpar\notcvasp\notbrkcnstfrctbl\notvatxbx\krnprsnet\cachedcolbal \nouicompat \fet0 {\*\wgrffmtfilter 2450}\nofeaturethrottle1\ilfomacatclnup0\ltrpar \sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid9840608\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2 \pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6 \pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\s15\ql \li0\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8066208 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8066208 Illinois, which had s o long populated its state legislatures and congressional delegations largely with Democrats, became a Republican state after the Civil War. The Illinois Republican Abraham Lincoln had guided the Union through a harrowing Civil War. Only in its resolution did Lincoln's reputation as a leader coalesce. Assassination elevated him to the status of mythic hero. Illinois Republicans enjoyed their strong identification with the nation's fallen leader. \par But a more complex set of circumstances led to a fundamental realignment of Illinois politics as well. The Civil War gave rise to new organizations, such as the Union League Club, which had often acted as Republican auxiliaries in their bitter battles with pro-southern copperheads. In peacetime, many of these group s turned their energies to electing Republican candidates. The emergence of the Grand Army of the Republic, an organization of Union war veterans first organized at Decatur in 1866, bolstered the Republican Party's electoral cause as well. Economic changes also affected Illinois politics. During the war Illinois had become an increasingly industrial state receptive to Republicans' high tariffs and railroad promotion. \par Together, these developments suggested the Republican Party's emerging stance as the party of American nationalism. Where Democrats continued to devote themselves to the preservation of individual rights and local prerogative, Republicans sought to use voluntary associations and the federal government's econ o mic policies to forge a new nation. To many northerners who had once supported the Party of Jackson, the Democrats had come to represent a failed political vision at least partly responsible for the Civil War. The Republicans seemed to represent the futur e. \par But the Republican Party was not without its own dilemmas, conflicts, and crises. The federal government faced the task of reconstruction, or returning the southern states to the Union and securing the rights of freedmen and women. With Lincoln's assass ination, the task of leading this work fell to Andrew Johnson of Tennessee, who had replaced Hannibal Hamlin on Lincoln's 1864 ticket in an effort to appeal to southern unionists. \par After a brief honeymoon, many party leaders came to reject Lincoln's southe rn successor. Although he was willing to accept the Thirteenth Amendment's emancipation and some civil rights for African-Americans, Johnson soon proved receptive to the entreaties of southern white supremacists eager to rejoin the Union on favorable term s and devise new ways to control the black population. Johnson's call for leniency toward the South outraged his party, and many feared that he would follow in the steps of John Tyler, another vice president added to balance a ticket, only to turn upon the party that elected him. \par Southerners' course of action only made matters worse. As the southern states reorganized their governments, many elected prominent ex-Confederates to state offices and Congress. Many also refused to repudiate their ordinances of s ecession or Confederate war debts, and enacted "black codes" restricting blacks' civil rights. The overwhelmingly Republican Congress refused to seat the newly arrived southern delegations. But divisions quickly emerged among the Republicans themselves. R adicals demanded that the federal government take up an active program to remake southern society in order to ensure freedmen their rights. Moderates advocated a program of legal rights without larger federal support. \par While many Republicans advocated an immediate break with President Johnson, Illinois leaders, including Senator Lyman Trumbull, counseled patience. But when Johnson vetoed Trumbull's bills to secure blacks' civil rights and em power a Freedmen's Bureau to protect them, he lost the support of his party in Illinois and across the north. \par The Republican Congress responded by overriding Johnson on both bills. It then crafted a Fourteenth Amendment making African-Americans, and all persons subject to the jurisdiction of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8066208 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8066208 