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117-616: The reservation was created by President Ulysses S. Grant , via executive order in 1875 for local Kumeyaay people. Its name comes from the Spanish Coapan , which was what the area west of the San Diego River was called in the 19th century. The dry, mountainous and chaparral lands proved inhospitable. In 1931, the state flooded the heart of the reservation, creating the El Capitan Reservoir . Many Kumeyaay families had homes in

234-494: A slave from his father-in-law, a thirty-five-year-old man named William Jones. Although Grant was not an abolitionist at the time, he disliked slavery and could not bring himself to force an enslaved man to work. In March 1859, Grant freed Jones by a manumission deed, potentially worth at least $ 1,000 (equivalent to $ 34,000 in 2023). Grant moved to St. Louis, taking on a partnership with Julia's cousin Harry Boggs working in

351-647: A combined army of about 120,000 men. On April 29, he relieved Grant of field command and replaced him with Major General George Henry Thomas . Halleck slowly marched his army to take Corinth, entrenching each night. Meanwhile, Beauregard pretended to be reinforcing, sent "deserters" to the Union Army with that story, and moved his army out during the night, to Halleck's surprise when he finally arrived at Corinth on May 30. Halleck divided his combined army and reinstated Grant as field commander on July 11. Later that year, on September 19, Grant's army defeated Confederates at

468-416: A days-long standoff at Camden Yards . In New York, striking workers began pelting arriving trains with thrown objects, prompting a response from local police. Pennsylvania saw perhaps the worst violence of the railroad strikes; see Pittsburgh railroad strike of 1877 , Reading Railroad massacre and Scranton general strike . In Chicago, Illinois , striking workers brought freight and passenger trains to

585-531: A direct frontal attack on Robert E. Lee 's Army of Northern Virginia , while Sherman—now in command of all western armies—would destroy Joseph E. Johnston 's Army of Tennessee and take Atlanta. Major General Benjamin Butler would advance on Lee from the southeast, up the James River , while Major General Nathaniel Banks would capture Mobile . Major General Franz Sigel was to capture granaries and rail lines in

702-544: A government and laws and a flag, and they must all be sustained. There are but two parties now, Traitors and Patriots." On April 18, Grant chaired a second recruitment meeting, but turned down a captain's position as commander of the newly formed militia company, hoping his experience would aid him to obtain a more senior rank. His early efforts to be recommissioned were rejected by Major General George B. McClellan and Brigadier General Nathaniel Lyon . On April 29, supported by Congressman Elihu B. Washburne of Illinois, Grant

819-552: A home called "Hardscrabble" on Grant's Farm ; Julia described it as an "unattractive cabin". Grant's family had little money, clothes, and furniture, but always had enough food. During the Panic of 1857 , which devastated Grant as it did many farmers, Grant pawned his gold watch to buy Christmas gifts. In 1858, Grant rented out Hardscrabble and moved his family to Julia's father's 850-acre plantation . That fall, after having malaria , Grant gave up farming. That same year, Grant acquired

936-425: A large, mobile army operating in hostile territory", according to biographer Ronald White. Grant came to recognize how wars could be won or lost by factors beyond the battlefield. Grant's first post-war assignments took him and Julia to Detroit on November 17, 1848, but he was soon transferred to Madison Barracks , a desolate outpost in upstate New York, in bad need of supplies and repair. After four months, Grant

1053-496: A little to do with my decision to resign." With no means of support, Grant returned to St. Louis and reunited with his family. In 1854, at age 32, Grant entered civilian life, without any money-making vocation to support his growing family. It was the beginning of seven years of financial struggles and instability. Grant's father offered him a place in the Galena, Illinois , branch of the family's leather business, but demanded Julia and

1170-636: A new army under Major General Winfield Scott . Traveling by sea, Scott's army landed at Veracruz and advanced toward Mexico City . They met the Mexican forces at the battles of Molino del Rey and Chapultepec . For his bravery at Molino del Rey, Grant was brevetted first lieutenant on September 30. At San Cosmé, Grant directed his men to drag a disassembled howitzer into a church steeple, then reassembled it and bombarded nearby Mexican troops. His bravery and initiative earned him his brevet promotion to captain. On September 14, 1847, Scott's army marched into

1287-586: A period sometimes referred to as the Long Depression , most European countries experienced a drastic fall in prices. Still, many corporations were able to reduce production costs and achieve better productivity rates with industrial production increasing by 40% in Britain and by over 100% in Germany. A comparison of capital formation rates in both countries helps to account for the different industrial growth rates. During

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1404-717: A permanent demand for expansion. The Suez Canal was opened in 1869. 1875–1890 became "the golden years" of Giovanni de Ciotta in Rijeka. The opening of the Suez Canal in 1869 was one of the causes of the Panic of 1873 because goods from the Far East had been carried in sailing vessels around the Cape of Good Hope and were stored in British warehouses. As sailing vessels were not adaptable for use through

1521-530: A position in his father's leather goods business, "Grant & Perkins", run by his younger brothers Simpson and Orvil. In a few months, Grant paid off his debts. The family attended the local Methodist church and he soon established himself as a reputable citizen. On April 12, 1861, the American Civil War began when Confederate troops attacked Fort Sumter in Charleston, South Carolina . The news came as

