![]() He not only failed to appoint the political lieutenants of Blaine, Simon Cameron, and Roscoe Conkling, but he also named William M. In choosing his cabinet, Hayes ignored and offended leading Republican senators. Although Hayes realized he was elected by the "zealous labors of a political party," he reminded himself, in his most memorable words, "that he serves his party best who serves his country best."Īlthough Republican members of Congress universally supported Hayes while the election was in dispute, several party leaders quickly became angered by his independence. He also dealt with the problem of corruption by advocating a "thorough, radical, and complete" reform of the civil service. As for the possibility of disputes with foreign powers, he embraced arbitration as Grant had with Great Britain in the 1871 Treaty of Washington. ![]() In addition to the disputed election and the South, Hayes addressed the problem of the depressed economy by returning to the gold standard. He therefore did not ask for railroad subsidies but did call for federal aid for education, observing that "universal suffrage should rest upon universal education." ![]() Hayes emphasized that the schoolhouse, not the railroad station, was the key to political stability and to economic prosperity in the South and elsewhere. Above all, that meant that southern states must obey the Reconstruction amendments guaranteeing civil and voting rights. Hayes wanted the South to have "wise, honest, and peaceful local self-government" but insisted that the interests of blacks and whites be guarded equally. is an occasion for general rejoicing.” Above all, Hayes wished to heal the wounds left by the Civil War: "Let me assure my countrymen of the southern states that it is my earnest desire to regard and promote their truest interest, the interests of the white and of the colored people both and equally and to put forth my best efforts in behalf of a civil policy which will forever wipe out in our political affairs the color line and the distinction between North and South, to the end that we may have not merely a united North or a united South, but a united country." According to the new President, “The fact that two great political parties have in this way settled a dispute in regard to which good men differ as to the facts and the law. Hayes’s inaugural address tried to calm the nation and make clear his main policy concerns. Nationwide, at least 100 banks failed.Delivered on March 5-since March 4 was a Sunday-Rutherford B. The panic spread to banks in Washington, DC, Pennsylvania, New York, Virginia and Georgia, as well as to banks in the Midwest, including those in Indiana, Illinois, and Ohio. When people saw that such a big bank failed, they began to run to their banks, demanding all of their money back. It had invested a lot of money in the railroads, and when the railroads started having problems, Jay Cooke & Company went bankrupt. One of the biggest banks in New York City was Jay Cooke & Company. Railroad companies could no longer find anyone who would lend them cash. When Europeans started selling their railroad bonds, there were soon more bonds for sale than anyone wanted. Railroad companies borrowed using bonds, which were debt securities specifying how much a company was borrowing and how much interest it would pay. ![]() Back in those days, railroads were a new invention, and companies had been borrowing money to get the cash they needed to build new lines. Investors began to sell off the investments they had in American projects, particularly railroads. The panic started with a problem in Europe, when the stock market crashed. One of the worst happened in 1873 – during the time of the Freedman’s Bank. ![]() But the country was hit by many banking crises. After the Civil War, the US banking system grew rapidly and seemed to be set on solid ground. ![]()
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