United State}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8066208 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8066208 , citizens. The Amendment barred the individual states from infringing upon blacks' rights, and set up complex provisions to entice the states to provide African-Americans with the vote. If the southern states would ratify this Amendment, the Congress promised the southern officials a speedy return to their seats. \par Johnson's native Tennessee ratified the Amendment and joined the Union, but the other southern states followed the president's advice and rejected it. Congress and the President now faced off in an icy impasse. In Illinois Democrats organized Johnson clubs in an attempt to win the favor of a sitting president and gain electo ral advantage. Many noted that Johnson was simply taken up with the reconstruction program advocated by the fallen President Lincoln. \par Johnson took his cause directly to the public in a notorious "swing around the circle." In this speaking tour Johnson aske d voters to elect Congressional candidates receptive to his policies. But the president often met hostile audiences and embarrassed himself by repeated public arguments with hecklers. During his visit to Illinois, the city fathers of Springfield refused t o hold a reception for the president. In the fall of 1866 voters across the north rejected Johnson and elected a Republican Congress charged with starting over in the work of Reconstruction. \par The conflict with Johnson had brought moderate and radical Republ icans together, and they agreed to form new state governments in the South on the basis of black suffrage and the exclusion of ex-rebels. Where southern states had once enjoyed the opportunity to rejoin the Union with only the ratification of the Fourteen th Amendment, they now faced an arduous process that obliged them to ratify the Amendment, write black voting rights into state constitutions, and apply to the Republican Congress for readmission. \par Despite the voters rejection of his policies, Johnson conti nued to obstruct the Congress' Reconstruction project. In February of 1868 the House of Representatives voted to impeach him. Fearing that Johnson would remove Radical Republicans from appointive positions, the Congress had passed the Tenure in Office Act , which forbade the president to dismiss employees without the consent of the Senate. When Johnson sought to dismiss Secretary of War Edwin Stanton, Congressional Radicals leaped at the chance to charge him with official misconduct. \par The House of Representa tives' vote sent the president on to a trial before the Senate, which would determine his fate. Ultimately, seven Republicans broke with the Radicals and held the Senate one vote short of the required two-thirds necessary to remove Johnson from office. \par While official Washington struggled over the course of Reconstruction, African-Americans faced meager prospects in the postwar South. The vast majority were landless, penniless and uneducat ed. While some Radical Republicans advocated the redistribution of southern slaveholders' lands to the freedmen, the Congress rejected the measure, and a system of sharecropping took hold in the South. Sharecroppers labored for landlords who, at harvest t ime, took between one-half and one-third of their crop's yield. \par These arrangements provided individuals with the means to acquire their own lands with some independence. But they often came to resemble slavery in many ways. Sharecroppers received payment o nly once a year, at harvest time. For the rest of the year, shopkeepers provided them with supplies on credit, taking out a lien on their crops to secure the loan. Then, when the crop was sold, the merchant simply collected his debt from the sharecropper' s portion of the harvest. This crop-lien system, when combined with sharecropping arrangements themselves and an epidemic of fraud, often left black farmers deeply indebted to whites. \par Des pite the emergence of economic arrangements resembling the old order in many respects, southern whites complained loudly about the reconstruction governments elected by blacks and whites willing to swear allegiance to the Union. Many whites complained tha t black legislators and northern "carpetbaggers," or new arrivals to the South, devastated their region with regimes characterized by epic incompetence and corruption. Despite whites' vivid portrayals of black rule, African Americans never enjoyed a majori t y in any southern legislature, and many states soon replaced Reconstruction governments with white supremacist regimes. Historians' studies have