1638-783: A pragmatic program and hired Presbyterian chaplain John Eaton to administer contraband camps. Freed slaves picked cotton that was shipped north to aid the Union war effort. Lincoln approved and Grant's program was successful. Grant also worked freed black labor on a canal to bypass Vicksburg, incorporating the laborers into the Union Army and Navy. Grant's war responsibilities included combating illegal Northern cotton trade and civilian obstruction. He had received numerous complaints about Jewish speculators in his district. The majority, however, of those involved in illegal trading were not Jewish. To help combat this, Grant required two permits, one from

1755-652: A series of economic setbacks: the Black Friday panic of 1869 , the Chicago fire of 1871 , an outbreak of equine influenza and the Boston fire of 1872 , and the demonetization of silver in 1873 . The decision of the German Empire to cease minting silver thaler coins in 1871 caused a drop in demand and downward pressure on the value of silver, which, in turn, affected the US since much of

1872-455: A shock in Galena, and Grant shared his neighbors' concern about the war. On April 15, Lincoln called for 75,000 volunteers. The next day, Grant attended a mass meeting to assess the crisis and encourage recruitment, and a speech by his father's attorney, John Aaron Rawlins , stirred Grant's patriotism. In an April 21 letter to his father, Grant wrote out his views on the upcoming conflict: "We have

1989-441: A single nation within the Union. Modern scholarship has better appreciated Grant's appointments of Cabinet reformers. Grant's father Jesse Root Grant was a Whig Party supporter and a fervent abolitionist. Jesse and Hannah Simpson were married on June 24, 1821, and their first child, Hiram Ulysses Grant, was born on April 27, 1822. The name Ulysses was drawn from ballots placed in a hat. To honor his father-in-law, Jesse named

2106-452: A standstill, leading to an order from judge Thomas Drummond that such actions were illegal. The United States Marshals Service responded by arresting dozens of strikers. In Missouri, strikers also brought rail traffic to a halt, and at least 18 people died in conflicts. In July 1877, the market for lumber crashed, leading several Michigan lumber companies to go bankrupt. Within a year, the effects of this second business slump reached all

2223-589: A total force of over 40,000 men. Grant was with Foote four miles away when the Confederates attacked. Hearing the battle, Grant rode back and rallied his troop commanders, riding over seven miles of freezing roads and trenches, exchanging reports. When Grant blocked the Nashville Road, the Confederates retreated back into Fort Donelson. On February 16, Foote resumed his bombardment, signaling a general attack. Confederate generals John B. Floyd and Pillow fled, leaving

2340-571: A week. Three days later, Halleck claimed "word has just reached me that ... Grant has resumed his bad habits (of drinking)." Lincoln, regardless, promoted Grant to major general of volunteers and the Northern press treated Grant as a hero. Playing off his initials, they took to calling him "Unconditional Surrender Grant". Reinstated by Halleck at the urging of Lincoln and Secretary of War Edwin Stanton , Grant rejoined his army with orders to advance with

2457-552: A wife to support, he would remain in the army. Grant's unit was stationed in Louisiana as part of the Army of Occupation under Major General Zachary Taylor . In September 1846, President James K. Polk ordered Taylor to march 150 miles (240 km) south to the Rio Grande . Marching to Fort Texas , to prevent a Mexican siege, Grant experienced combat for the first time on May 8, 1846, at

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2574-602: The Army of the Tennessee into Tennessee. His main army was located at Pittsburg Landing , while 40,000 Confederate troops converged at Corinth, Mississippi . Grant wanted to attack the Confederates at Corinth, but Halleck ordered him not to attack until Major General Don Carlos Buell arrived with his division of 25,000. Grant prepared for an attack on the Confederate army of roughly equal strength. Instead of preparing defensive fortifications, they spent most of their time drilling

2691-580: The Baltimore and Ohio Railroad (B&O) cut workers' pay for the third time in a year. West Virginia Governor Henry M. Mathews sent the militia, under Colonel Charles J. Faulkner , to restore order but was unsuccessful, largely because the militia sympathized with the workers. The governor called on US President Rutherford B. Hayes for federal assistance, and Hayes dispatched federal troops. That restored peace to Martinsburg but proved controversial, with many newspapers critical of Mathews' characterization of

2808-464: The Bank Charter Act of 1844 would be suspended as they had been in the crises of 1847, 1857, and 1866. The ensuing economic downturn in Britain seems to have been muted – "stagnant" but without a "decline in aggregate output". However, there was heavy unemployment in the basic industries of coal, iron and steel, engineering, and shipbuilding, especially in 1873, 1886, and 1893. From 1873 to 1896,

2925-515: The Battle of Iuka , then successfully defended Corinth , inflicting heavy casualties. On October 25, Grant assumed command of the District of the Tennessee. In November, after Lincoln's preliminary Emancipation Proclamation , Grant ordered units under his command to incorporate former slaves into the Union Army, giving them clothes, shelter, and wages for their services. The Union capture of Vicksburg ,

