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| | == Grant Administration == | | == Grant Administration == |
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| − | Once the war was over, the powerful forces of capitalism brought the United States new prosperity remarkably quickly. Most countries, not benefiting from the free enterprise that exists in the United States, would take 50 to 100 years to recover from such a devastating Civil War. But the United States recovered in less than 10 years. By 1875, the United States had a budget surplus (taking in more money than it spent), and it enjoyed a budget surplus for every year until 1893! In contrast, rarely has there been a budget surplus in the past 30 years. | + | Once the Civil War ended, the powerful forces of capitalism brought the United States new prosperity remarkably quickly. Most countries, not benefiting from the free enterprise that exists in the United States, would take 50 to 100 years to recover from such a devastating Civil War. But the United States recovered in less than 10 years. By 1875, the United States had a budget surplus (taking in more money than it spent), and it enjoyed a budget surplus for every year until 1893! In contrast, rarely has there been a budget surplus in the past 30 years. |
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| − | The first president elected after the Civil War ended was, not surprisingly, the Union General credited with winning it: Ulysses S. Grant. He won the presidency in 1868 (after President Andrew Johnson completed his term) and served two full terms, until 1876. Grant was a Republican who favored the "gold standard" for the economy, which means he preferred "hard money" (gold) over "soft money" (paper that can lose its value due to inflation). Grant, however, was consisted a weak executive for not watching people underneath him in government very well. Specifically, Grant is blamed for having a corrupt Administration, even though he was not corrupt himself. | + | The first president elected after the Civil War ended was, not surprisingly, the Union General credited with winning it: Ulysses S. Grant. He won the presidency in 1868 (after President Andrew Johnson completed his term) and served two full terms, through 1876. Grant was a Republican who favored the "gold standard" for the economy, which means he preferred "hard money" (gold) over "soft money" (paper that can lose its value due to inflation). Grant, however, was consisted a weak executive for not watching people underneath him in government very well. Specifically, Grant is blamed for having a corrupt Administration, even though he was not corrupt himself. |
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| | His presidency was at the beginning of the "Gilded Age," a name given by the writer Mark Twain to describe a period that appeared golden on the surface but was the opposite underneath. This period, and the Grant Administration, is criticized for corrupt business and government dealings. We will discuss the Gilded Age more in the next lecture. | | His presidency was at the beginning of the "Gilded Age," a name given by the writer Mark Twain to describe a period that appeared golden on the surface but was the opposite underneath. This period, and the Grant Administration, is criticized for corrupt business and government dealings. We will discuss the Gilded Age more in the next lecture. |