The Gilded Age
4th period Youree Choi
ELECTION OF 1868
CORRUPTION IN THE GILDED AGE
“Jubilee Jim” Fisk and Jay Gould were conspirators who plotted to corner the gold market.
The plan would only work if the federal Treasury refrained from selling gold.
So on “Black Friday” they bid the price of gold skyward which released the gold.
“Boss” Tweed Ring employed bribery, graft, and fraudulent election to steal $200 million.
He was eventually caught when New York Times published evidence.
Thomas Nast exposed "Boss" Tweed in his cartoons that were published.
Credit Mobilier Scandal
Union Pacific Railroad insiders formed the Credit Mobilier construction company and hired themselves at inflated prices (high as 348%) and distributed shares of stocks to congressmen.
The exposure of this scandal led to the censure of 2 congressmen and revelation that the vice president accepted money from the company.
They robbed the Treasury millions in excise-tax revenues.
Grant’s private secretary was part of the scheme.
- Secretary of State who gained bribes from suppliers to Indian reservations.
Compromise of 1877
However, all 3 states submitted two sets of returns: Democratic and Republican.
The Constitution stated that electoral returns from states to be sent to Congress, but controversy rose of who was to count the votes: the Senate (Republican) or Speaker of the House (Democrat).
Democrats finally agreed that Hayes take office in return for his withdrawing intimidating federal troops from Louisiana and South Carolina.