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A History of the Republican Party by Platt

Other candidates were Roscoe Conkling


The

most important Act of President Grant's second term was the Resumption of specie payment, which was provided for in the bill reported to the Senate December 21, 1874, by John Sherman. By this Act there was to be a coinage of ten, twenty-five and fifty-cent silver pieces, which were to be exchanged for fractional currency until it was all redeemed. There was to be an issue of bonds, and the surplus revenue was to be used to buy coin. So much of the Act of 1870 which limited the amount of national bank notes to $350,000,000 was repealed, and these banks were now authorized to issue more bills; but for every $100.00 issued the Secretary of the Treasury must call in $80.00 of the greenbacks until but $300,000,000 of them remained. The total amount of paper currency in the United States at this time was $780,000,000, divided into $382,000,000 U. S. notes, $44,000,000 fractional currency and $354,000,000 national bank notes, and each dollar of this paper currency was worth about eighty-nine cents in coin. The Act further provided that after January 1, 1879, the Secretary of the Treasury was to redeem in coin all United States legal tender notes then outstanding, on presentation. President Grant approved this bill January 14, 1875, with a special message to Congress.

The spring of 1876 witnessed the opening of the Centennial Exposition at Fairmount Park, Philadelphia, by President Grant and Emperor Dom Pedro II, of Brazil. In this year a successor was

to be chosen to President Grant, and for the first time in the history of the party since 1860 there was to be a contest over the presidential nomination. The long continuance in power of the party had its natural effect of creating factions, and this, together with the recent Democratic successes, made necessary a most careful selection of a candidate and of a platform for this campaign.

CHAPTER XIV.

HAYES.

" ... 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."

_Rutherford B. Hayes_, _Inaugural Address_, _March_ 5, 1877.

The Sixth Republican National Convention met at Cincinnati, Ohio, June 14, 1876, and, as already noted, for the first time since 1860 there was to be a contest for the presidential nomination. James G. Blaine was most prominently mentioned during the months preceding the Convention, and was unquestionably the favorite of a majority of the delegates when they met. His friends were united and enthusiastic, but there was a factional opposition, led by Mr. Conkling, of New York, that united on the seventh ballot and resulted in the nomination of a candidate who had received comparatively little attention before the Convention met. The next strongest candidates after Mr. Blaine seemed to be Oliver P. Morton, of Indiana, and Benjamin H. Bristow, of Kentucky, both of whom had rendered conspicuous services to the party and to the country. Other candidates were Roscoe Conkling, of New York, Rutherford B. Hayes, of Ohio, and John F. Hartranft, of Pennsylvania. The Convention was called to order by Edwin D. Morgan, who named Theodore M. Pomeroy, of New York, temporary Chairman. The usual committees were appointed and Edward McPherson, of Pennsylvania, was reported as permanent Chairman. Gen. Joseph R. Hawley, of Connecticut, reported the following platform:


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