suggested that Reconstruction governments were no more, or less, corrupt or incompetent than their predecessor s or successors. \par Many concerned northerners organized to assist the freedmen in the South. In Illinois, the Congregationalist churches especially sent both money and volunteers. Often the se volunteers established and staffed new schools, to which black students flocked. These schools often provided instruction both to children and adults, who had been barred from any education in the slave South. \par While the new Republican order faced a rec alcitrant South, it also encountered new political difficulties in its home states as well. The Republican Party's message of national unity and economic growth increasingly seemed like a bitter irony to a generation of American farmers. While Republicans ' federally subsidized railroads and high protective tariffs built a national transportation system and promoted industry, farmers found themselves facing hard economic times. The Civil War's armies no longer demanded bread, and European harvests improved, cutting foreign demand as well. Railroads, which farmers had embraced only twenty years before as the key to virtually unlimited prosperity, now appeared as ravenous monopolies. As other enterprises grew they acquired additional power in the marketplace, and earned farmers' enmity as well. \par In Chicago cattle merchants built an enormous complex of slaughterhouses and holding pens known as Packingtown. Meat processors like Gustavus Swift, Armour and Cudahy used railroads to gather in livestock from outlying f arms, processed them in large factories and, after Swift's invention of an ice-refrigerated railroad car, distributed fresh beef to a national market. \par Increasingly, many farmers identified railroads and merchants as the roots of the problem. The roads oft en charged more for hauling a load a short distance than a long trip. Grain merchants who operated storage elevators became middlemen in the eyes of farmers. Town merchants selling food, clothing and supplies often tacked on large profits to goods acquire d from wholesalers, making them middlemen as well. \par Outraged agriculturalists complained to their Republican legislators, who at first failed to comprehend the source of their bitterness. In response, farmers turned to private associations, such as the Patr ons of Husbandry (or Grange). First organized in 1867, the Grange emerged in Illinois in the following year. Many Granges organized as cooperatives devoted to the buying of wholesale goods for their members. But they also became powerful political advocac y groups for a rural population that felt increasingly ignored by the ascendant Republican Party. \par In the campaign of 1868 the Republican Party tapped Illinois' own Ulysses S. Grant as its candidate for the presidency. For the third consecutive time, the nation sent an Illinoisian to the White House. Grant took office as a popular hero, proven as a leader of men, yet a novice in the world of politics. His famous pronouncement "Let us have p eace," seemed to indicate that Grant wished to put the Civil War and its controversies behind him. Yet his term in office witnessed the culmination of the nation's Reconstruction drama and the emergence of a new set of dilemmas in the nation's Gilded Age. \par }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid9840608 \par }{\*\themedata 504b030414000600080000002100828abc13fa0000001c020000130000005b436f6e74656e745f54797065735d2e786d6cac91cb6ac3301045f785fe83d0b6d8 72ba28a5d8cea249777d2cd20f18e4b12d6a8f843409c9df77ecb850ba082d74231062ce997b55ae8fe3a00e1893f354e9555e6885647de3a8abf4fbee29bbd7 2a3150038327acf409935ed7d757e5ee14302999a654e99e393c18936c8f23a4dc072479697d1c81e51a3b13c07e4087e6b628ee8cf5c4489cf1c4d075f92a0b 44d7a07a83c82f308ac7b0a0f0fbf90c2480980b58abc733615aa2d210c2e02cb04430076a7ee833dfb6ce62e3ed7e14693e8317d8cd0433bf5c60f53fea2fe7 065bd80facb647e9e25c7fc421fd2ddb526b2e9373fed4bb902e182e97b7b461e6bfad3f010000ffff0300504b030414000600080000002100a5d6a7e7c00000 00360100000b0000005f72656c732f2e72656c73848fcf6ac3300c87ef85bd83d17d51d2c31825762fa590432fa37d00e1287f68221bdb1bebdb4fc7060abb08 84a4eff7a93dfeae8bf9e194e720169aaa06c3e2433fcb68e1763dbf7f82c985a4a725085b787086a37bdbb55fbc50d1a33ccd311ba548b63095120f88d94fbc 52ae4264d1c910d24a45db3462247fa791715fd71f989e19e0364cd3f51652d73760ae8fa8c9ffb3c330cc9e4fc17faf2ce545046e37944c69e462a1a82fe353 bd90a865aad41ed0b5b8f9d6fd010000ffff0300504b0304140006000800000021006b799616830000008a0000001c0000007468656d652f7468656d652f7468 656d654d616e616765722e786d6c0ccc4d0ac3201040e17da17790d93763bb284562b2cbaebbf600439c1a41c7a0d29fdbd7e5e38337cedf14d59b4b0d592c9c 