3042-494: The Battle of Palo Alto . Grant served as regimental quartermaster, but yearned for a combat role; when finally allowed, he led a charge at the Battle of Resaca de la Palma . He demonstrated his equestrian ability at the Battle of Monterrey by volunteering to carry a dispatch past snipers; he hung off the side of his horse, keeping the animal between him and the enemy. Polk, wary of Taylor's growing popularity, divided his forces, sending some troops (including Grant's unit) to form

3159-597: The Grant administration to develop a coherent policy on the Southern states, and the North began to steer away from Reconstruction . With the depression, ambitious railroad building programs crashed across the South, leaving most states deep in debt and burdened with heavy taxes. Retrenchment was a common response of the South to state debts during the depression. One by one, each state fell to

3276-472: The Latin Monetary Union in 1873 to suspend the conversion of silver to coins. The American Civil War (1861–1865) was followed by a boom in railroad construction. 33,000 miles (53,000 km) of new track were laid across the country between 1868 and 1873, with much of the craze in railroad investment being driven by government land grants and subsidies to the railroads. The railroad industry

3393-508: The Oregon Territory . Grant tried several business ventures but failed, and in one instance his business partner absconded with $ 800 of Grant's investment, equivalent to $ 23,000 in 2023. After he witnessed white agents cheating local Indians of their supplies, and their devastation by smallpox and measles transferred to them by white settlers, he developed empathy for their plight. Promoted to captain on August 5, 1853, Grant

3510-493: The United States Military Academy at West Point, New York , in spring 1839. Grant was accepted on July 1. Unfamiliar with Grant, Hamer altered his name, so Grant was enlisted under the name "U. S. Grant". Since the initials "U.S." also stood for " Uncle Sam ", he became known among army colleagues as "Sam." Initially, Grant was indifferent to military life, but within a year he reexamined his desire to leave

3627-476: The Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was Stephan Keglevich of Vienna, a relative of Gábor Keglevich, who had been the master of

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3744-829: The demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves , which, in New York City , plummeted from $ 50 million to $ 17 million between September and October 1873. The first symptoms of

3861-508: The first Civil Service Commission , advancing the civil service more than any prior president. Grant was re-elected in the 1872 presidential election , but was inundated by executive scandals during his second term. His response to the Panic of 1873 was ineffective in halting the Long Depression , which contributed to the Democrats winning the House majority in 1874 . Grant's Native American policy

3978-687: The pseudohistorical and negationist mythology of the Lost Cause of the Confederacy spread by Confederate sympathizers around the turn of the 20th century, historical assessments and rankings of Grant's presidency suffered considerably before they began recovering in the 21st century. Grant's critics take a negative view of his economic mismanagement and the corruption within his administration, while his admirers emphasize his policy towards Native Americans , vigorous enforcement of civil and voting rights for African Americans , and securing North and South as

4095-499: The " Long Depression " that weakened the country's economic leadership. In the United States , the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation , rampant speculative investments (overwhelmingly in railroads ),

4212-478: The 1870s, embracing many economic interventionist policies, including high tariffs, nationalization of railroads, and compulsory social insurance. The political and economic nationalism also reduced the fortunes of the German and Canadian classical liberal parties. France, like Britain, also entered into a prolonged stagnation that extended to 1897. The French also attempted to deal with their economic problems by

4329-499: The 25th, Grant ordered Thomas to advance to the rifle-pits at the base of Missionary Ridge after Sherman's army failed to take Missionary Ridge from the northeast. Four divisions of the Army of the Cumberland, with the center two led by Major General Philip Sheridan and Brigadier General Thomas J. Wood , chased the Confederates out of the rifle-pits at the base and, against orders, continued

4446-628: The Civil War began, Grant joined the Union Army and rose to prominence after securing victories in the western theater . In 1863, he led the Vicksburg campaign that gave Union forces control of the Mississippi River and dealt a major strategic blow to the Confederacy. President Abraham Lincoln promoted Grant to lieutenant general and command of all Union armies after his victory at Chattanooga . For thirteen months, Grant fought Robert E. Lee during

4563-466: The Confederates moved into western Kentucky, taking Columbus, with designs on southern Illinois, Grant notified Frémont and, without waiting for his reply, advanced on Paducah, Kentucky , taking it without a fight on September 6. Having understood the importance to Lincoln of Kentucky's neutrality, Grant assured its citizens, "I have come among you not as your enemy, but as your friend." On November 1, Frémont ordered Grant to " make demonstrations " against

4680-544: The Confederates on both sides of the Mississippi, but prohibited him from attacking. On November 2, 1861, Lincoln removed Frémont from command, freeing Grant to attack Confederate soldiers encamped in Cape Girardeau , Missouri. On November 5, Grant, along with Brigadier General John A. McClernand , landed 2,500 men at Hunter's Point, and on November 7 engaged the Confederates at the Battle of Belmont . The Union army took

