chp 23

Captain of Industry or Robber Baron

Rich businessman who put other companies out of business,/// someone that tries to work for the overall good of the economy, charity work, boosting economy

Stalwarts (Conkling)

Senator Roscoe Conkling embraced the system of swapping civil-service jobs for votes; caused a divide in the Republican party with Blaine

The "Bloody Shirt" Elects Grant

The Republicans nominated General Grant for the presidency in 1868. The Republican Party supported the continuation of the Reconstruction of the South, while Grant stood on the platform of "just having peace." The Democrats nominated Horatio Seymour. Grant won the election of 1868.

stalwarts

republican party faction led by senator roscoe conkling that opposed all attempts at civil service reform

cases

the Supreme Court ruled in the Wabash case that individual states had no power to regulate interstate commerce.///The Supreme Court ruled in favor of the South's segregation in the case of Plessy vs. Ferguson (1896), declaring that separate but equal facilities for blacks were legal under the 14th Amendment.

Tweed Ring

In NCY, Boss Tweed employed bribery and fraudulent elections to milk the metropolis of as much as $200 million.

The Liberal Republican Revolt of 1872

In response to disgust of the political corruption in Washington and of military Reconstruction, the Liberal Republican Party was formed in 1872. The Liberal Republican Party met in Cincinnati and chose Horace Greeley as their presidential candidate for the election of 1872. The Democratic Party also chose Greeley as their candidate. The Republican Party continued to put its support behind President Grant. Grant won the election of 1872. The Liberal Republicans caused the Republican Congress to pass a general amnesty act in 1872; removing political disabilities from most of the former Confederate leaders. Congress also reduced high Civil War tariffs and gave mild civil-service reform to the Grant administration.

interlocking directorates

J.P. Morgan also placed his own men on the boards of directors of other rival competitors to gain influence there and reduce competition

amendments

13,14,15

closed shop

A major goal of the Gompers was the trade agreement authorizing the closed shop or all union labor.

railways

By 1900, four more transcontinental lines had been constructed. The Northern Pacific Railroad from Lake Superior to Puget Sound. The Atchison, Topeka, and Santa Fe from Kansas to California. The Southern Pacific line went from New Orleans to San Francisco. The Great Northern linked Duluth, MN to Seattle.

Land grants

Federally owned acreage granted to the railroad companies in order to encourage the building of rail lines

spoils system

Garfield's murder made Republicans more interested in reforming the spoils system; led to the Pendleton Act

Resumption

The process of planning for and/or implementing the restarting of defined business operations following a disaster, usually beginning with the most critical or time-sensitive functions

trust

came to be generally used to describe any large-scale business combination

hard money vs. soft ("cheap") money

linked to Panic of 1873; "hard-money" (creditors) people wanted disappearance of greenbacks; "cheap money" supporters (afflicted agrarian and debtor groups) clamored for a reissuance of greenbacks, reasoning that more money meant cheaper money and rising prices and easier to pay debts; hard money advocates carried the day, persuaded Grant to veto a bill to print more paper money in 1874 and scored another victory with the Resumption Act of 1875, which pledged the government to the further withdrawal of greenbacks from circulation and to the redemption of all paper currency in gold at face value (to begin in 1879); "soft money" supporters then looked for relief in silver to promote inflation, however Grant continued to listen to "hard money" supporters (often Republicans); Republican hard-money policy resulted in a backlash when it helped elect a Democratic House of Representatives in 1874 and spawned the Greenback Labor party in 1878

Half-Breeds (Blaine)

opponents to the Coklingites; flirted coyly with civil-service reform, but whose real quarrel with the Stalwarts was over who should grasp the spoils; champion was congressman James G. Blaine; Conkling and Blain e succeeded only in stalemating each other and deadlocking their party; Blaine later became Garfield's secretary of state

Panic of 1873

over-enterprising (railroads, mines, factories, grainfields) beyond that which the market could bear, bankers also made too many imprudent loans to fund those enterprises; when profits failed to materialize, loans went unpained, and caused the bust; economic strain hard on blacks and debtors; also linked to controversies over soft v. hard money

vertical integration

which meant that he bought out and controlled all aspects of an industry (in his case, he mined the iron, transported it, refined it, and turned it into steel, controlling all parts of the process