grant scandals essay research paper black friday

Grant Scandals Essay, Research Paper

Black Friday Scandal 1869

Early on in Grant ’ s first term, two gold speculators Jay Gould and James Fisk hoped to purchase gold at $ 130 per ounce and sell it at $ 160 per ounce. They tried O corner the gold market. They went to Grant, who had no apprehension of pecuniary issues, and convinced him to state Treasury Secretary George Boutwell to halt merchandising gold. The monetary value rose to $ 162 per ounce before Grant realized what he was tricked into making. Grant ordered Boutwell to let go of $ 4 million in gold. The monetary value plummeted and ruined many investors including Gould and Fisk.

Credit Mobilier Scandal 1872

Credit Mobilier was a building company that helped construct the Union Pacific Railroad. The company was owned by some brotherhood Pacific shareholders who gave the building company immense contracts. They were funneling money from Union Pacific, a company that they owned small stock, into Credit Mobilier, where they owned a bulk of the stock. With Union Pacific having authorities subsidies and financess, the investors were stealing authorities money. To avoid a governmental enquiry into the dealing, the investors gave Credit Mobilier stock T

o members of Congress. A congressional probe in 1872 revealed many congresswomans, high ranking Republicans, and vice-president Schuyler Colfax took stock in the company. The dirt marred Grant’s first term. Schuyler was replaced for the election in 1872. This began the denudation of several dirts.

The Whiskey Ring 187

A national revenue enhancement equivocation strategy where indictments were brought against 86 authorities functionaries, including the main clerk of the Treasury Department every bit good as President Ulysses S. Grant ’ s private secretary. A group of distillers was distorting studies and cheated the authorities 1000000s in revenue enhancement dollars. Many of Gran ’ t appointees were involved in the dirt.

Belknap Fraud 1876

In 1876, Secretary of War, William Belknep, was under probe for accepting payoffs in connexion with the Indian Agency. He resigned as Congress was voting on his impeachment. A few months subsequently, Navy Secretary, William Robinson, was investigated over grain contracts that he had signed. He besides was faced with impeachment but ne’er resigned due to Grant ’ s inactivity. Over the class of Grant ’ s presidential term, all of the executive sections came under probe.

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