4797-519: The Cumberland River. Unaware of the garrison's strength, Grant, McClernand, and Smith positioned their divisions around the fort. The next day McClernand and Smith independently launched probing attacks on apparent weak spots but were forced to retreat. On February 14, Foote's gunboats began bombarding the fort, only to be repulsed by its heavy guns. The next day, Pillow attacked and routed McClernand's division. Union reinforcements arrived, giving Grant

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4914-469: The Democrats in the South, and the Republicans lost power. The end of the crisis coincided with the beginning of the great wave of immigration to the United States , which lasted until the early 1920s. After the 1873 depression, agricultural and industrial groups lobbied for protective tariffs . Conservative politicians such as Otto von Bismarck shifted from classical liberal economic policies in

5031-476: The Dents' owning slaves, and neither of Grant's parents attended the wedding. Grant was flanked by three fellow West Point graduates in their blue uniforms, including Longstreet, Julia's cousin. The couple had four children: Frederick , Ulysses Jr. ("Buck"), Ellen ("Nellie"), and Jesse II . After the wedding, Grant obtained a two-month extension to his leave and returned to St. Louis, where he decided that, with

5148-488: The Mexican war was morally unjust and that the territorial gains were designed to expand slavery. He opined that the Civil War was divine punishment for U.S. aggression against Mexico. Historians have pointed to the importance of Grant's experience as an assistant quartermaster during the war. Although he was initially averse to the position, it prepared Grant in understanding military supply routes, transportation systems, and logistics, particularly with regard to "provisioning

5265-595: The Mississippi River and split the Confederacy. By that time, Grant's political sympathies fully coincided with the Radical Republicans ' aggressive prosecution of the war and emancipation of the slaves. The success at Vicksburg was a morale boost for the Union war effort. When Stanton suggested Grant be brought east to run the Army of the Potomac , Grant demurred, writing that he knew the geography and resources of

5382-658: The Mississippi. Grant's army captured Jackson . Advancing west, he defeated Pemberton's army at the Battle of Champion Hill on May 16, forcing their retreat into Vicksburg. After Grant's men assaulted the entrenchments twice, suffering severe losses, they settled in for a siege which lasted seven weeks . During quiet periods of the campaign, Grant would drink on occasion. The personal rivalry between McClernand and Grant continued until Grant removed him from command when he contravened Grant by publishing an order without permission. Pemberton surrendered Vicksburg to Grant on July 4, 1863. Vicksburg's fall gave Union forces control of

5499-511: The South was determined to fight, would later write, "Then, indeed, I gave up all idea of saving the Union except by complete conquest." Shiloh was the costliest battle in American history to that point and the staggering 23,746 casualties stunned the nation. Briefly hailed a hero for routing the Confederates, Grant was soon mired in controversy. The Northern press castigated Grant for shockingly high casualties, and accused him of drunkenness during

5616-617: The Suez Canal (because the prevailing winds of the Mediterranean Sea blow from west to east), the British entrepôt trade suffered. When the crisis came, the Bank of England raised interest rates to 9 percent. Despite this, Britain did not experience the scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of

5733-631: The Treasury and one from the Union Army, to purchase cotton. On December 17, 1862, Grant issued a controversial General Order No. 11 , expelling "Jews, as a class", from his military district. After complaints, Lincoln rescinded the order on January 3, 1863. Grant finally ended the order on January 17. He later described issuing the order as one of his biggest regrets. On January 29, 1863, Grant assumed overall command. To bypass Vicksburg's guns, Grant slowly advanced his Union army south through water-logged terrain. The plan of attacking Vicksburg from downriver

5850-626: The Union army attacked Lee in the battle of the Wilderness , a three-day battle with estimated casualties of 17,666 Union and 11,125 Confederate. Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain . In Britain, the Panic started two decades of stagnation known as

5967-455: The United States and several European colonies caused the panic of 1873 and thus a decline in the value of silver relative to gold, devaluing India's standard currency. This event was known as " the fall of the rupee ". In the Cape Colony , the panic caused bankruptcies, rising unemployment, a pause in public works, and a major trade slump that lasted until the discovery of gold in 1886. In

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6084-516: The Vienna Stock Exchange crash. In Berlin, the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the government of Romania , bursting the speculation bubble in Germany. The contraction of the German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September 1873. Two years after the foundation of the German Empire,

6201-804: The West better and he did not want to upset the chain of command in the East. On October 16, 1863, Lincoln promoted Grant to major general in the regular army and assigned him command of the newly formed Division of the Mississippi , which comprised the Armies of the Ohio , the Tennessee, and the Cumberland . After the Battle of Chickamauga , the Army of the Cumberland retreated into Chattanooga, where they were partially besieged. Grant arrived in Chattanooga, where plans to resupply and break

6318-402: The academy and later wrote that "on the whole I like this place very much". He earned a reputation as the "most proficient" horseman . Seeking relief from military routine, he studied under Romantic artist Robert Walter Weir , producing nine surviving artworks. He spent more time reading books from the library than his academic texts. On Sundays, cadets were required to march to services at

