Page images
PDF
EPUB

CHAPTER XVIII.

GRANT THE STATESMAN.

On May 21, 1868, at the meeting of the National Republican Convention, held at the Opera House, Chicago, General Ulysses S. Grant received on the first ballot and without a dissenting voice, the nomination for the Presidency of the United States. General Logan, Chairman of the Illinois Delegation, since a candidate for the Vice-Presidency, took the floor and said: "In the name of the loyal citizens and soldiers and sailors of this great Republic of the United States of America; in the name of loyalty, liberty, humanity and justice; in the name of the National Union Republican party,-I nominate as candidate for the chief magistracy of this nation Ulysses S. Grant."

Round after round of applause greeted his name. The Secretary then began to call the roll of States and Territories, to receive the vote of their delegation. As the call proceeded, State after State in turn gave its unanimous vote for General Grant,-the enthusiasm rising higher and higher until it seemed as though the roof must be lifted up by the surging volume of sound, as Wisconsin, the last State on the roll was reached, and cast her vote for Grant. The President then said: "The roll is completed. Gentlemen of the Convention, you have six hundred and fifty votes, and you have given six hundred and fifty votes for

Grant." The scene now was grand and overpowering. The Convention and the vast audience rose to their feet, and greeted the result with tumultuous cheering and every demonstration of applause, without interruption, for several minutes.

The same evening a large concourse of the citizens of Washington serenaded General Grant at his house. He was introduced in a few eloquent remarks by Senator Boutwell, and made the following response:

GENTLEMEN:-Being entirely unaccustomed to public speaking, and without the desire to cultivate that power [laughter], it is impossible for me to find appropriate language to thank you for this demon. stration. All that I can say is, that, to whatever position I may be called by your will, I shall endeavor to discharge its duties with fidelity and honesty of purpose. Of my rectitude in the performance of public duties, you will have to judge for yourselves by my record before you.

On the 29th of May the officers of the Convention visited Washington, and formally made known to General Grant his nomination as President. General Grant replied briefly, but with evident emotion, to the eloquent address of General Hawley, and closed by saying, "If elected President, I shall have no policy of my own to enforce against the will of the people." He subsequently accepted the nomination in a formal letter to General Hawley, which is given in the Appendix.

The Democratic Convention nominated Horatio Seymour of New York, as their candidate. The canvass was attended with great excitement. All the States took part in the election except Virginia, Georgia, Mississippi and Texas, which had not been reconstructed at that time.

General Grant received 214 electoral votes, while his competitor received only 80.

1

Of the popular vote General Grant received 3,015,071 against 2,703,600 given to Seymour. At the same election the choice for the Vice-Presidency fell on Schuyler Colfax, of Indiana. The election also settled forever the validity of the amendments to the Constitution adopted subsequent to the war, including universal suffrage.

Ulysses S. Grant, on the 4th of March, 1869, was inaugurated the eighteenth President of the United States, and on the following day sent to the Senate his nominations for cabinet officers. For Secretary of State, Elihu B. Washburn, of Illinois; for Secretary of the Treasury, Alexander T. Stewart, of New York; for Secretary of the Interior, Jacob D. Cox, of Ohio; for Secretary of the Navy, Adolph E. Borie, of Pennsylvania; for Secretary of War, John M. Schofield, of Illinois; for PostmasterGeneral, John A. J. Cresswell, of Maryland; for Attor ney-General, E. R. Hoar, of Massachusetts. These nominations were at once confirmed; but it was soon discovered that Mr. Stewart was ineligible, being engaged in commerce, and George S. Boutwell, of Massachusetts, was appointed in his stead.

The last hope of the Southern Confederacy must have been dispelled by the election to the Presidency of General Grant, the chief representative of the force which maintained the Union. He was at the head of the government from March 4, 1869, to March 4, 1877. Those eight years witnessed great prosperity, followed by most distressing depression in business.

The first event of note during General Grant's administration was the completion of the Pacific Railroad, May, 1869. The work of construction was in progress six years. The Central Pacific extends from San Francisco

to Ogden, in Utah, a distance of 882 miles, where it meets the Union Pacific, which extends to Omaha, Nebraska, a distance of 1,032 miles. This remarkable enterprise opened up a "short line" between the markets of China, Japan and Australia with those of the United States and Europe.

During the autumn of this year occurred the most extraordinary financial excitement ever known in the United States, or possibly in the world. A popular historian says of it:

"A company of unscrupulous speculators in New York City, headed by Jay Gould and Jim Fisk, Jr., succeeded in producing what is known as a 'corner' in the gold market, and brought the business interests of the metropolis to the verge of ruin. During the Civil War the credit of the government had declined to such an extent that at one time a dollar in gold was worth two hundred and eighty-six cents in paper currency. But after the restoration of the national authority the value of paper money appreciated, and in the fall of 1869 the ratio of gold to the greenback dollar had fallen to about one hundred and thirty to one hundred. There were at this time, in the banks of New York, fifteen million dollars in gold coin and in the sub-treasury of the United States a hundred millions more. The plan of Gould and Fisk was to get control by purchase of the greater part of the fifteen millions, to prevent the Secretary of the Treasury from selling any part of the hundred millions under his authority, then, having control of the market-to advance the price of gold to a fabulous figure, sell out all which they held themselves, and retire from the field of slaughtered fortunes with their accumulated millions of spoils! Having carefully arranged all the prelimi naries, the conspirators, on the 13th of September, began their work of purchasing gold, at the same time constantly advancing the price. By the 22d of the month, they had succeeded in putting up the rate to a hundred and forty. On the next day the price rose to a hundred and forty-four. The members of the conspiracy now boldly avowed their determination to advance the rate to two hundred, and it seemed that on the morrow they would put their threat into execution, On

the morning of the 24th, known as Black Friday, the bidding in the gold room began with intense excitement. The brokers of Fisk and Gould advanced the price to a hundred and fifty, a hundred and fifty. five, and finally to a hundred and sixty, at which figure they were obliged to purchase several millions by a company of merchants who had banded themselves together with the determination to fight the gold-gamblers to the last. Just at this moment came a dispatch that Secretary Boutwell had ordered a sale of four millions from the subtreasury! There was an instantaneous panic. The price of gold went down twenty per cent, in less than as many minutes! The speculators were blown away in an uproar; but they managed, by accumulated frauds and corruptions, to carry off with them more than eleven million dollars as the fruits of their nefarious game! Several months elapsed before the business of the country recovered from the effects of the shock."

In March, 1870, the work of reconstruction was com pleted by the readmission to Congress of all the Southern States. The Fifteenth Amendment to the Constitution having been ratified by the States, was declared to be adopted. It provided that "the right of the citizens of the United States to vote shall not be denied, or abridged by the United States, or any State, on account of race, color, or previous condition of servitude."

In this year was completed the ninth census of the United States. It was a work of great importance, and the result presented was most encouraging, inasmuch as many economists had prophesied that, owing to the disturbance of general trade and destruction of property during the Civil War, the result would show a decrease in general increase. Notwithstanding the ravages of war the last decade had been a period of remarkable growth and progress. The population had increased over seven millions. Agriculture and manufactures had grown to an enormous aggregate, and were successfully competing with the markets of the world.

[ocr errors]
« PreviousContinue »