070d8a65cd2e88b7f07c2ca71ba8da481cc52c6ce1c715e6e97818c9b48d13df49c873517d23d59085adb5dd20d6b52bd521ef2cdd5eb9246a3d8b4757e8d3f7 29e245eb2b260a0238fd010000ffff0300504b03041400060008000000210096b5ade296060000501b0000160000007468656d652f7468656d652f7468656d65 312e786d6cec594f6fdb3614bf0fd87720746f6327761a07758ad8b19b2d4d1bc46e871e698996d850a240d2497d1bdae38001c3ba618715d86d87615b8116d8 a5fb34d93a6c1dd0afb0475292c5585e9236d88aad3e2412f9e3fbff1e1fa9abd7eec70c1d1221294fda5efd72cd4324f1794093b0eddd1ef62fad79482a9c04 98f184b4bd2991deb58df7dfbb8ad755446282607d22d771db8b944ad79796a40fc3585ee62949606ecc458c15bc8a702910f808e8c66c69b9565b5d8a314d3c 94e018c8de1a8fa94fd05093f43672e23d06af89927ac06762a049136785c10607758d9053d965021d62d6f6804fc08f86e4bef210c352c144dbab999fb7b471 7509af678b985ab0b6b4ae6f7ed9ba6c4170b06c788a705430adf71bad2b5b057d03606a1ed7ebf5babd7a41cf00b0ef83a6569632cd467faddec9699640f671 9e76b7d6ac355c7c89feca9cccad4ea7d36c65b258a206641f1b73f8b5da6a6373d9c11b90c537e7f08dce66b7bbeae00dc8e257e7f0fd2badd5868b37a088d1 e4600ead1ddaef67d40bc898b3ed4af81ac0d76a197c86826828a24bb318f3442d8ab518dfe3a20f000d6458d104a9694ac6d88728eee2782428d60cf03ac1a5 193be4cbb921cd0b495fd054b5bd0f530c1931a3f7eaf9f7af9e3f45c70f9e1d3ff8e9f8e1c3e3073f5a42ceaa6d9c84e5552fbffdeccfc71fa33f9e7ef3f2d1 17d57859c6fffac327bffcfc793510d26726ce8b2f9ffcf6ecc98baf3efdfdbb4715f04d814765f890c644a29be408edf3181433567125272371be15c308d3f2 8acd249438c19a4b05fd9e8a1cf4cd296699771c393ac4b5e01d01e5a30a787d72cf1178108989a2159c77a2d801ee72ce3a5c545a6147f32a99793849c26ae6 6252c6ed637c58c5bb8b13c7bfbd490a75330f4b47f16e441c31f7184e140e494214d273fc80900aedee52ead87597fa824b3e56e82e451d4c2b4d32a423279a 668bb6690c7e9956e90cfe766cb37b077538abd27a8b1cba48c80acc2a841f12e698f13a9e281c57911ce298950d7e03aba84ac8c154f8655c4f2af074481847 bd804859b5e696007d4b4edfc150b12addbecba6b18b148a1e54d1bc81392f23b7f84137c2715a851dd0242a633f900710a218ed715505dfe56e86e877f0034e 16bafb0e258ebb4faf06b769e888340b103d3311da9750aa9d0a1cd3e4efca31a3508f6d0c5c5c398602f8e2ebc71591f5b616e24dd893aa3261fb44f95d843b 5974bb5c04f4edafb95b7892ec1108f3f98de75dc97d5772bdff7cc95d94cf672db4b3da0a6557f70db629362d72bcb0431e53c6066acac80d699a6409fb44d0 8741bdce9c0e4971624a2378cceaba830b05366b90e0ea23aaa241845368b0eb9e2612ca8c742851ca251ceccc70256d8d87265dd96361531f186c3d9058edf2 c00eafe8e1fc5c509031bb4d680e9f39a3154de0accc56ae644441edd76156d7429d995bdd88664a9dc3ad50197c38af1a0c16d684060441db02565e85f3b966 0d0713cc48a0ed6ef7dedc2dc60b17e92219e180643ed27acffba86e9c94c78ab90980d8a9f0913ee49d62b512b79626fb06dccee2a432bbc60276b9f7dec44b 7904cfbca4f3f6443ab2a49c9c2c41476dafd55c6e7ac8c769db1bc399161ee314bc2e75cf8759081743be1236ec4f4d6693e5336fb672c5dc24a8c33585b5fb 9cc24e1d4885545b58463634cc5416022cd19cacfccb4d30eb45296023fd35a458598360f8d7a4003bbaae25e331f155d9d9a5116d3bfb9a95523e51440ca2e0 088dd844ec6370bf0e55d027a012ae264c45d02f708fa6ad6da6dce29c255df9f6cae0ec38666984b372ab5334cf640b37795cc860de4ae2816e95b21be5ceaf 8a49f90b52a51cc6ff3355f47e0237052b81f6800fd7b802239daf6d8f0b1571a8426944fdbe80c6c1d40e8816b88b8569082ab84c36ff0539d4ff6dce591a26 ade1c0a7f669880485fd484582903d284b26fa4e2156cff62e4b9265844c4495c495a9157b440e091bea1ab8aaf7760f4510eaa69a6465c0e04ec69ffb9e65d0 28d44d4e39df9c1a52ecbd3607fee9cec7263328e5d661d3d0e4f62f44acd855ed7ab33cdf7bcb8ae889599bd5c8b3029895b6825696f6af29c239b75a5bb1e6 345e6ee6c28117e73586c1a2214ae1be07e93fb0ff51e133fb65426fa843be0fb515c187064d0cc206a2fa926d3c902e907670048d931db4c1a44959d366ad93 b65abe595f70a75bf03d616c2dd959fc7d4e6317cd99cbcec9c58b34766661c7d6766ca1a9c1b327531486c6f941c638c67cd22a7f75e2a37be0e82db8df9f30 254d30c1372581a1f51c983c80e4b71ccdd28dbf000000ffff0300504b0304140006000800000021000dd1909fb60000001b010000270000007468656d652f74 68656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73848f4d0ac2301484f78277086f6fd3ba109126dd88d0add40384e4350d363f24 51eced0dae2c082e8761be9969bb979dc9136332de3168aa1a083ae995719ac16db8ec8e4052164e89d93b64b060828e6f37ed1567914b284d262452282e3198 720e274a939cd08a54f980ae38a38f56e422a3a641c8bbd048f7757da0f19b017cc524bd62107bd5001996509affb3fd381a89672f1f165dfe514173d9850528 a2c6cce0239baa4c04ca5bbabac4df000000ffff0300504b01022d0014000600080000002100828abc13fa0000001c0200001300000000000000000000000000 000000005b436f6e74656e745f54797065735d2e786d6c504b01022d0014000600080000002100a5d6a7e7c0000000360100000b000000000000000000000000 002b0100005f72656c732f2e72656c73504b01022d00140006000800000021006b799616830000008a0000001c00000000000000000000000000140200007468 656d652f7468656d652f7468656d654d616e616765722e786d6c504b01022d001400060008000000210096b5ade296060000501b000016000000000000000000 