6435-609: The academy's church, which Grant disliked. Quiet by nature, he established a few intimate friends among fellow cadets, including Frederick Tracy Dent and James Longstreet . He was inspired both by the Commandant, Captain Charles Ferguson Smith , and by General Winfield Scott , who visited the academy to review the cadets. Grant later wrote of the military life, "there is much to dislike, but more to like." Grant graduated on June 30, 1843, ranked 21st out of 39 in his class and

6552-564: The accumulation of capital not only in Germany but also in England, the Netherlands, Belgium, France, and Russia. Recovery from the crash occurred much more quickly in Europe than in the United States. Moreover, German businesses managed to avoid the sort of deep wage cuts that embittered American labor relations. There was an anti-Semitic component to the economic recovery in Germany and Austria, as small investors blamed Jews for their losses in

6669-606: The battle gave his volunteers much-needed confidence and experience. Columbus blocked Union access to the lower Mississippi. Grant and lieutenant colonel James B. McPherson planned to bypass Columbus and move against Fort Henry on the Tennessee River . They would then march east to Fort Donelson on the Cumberland River , with the aid of gunboats, opening both rivers and allowing the Union access further south. Grant presented his plan to Henry Halleck , his new commander in

6786-454: The battle, contrary to the accounts of those with him at the time. Discouraged, Grant considered resigning but Sherman convinced him to stay. Lincoln dismissed Grant's critics, saying "I can't spare this man; he fights." Grant's costly victory at Shiloh ended any chance for the Confederates to prevail in the Mississippi valley or regain its strategic advantage in the West. Halleck arrived from St. Louis on April 11, took command, and assembled

6903-614: The boy "Hiram Ulysses", though he always referred to him as "Ulysses". In 1823, the family moved to Georgetown, Ohio , where five siblings were born: Simpson, Clara, Orvil, Jennie, and Mary. At the age of five, Ulysses started at a subscription school and later attended two private schools. In the winter of 1836–1837, Grant was a student at Maysville Seminary , and in the autumn of 1838, he attended John Rankin 's academy. In his youth, Grant developed an unusual ability to ride and manage horses; his father gave him work driving supply wagons and transporting people. Unlike his siblings, Grant

7020-450: The camp, but the reinforced Confederates under Brigadier Generals Frank Cheatham and Gideon J. Pillow forced a chaotic Union retreat. Grant had wanted to destroy Confederate strongholds at Belmont, Missouri , and Columbus, Kentucky , but was not given enough troops and was only able to disrupt their positions. Grant's troops escaped back to Cairo under fire from the fortified stronghold at Columbus. Although Grant and his army retreated,

7137-468: The charge up the 45-degree slope and captured the Confederate entrenchments along the crest, forcing a hurried retreat. The decisive battle gave the Union control of Tennessee and opened Georgia , the Confederate heartland, to Union invasion. On March 2, 1864, Lincoln promoted Grant to lieutenant general, giving him command of all Union Armies. Grant's new rank had previously been held only by George Washington . Grant arrived in Washington on March 8 and

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7254-417: The children stay in Missouri, with the Dents, or with the Grants in Kentucky. Grant and Julia declined. For the next four years, Grant farmed with the help of Julia's slave, Dan, on his brother-in-law's property, Wish-ton-wish , near St. Louis . The farm was not successful and to earn a living he sold firewood on St. Louis street corners. In 1856, the Grants moved to land on Julia's father's farm, and built

7371-533: The city; Mexico ceded the vast territory , including California , to the U.S. on February 2, 1848. During the war, Grant established a commendable record as a daring and competent soldier and began to consider a career in the army. He studied the tactics and strategies of Scott and Taylor and emerged as a seasoned officer, writing in his memoirs that this is how he learned much about military leadership. In retrospect, although he respected Scott, he identified his own leadership style with Taylor's. Grant later believed

7488-475: The crash. The Neuer Social-Demokrat newspaper of the ADAV published several articles blaming Gerson von Bleichröder for the stock market crash. An October 29 article called Bleichröder "Bismarck's Jew". Soon, more luxury hotels and villas were built in Opatija , and a new railway line was extended in 1873 from the Vienna– Trieste line to Rijeka (Fiume), making it possible to go by tram from there to Opatija. The strong increase of port traffic generated

7605-489: The crisis were financial failures in Vienna , the capital of Austria-Hungary , which spread to most of Europe and to North America by 1873. The panic and depression hit all of the industrial nations. A similar process of overexpansion took place in Germany and Austria-Hungary, where the period from German unification in 1870 and 1871 to the crash in 1873 came to be called the Gründerjahre ("Founders' Years"). A liberalized incorporation law in Germany gave impetus to

7722-463: The depression, the British ratio of net national capital formation to net national product fell from 11.5% to 6.0%, but the German ratio rose from 10.6% to 15.9%. During the depression, Britain took the course of static supply adjustment, but Germany stimulated effective demand and expanded industrial supply capacity by increasing and adjusting capital formation. For example, Germany dramatically increased investment of social overhead capital , such as in

7839-420: The deteriorating financial conditions created solvency problems for life insurers. The common factor of the surviving companies was that all marketed tontines . The failure of Jay Cooke's bank and soon afterward of Henry Clews ' set off a chain reaction of bank failures and temporarily closed the New York Stock Exchange . Factories began to lay off workers as the country slipped into depression. The effects of

