Grant’s Second Term
Ulysses S. Grant was elected for a second term as President of the United States. There was a lot of corruption within the Grant administration, which primarily came to light during his second term. Grant was not directly responsible for the various forms of corruption, but still felt it necessary to apologize during his last speech while in office. There were several examples of corruption during that time. There was the Credit Mobilier scandal in which Credit Mobilier was given federal funds in order to succeed in having the highest bid for the Union Pacific contract, and Vice President Schuyler was caught accepting a bribe to cease the investigation on this federal spending. Then, when Fisk and Gould tried to convince Grant to not release any gold into the stock exchange in order for the price of gold to go up and allow them to gain a profit, Grant responded by flooding the market with gold in an attempt to foil their plans. However, he unwittingly caused the stock market to crash, thus causing what is now known as Black Friday. This occurred on September 24, 1869. These are just some of the examples of the corruption that was rife in Grant’s administration.
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Last updated: 12/29/2017
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