00000000d10200007468656d652f7468656d652f7468656d65312e786d6c504b01022d00140006000800000021000dd1909fb60000001b010000270000000000 00000000000000009b0900007468656d652f7468656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73504b050600000000050005005d010000960a00000000} {\*\colorschememapping 3c3f786d6c2076657273696f6e3d22312e302220656e636f64696e673d225554462d3822207374616e64616c6f6e653d22796573223f3e0d0a3c613a636c724d 617020786d6c6e733a613d22687474703a2f2f736368656d61732e6f70656e786d6c666f726d6174732e6f72672f64726177696e676d6c2f323030362f6d6169 6e22206267313d226c743122207478313d22646b3122206267323d226c743222207478323d22646b322220616363656e74313d22616363656e74312220616363 656e74323d22616363656e74322220616363656e74333d22616363656e74332220616363656e74343d22616363656e74342220616363656e74353d22616363656e74352220616363656e74363d22616363656e74362220686c696e6b3d22686c696e6b2220666f6c486c696e6b3d22666f6c486c696e6b222f3e} {\*\latentstyles\lsdstimax267\lsdlockeddef0\lsdsemihiddendef1\lsdunhideuseddef1\lsdqformatdef0\lsdprioritydef99{\lsdlockedexcept \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority0 \lsdlocked0 Normal; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority9 \lsdlocked0 heading 1;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 2;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 3;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 4; \lsdqformat1 \lsdpriority9 \lsdlocked0 heading 5;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 6;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 7;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 8;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 9; \lsdpriority39 \lsdlocked0 toc 1;\lsdpriority39 \lsdlocked0 toc 2;\lsdpriority39 \lsdlocked0 toc 3;\lsdpriority39 \lsdlocked0 toc 4;\lsdpriority39 \lsdlocked0 toc 5;\lsdpriority39 \lsdlocked0 toc 6;\lsdpriority39 \lsdlocked0 toc 7; \lsdpriority39 \lsdlocked0 toc 8;\lsdpriority39 \lsdlocked0 toc 9;\lsdqformat1 \lsdpriority35 \lsdlocked0 caption;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority10 \lsdlocked0 Title;\lsdpriority1 \lsdlocked0 Default Paragraph Font; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority11 \lsdlocked0 Subtitle;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority22 \lsdlocked0 Strong;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority20 \lsdlocked0 Emphasis; \lsdsemihidden0 \lsdunhideused0 \lsdpriority59 \lsdlocked0 Table Grid;\lsdunhideused0 \lsdlocked0 Placeholder Text;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority1 \lsdlocked0 No Spacing; \lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid; \lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1; \lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading; \lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 1; \lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 1; \lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 1;\lsdunhideused0 \lsdlocked0 Revision; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority34 \lsdlocked0 List Paragraph;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority29 \lsdlocked0 Quote;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority30 \lsdlocked0 Intense Quote; \lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 1; \lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 1; \lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 2; \lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 3; \lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 3; \lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 3; \lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 3; \lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 3; \lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 4; \lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 4; \lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 4; \lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 4; \lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 5; \lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 5; \lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 5; \lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 5; \lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 5; \lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 6; \lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 6; \lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 6; \lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 6; \lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 6; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority19 \lsdlocked0 Subtle Emphasis;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority21 \lsdlocked0 Intense Emphasis; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority31 \lsdlocked0 Subtle Reference;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority32 \lsdlocked0 Intense Reference; \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority33 \lsdlocked0 Book Title;\lsdpriority37 \lsdlocked0 Bibliography;\lsdqformat1 \lsdpriority39 \lsdlocked0 TOC Heading;}}{\*\datastore 010500000200000018000000 4d73786d6c322e534158584d4c5265616465722e352e3000000000000000000000060000 d0cf11e0a1b11ae1000000000000000000000000000000003e000300feff090006000000000000000000000001000000010000000000000000100000feffffff00000000feffffff0000000000000000ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffdfffffffeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffff52006f006f007400200045006e00740072007900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000016000500ffffffffffffffffffffffffec69d9888b8b3d4c859eaf6cd158be0f000000000000000000000000207f 7bfc2fcdcb01feffffff00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff00000000000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff0000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000105000000000000}}

Background

Prior to the Civil War, the U.S. operated on a gold standard in practice. Bank notes were legal tender issued by state banks which could be exchanged for an amount of gold at any bank. Both gold and bank notes circulated as mediums of exchange. On February 25, 1862, the U.S. passed the First Legal Tender Act to help finance the Civil War. The act changed the economy to a fiduciary standard based on a fiat currency called United States Notes, or more popularly, greenbacks. Unlike bank notes, greenbacks were not backed by any metallic standard and functioned as a "loan without interest."[1] Greenbacks were issued as an immediate, short-term relief for the country's growing demand for currency. The issuance of greenbacks and the sale of government bonds to finance the war were led by the Secretary of the Treasury at the time, Salmon P. Chase.[2] Until 1879, gold, bank notes, and greenbacks were used as mediums of exchange and had free floating exchange rates.

After the Civil War, there was debate over whether to keep the greenback standard or to revert to the gold standard. During the Civil War, the nation experienced a strong period of inflation. The price level in the U.S. almost doubled between 1861 and 1865, with harmful implications on the exchange rate. Inflation increased the exchange rate with England, making the price of British pounds more expensive. There was concern that if the pre-war gold standard was put in place during this inflationary period, people would cash out their U.S. currency for gold to buy British goods. The flow of gold out of the country would slow the economy and lead to unemployment.[3]

Some Republicans pushed for a gold standard early on. They believed that creditors who supported the war should be paid back in gold, the way they were expected to be paid back. The Republicans also believed that the government should not be in charge of managing currency and that the gold standard did not allow government to intervene in the economy. It was thought by all that the gold standard would also be a good move from an international perspective, since the U.S. would appear stable, and its system would be compatible with its major trading partner, England, who also operated on a gold standard.

Consequences

Over time, the price level and exchange rate began to fall. Congress decided on a severe monetary contraction to lower the price level so they could reinstate the gold standard during the Contraction Act of 1866 before easing the policy in 1868. The passing of the Public Credit Act of 1869 was the first definitive piece of legislation that moved the U.S. toward reinstating a gold standard. However, the act included no explicit dates, people, or actions intended to pay back the bondholders in gold. The U.S. did not officially operate on the gold standard again until the Resumption Act of 1875.

See also

References

  1. ^ Mitchell, Wesley Clair. A History of the Greenbacks. Chicago: The University of Chicago press, 1903. p. 404.
  2. ^ Geisst, Charles R. Wall Street: a History. New York: Oxford University Press, 1997.
  3. ^ Walton, Gary M, and Hugh Rockoff. History of the American Economy. 11th ed. Mason, Ohio: Thomson/South-Western, 2010.
This page was last edited on 10 January 2024, at 14:07
Basis of this page is in Wikipedia. Text is available under the CC BY-SA 3.0 Unported License. Non-text media are available under their specified licenses. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc. WIKI 2 is an independent company and has no affiliation with Wikimedia Foundation.