7956-401: The divisions of Major Generals Buell and Lew Wallace , Grant counterattacked at dawn the next day and regained the field, forcing the disorganized and demoralized rebels to retreat to Corinth. Halleck ordered Grant not to advance more than one day's march from Pittsburg Landing, stopping the pursuit. Although Grant had won the battle, the situation was little changed. Grant, now realizing that

8073-514: The dollar. The railroad industry in the United States had seen major growth in the decades before 1873, driven in part by strong European interest in bonds issued by railroad companies. The failure of Jay Cooke & Co., heavily invested in railroad bonds, triggered a crisis in the railroad industry. In 1877, steep wage cuts led American railroad workers to launch the series of protests and riots later dubbed Great Railroad Strike . Initial protests broke out in Martinsburg, West Virginia , after

8190-410: The domestic money supply , raising interest rates and hurting farmers and others who normally carried heavy debt loads. The resulting outcry raised serious questions about how long the new policy would last. The perception of US instability in its monetary policy caused investors to shy away from long-term obligations, particularly long-term bonds . The problem was compounded by the railroad boom, which

8307-434: The events of that year were in themselves comparatively unimportant. Buda , the old capital of Hungary, and Óbuda were officially united with Pest , thus creating the new metropolis of Budapest in 1873. The difference in stability between Vienna and Berlin had the effect that the French indemnity to Germany flowed into Austria and Russia, but the indemnity payments aggravated the crisis in Austria, which had benefited by

8424-524: The fertile Shenandoah Valley . Grant now commanded 533,000 battle-ready troops spread out over an eighteen-mile front. The Overland Campaign was a series of brutal battles fought in Virginia during May and June 1864. Sigel's and Butler's efforts failed, and Grant was left alone to fight Lee. On May 4, Grant led the army from his headquarters towards Germanna Ford. They crossed the Rapidan unopposed. On May 5,

8541-474: The flood zone, and they petitioned Congress to prevent the loss of their land; however, Congress gave San Diego the right to buy the land without the local Kumeyaays' knowledge or consent. The two tribes, Barona and Viejas, were forced to sell the land and with their proceeds they purchased their current reservations, the Barona Reservation and Viejas Reservation , respectively. In 1973, 7 people lived on

8658-477: The fort in command of Simon Bolivar Buckner , who submitted to Grant's demand for "unconditional and immediate surrender". Grant had won the first major victory for the Union, capturing Floyd's entire army of more than 12,000. Halleck was angry that Grant had acted without his authorization and complained to McClellan, accusing Grant of "neglect and inefficiency". On March 3, Halleck sent a telegram to Washington complaining that he had no communication with Grant for

8775-469: The foundation of new enterprises, such as Deutsche Bank , and the incorporation of established ones. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships; the same industrial branches that expanded unsustainably in the United States. In the immediate aftermath of his victory against France , Bismarck began

8892-505: The high-casualty Overland Campaign which ended with the capture of Lee's army at Appomattox , where he formally surrendered to Grant. In 1866, President Andrew Johnson promoted Grant to General of the Army . Later, Grant broke with Johnson over Reconstruction policies. A war hero, drawn in by his sense of duty, Grant was unanimously nominated by the Republican Party and then elected president in 1868 . As president, Grant stabilized

9009-481: The largely inexperienced troops while Sherman dismissed reports of nearby Confederates. On the morning of April 6, 1862, Grant's troops were taken by surprise when the Confederates, led by Generals Albert Sidney Johnston and P. G. T. Beauregard , struck first "like an Alpine avalanche" near Shiloh church, attacking five divisions of Grant's army and forcing a confused retreat toward the Tennessee River. Johnston

9126-430: The last Confederate stronghold on the Mississippi River , was considered vital as it would split the Confederacy in two. Lincoln appointed McClernand for the job, rather than Grant or Sherman. Halleck, who retained power over troop displacement, ordered McClernand to Memphis , and placed him and his troops under Grant's authority. On November 13, 1862, Grant captured Holly Springs and advanced to Corinth . His plan

9243-427: The management of electric power transmission lines, roads, and railroads, thereby stimulating industrial demand in that country, but similar investment stagnated or decreased in Britain. The resulting difference in capital formation accounts for the divergent levels of industrial production in the two countries and the different growth rates during and after the depression. The discovery of large quantities of silver in

9360-565: The money supply and thus raising interest rates made matters worse for those in debt. Businesses were expanding, but the money they needed to finance that growth was becoming scarcer. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, the Northern Pacific Railway. Cooke's firm provided the financing, and ground for the line was broken near Duluth, Minnesota , on 15 February 1870. The railroad had borrowed more than $ 1.5 million from Cooke & Co, but

9477-406: The nation's railroads had failed, and another 60 had gone bankrupt by the first anniversary of the crisis. Construction of new rail lines, formerly one of the backbones of the economy, plummeted from 7,500 miles (12,100 km) of track in 1872 to just 1,600 miles (2,600 km) in 1875, and 18,000 businesses failed between 1873 and 1875. Unemployment peaked in 1878 at 8.25%. Building construction

