1 янв 1873 г. - Panic of 1873 ushers in sever economic depression-> collapse of republican party

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-republicans had relied on economy to support their plans

Cause: Germany+U.S. stopped using silver for money

September 1873: leading financier Jay Cooke tried to sell millions of dollars of bands from Northern Pacifric Railroad but couldn't get buyers-> his firm and railroad went under (surprising everyone who saw cooke and his war-time supervision of union finances as a war hero)

-railroads and business failed-> Grant admin rejected pleas to increase the money supply+ provide relief
-see other event on failure of freedmen's savings and trust company, which eroded trust in the Reconstruction plan

-Republicans showed their allegiance to big businesses/bankers, had failed to predict the depression, had corruption

Result: hardship (Farmers suffered a terrible plight as crop prices plunged, while industrial workers faced layoffs and sharp wage reductions.)(iron, railroad industries struggle)(unemployment/severe wage cuts->strikes->rail construction halts-> wandering "tramps" took to the road and camped out, begged, and scared wealthy Americans who wanted to keep social+economic order), republicans discredited (bribes+loans to legislators, although dem party had its problems too) and their policies were undercut (especially in the south where there was a fragile economy and republican reforms had cost them a lot. Federal support from Freedmen's Bureau had faded, and Republicans were sad that there wasn't more northern and foreign investment capital, investors had money in confederate bonds that were repudiated so they didn't want to support southern enterprise. By depression, southern economy had come to a screeching halt with more state debts and public credit collapsed)

Revolt in Republican party occurs
-led by classic liberalists (free trade, small gov, limiting voting to men with education and property, laissez faire after rise in federal power during civil war and reconstruction[such groups never ended federal polices like protective tariff or national banking system like they'd hoped])
-rolled back Reconstruction
-couldn't block Grant's renomination for presidency in 1872-> Liberal Republicans formed and their candidate was Horace Greeley (abolitionist, veretran reformer, published NY newspaper)
-Democrats also nominated Greeley, who was a horrible campaigner

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