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UT Arlington HIST 1312 - The Panic of 1873 and the Election of 1876

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HIST 1st Edition Lecture 3 Outline of Last Lecture I. Presidential ReconstructionA. Lincoln’s 10% PlanB. Pardons II. Congressional ReconstructionA. Command of the Army ActB. Tenure of Office ActC. 5 Military DistrictsIII. Black/Radical ReconstructionA. K.K.K.B. Force Acts of 1870 & 1871C. Mississippi PlanOutline of Current Lecture I. Panic of 1873A.GreenbacksB. Demonetarization of SilverII. Election of 1876A. Hayes vs TildenIII. IndiansA. RailroadsB. Battle of Little Big HornC. Battle of Wounded KneeD. Buffalo HuntersCurrent Lecturel.A. Greenbacks were a paper currency issued during the Civil War. Army veterans came backfrom the war and had to use greenbacks as legal tender even though they were not backed by gold or silver. The government cannot back greenbacks so they are no longer legal tender so army vets can no longer use them. Some get reimbursed by the government while others start selling them to speculators.These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.B. The demonetarization of silver by the government made the reserve for silver very small so people could no longer sell it. This sets back companies who now have to pay for theirloans all up front. They can’t afford it so they fire some of their workers, making their workers unemployed and in debt because of this people start moving west. ll.A. The election of 1876 was between Rutherford B. Hayes and Samuel J. Tilden. Tilden was a southern democrat and Hayes was a northern republican. When voting there is supposed to be 6 identical votes from the Electoral College, but in Florida there were 3 votes for Hayes and 3 votes for Tilden. To prevent the presidential process from going to the House of Representatives Tilden made a bargain with Hayes. Tilden would let Hayes win if he promised to end reconstruction in the South. So Hayes wins the election.lll.A. In 1869 California wanted a transcontinental railroad and felt like it would be profitable for the U.S. to be able to transfer California’s goods by railway. The government begins tobuild this railroad from two different places, in Chicago and in California. In Chicago they hire Irish workers to construct the railroad while in California they hired Chinese workers, since both ethnicities would work at a very low wage. Railroad towns were being formed and this made the Indians mad.B. In the Battle of Little Big Horn the U.S. army was called in to stop the Indians’ violence towards new settlers moving west. The Indians attacked the colonists who tried to settle on their limited land. When the U.S. army came in the Indians defeated them at the the Battle of Little Big Horn also known as Custer’s Last Stand.C. There was a series of battles between the Indians and the U.S. army and the last one was the Battle of Wounded Knee. The Indians were defeated and forced onto reserves sothey wouldn’t attack the colonists anymore. To add onto their defeat whites started hunting the Indians only source of livelihood-their buffalos.D. Before whites started hunting buffalo there was 171 million buffalo roaming the U.S., butafterwards there is less than a 100, with the buffalo almost extinct the Indians can no longer survive on the buffalo left and are now dependent for food and resources on the


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UT Arlington HIST 1312 - The Panic of 1873 and the Election of 1876

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