9594-481: The newly created Department of Missouri . Halleck rebuffed Grant, believing he needed twice the number of troops. However, after consulting McClellan, he finally agreed on the condition that the attack would be in close cooperation with the navy Flag Officer , Andrew H. Foote . Foote's gunboats bombarded Fort Henry, leading to its surrender on February 6, 1862, before Grant's infantry even arrived. Grant ordered an immediate assault on Fort Donelson , which dominated

9711-426: The northern end of Missionary Ridge and roll down it on the enemy's right flank. On November 23, Major General George Henry Thomas surprised the enemy in open daylight, advancing the Union lines and taking Orchard Knob, between Chattanooga and the ridge. The next day, Sherman failed to get atop Missionary Ridge, which was key to Grant's plan of battle. Hooker's forces took Lookout Mountain in unexpected success. On

9828-574: The panic came and became known as the Gründerkrach or "Founders' Crash". In 1865, Keglevich and Strousberg had come into direct competition in a project in what is now Slovakia. In 1870 the Hungarian government, and in 1872 the Emperor-King Franz Joseph of Austria , resolved the question of the competing projects. Although the collapse of the foreign loan financing had been predicted,

9945-594: The panic were quickly felt in New York (where 25% of workers became unemployed) and more slowly in Chicago, Virginia City, Nevada (where silver mining was active), and San Francisco. In New Hampshire, state coffers were so depleted by lost tax revenue the state government turned to private interests including tea and gunpowder manufacturer D. Ralph Lolbert for financial support. The New York Stock Exchange closed for ten days starting on 20 September. By November 1873, some 55 of

10062-417: The partial siege had already been set. Forces commanded by Major General Joseph Hooker , which had been sent from the Army of the Potomac, approached from the west and linked up with other units moving east from inside the city, capturing Brown's Ferry and opening a supply line to the railroad at Bridgeport. Grant planned to have Sherman's Army of the Tennessee, assisted by the Army of the Cumberland, assault

10179-590: The periphery, the Ottoman Empire 's economy also suffered. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad. The growth rates of agricultural and aggregate production were also lower during the Long Depression than the later period. The general demonetization and cheapening of silver caused

10296-586: The post-war national economy, supported congressional Reconstruction and the Fifteenth Amendment , and prosecuted the Ku Klux Klan . Under Grant, the Union was completely restored. An effective civil rights executive, Grant signed a bill to create the United States Department of Justice and worked with Radical Republicans to protect African Americans during Reconstruction . In 1871, he created

10413-459: The process of silver demonetization. The process began on 23 November 1871 and culminated in the introduction of the gold mark on 9 July 1873 as the currency for the newly united Reich, replacing the silver coins of all constituent lands. Germany was now on the gold standard . Demonetization of silver was thus a common element in the crises on both sides of the Atlantic Ocean . On 9 May 1873,

10530-583: The public into silver coins , but it would still mint silver dollars for export in the form of trade dollars . The Act had the immediate effect of depressing silver prices, hurting Western mining interests, who labeled the Act "The Crime of '73", but its effect was offset somewhat by the introduction of a silver trade dollar for use in Asia and the discovery of new silver deposits at Virginia City, Nevada , that resulted in new investment in mining activity. The Act also reduced

10647-504: The real estate business as a bill collector, again without success and at Julia's prompting ended the partnership. In August, Grant applied for a position as county engineer. He had thirty-five notable recommendations, but Grant was passed over by the Free Soil and Republican county commissioners because he was believed to share his father-in-law's Democratic sentiments. In April 1860, Grant and his family moved north to Galena, accepting

10764-411: The reservation. Today, the two tribes have a joint-trust patent of the remaining reservation. It is undeveloped but serves as an ecological preserve. 32°55′33.54″N 116°43′45.58″W  /  32.9259833°N 116.7293278°W  / 32.9259833; -116.7293278 Ulysses S. Grant Ulysses S. Grant (born Hiram Ulysses Grant ; April 27, 1822 – July 23, 1885)

10881-406: The royal treasury (1842–1848) and in 1845 had cofounded a financial association to fund the expansion of Hungarian industry and to protect the loan repayments, similar to the 1870 Kreditschutzverband , an Austrian association for the protection of creditors and the interests of its members in cases of bankruptcy. That made it possible for a number of new Austrian banks to be established in 1873 after

10998-404: The sack of Holly Springs, Grant considered and sometimes adopted the strategy of foraging the land, rather than exposing long Union supply lines to enemy attack. Fugitive African-American slaves poured into Grant's district, whom he sent north to Cairo to be domestic servants in Chicago. However, Lincoln ended this when Illinois political leaders complained. On his own initiative, Grant set up

11115-516: The strikes as an "insurrection", rather than an act of desperation and frustration. One notable paper recorded a striking worker's perspective that he "had might as well die by the bullet as to starve to death by inches". Within a week, similar protests had erupted in other cities. In Baltimore, Maryland where strikers set fire to buildings owned by B.& O. Railroads and an outnumbered militia guard division opened fire when they were surrounded by rioters, killing 10 and injuring 25 more leading to

11232-511: The supply of silver was mined there . As a result, the US Congress passed the Coinage Act of 1873 , which changed the national silver policy. Before the Act, the US had backed its currency with both gold and silver and minted both types of coins. The Act moved the United States to a de facto gold standard , which meant it would no longer buy silver at a statutory price or convert silver from

11349-539: The way to California. The depression ended in the spring of 1879, but tension between workers and the leaders of banking and manufacturing interests lingered on. Poor economic conditions also caused voters to turn against the Republican Party . In the 1874 congressional elections , the Democratic Party assumed control of the House for the first time since the Civil War. Public opinion made it difficult for

11466-463: The world. In 1880, he was unsuccessful in obtaining the Republican nomination for a third term. In 1885, impoverished and dying of throat cancer, Grant wrote his memoirs , covering his life through the Civil War, which were posthumously published and became a major critical and financial success. At his death, Grant was the most popular American and was memorialized as a symbol of national unity. Due to

11583-443: Was appointed brigadier general of volunteers. Major General John C. Frémont , Union commander of the West, passed over senior generals and appointed Grant commander of the District of Southeastern Missouri. On September 2, Grant arrived at Cairo, Illinois , assumed command by replacing Colonel Richard J. Oglesby , and set up his headquarters to plan a campaign down the Mississippi, and up the Tennessee and Cumberland rivers. After

11700-546: Was appointed military aide to Governor Richard Yates and mustered ten regiments into the Illinois militia . On June 14, again aided by Washburne, Grant was appointed colonel and put in charge of the 21st Illinois Volunteer Infantry Regiment ; he appointed John A. Rawlins as his aide-de-camp and brought order and discipline to the regiment. Soon after, Grant and the 21st Regiment were transferred to Missouri to dislodge Confederate forces. On August 5, with Washburne's aid, Grant

11817-489: Was assigned to command Company F, 4th Infantry , at the newly constructed Fort Humboldt in California. Grant arrived at Fort Humboldt on January 5, 1854, commanded by Lieutenant Colonel Robert C. Buchanan . Separated from his family, Grant began to drink. Colonel Buchanan reprimanded Grant for one drinking episode and told Grant to "resign or reform." Grant told Buchanan he would "resign if I don't reform." On Sunday, Grant

11934-673: Was formally commissioned by Lincoln the next day at a Cabinet meeting. Grant developed a good working relationship with Lincoln, who allowed Grant to devise his own strategy. Grant established his headquarters with General George Meade 's Army of the Potomac in Culpeper, Virginia , and met weekly with Lincoln and Stanton in Washington. After protest from Halleck, Grant scrapped a risky invasion of North Carolina and planned five coordinated Union offensives to prevent Confederate armies from shifting troops along interior lines. Grant and Meade would make

12051-488: Was found influenced by alcohol, but not incapacitated, at his company's paytable. Keeping his pledge to Buchanan, Grant resigned, effective July 31, 1854. Buchanan endorsed Grant's resignation but did not submit any report that verified the incident. Grant did not face court-martial, and the War Department said: "Nothing stands against his good name." Grant said years later, "the vice of intemperance (drunkenness) had not

12168-579: Was halted, wages were cut, real estate values fell, and corporate profits vanished. In 1874, Congress passed "the Ferry Bill" to allow for the printing of currency, increasing inflation and reducing the value of debts. The bill was vetoed by President Grant. The following year, Congress passed the Specie Resumption Act of 1875 , which would back United States currency with gold. Backing American currency with gold helped curb inflation and stabilize

12285-573: Was in Panama, a cholera epidemic killed many soldiers and civilians. Grant organized a field hospital in Panama City , and moved the worst cases to a hospital barge offshore. When orderlies protested having to attend to the sick, Grant did much of the nursing himself, earning high praise from observers. In August, Grant arrived in San Francisco. His next assignment sent him north to Vancouver Barracks in

12402-521: Was incapable of paying it back. An expanding funding gap became harder to resolve due to the Credit Mobilier scandal . Due to the financial crises in Europe, Cooke could not sell the securities abroad. Just as Cooke was about to swing a $ 300 million government loan in September 1873, reports circulated that his firm's credit had become nearly worthless. On 18 September, the firm declared bankruptcy. Many US insurance companies went out of business, as

12519-423: Was killed and command fell upon Beauregard. One Union line held the Confederate attack off for several hours, giving Grant time to assemble artillery and 20,000 troops near Pittsburg Landing. The Confederates finally broke and captured a Union division, but Grant's newly assembled line held the landing, while the exhausted Confederates, lacking reinforcements, halted their advance. Bolstered by 18,000 troops from

12636-518: Was not forced to attend church by his Methodist parents. For the rest of his life, he prayed privately and never officially joined any denomination. To others, including his own son, Grant appeared to be agnostic . Grant was largely apolitical before the war but wrote, "If I had ever had any political sympathies they would have been with the Whigs. I was raised in that school." At Jesse Grant's request, Representative Thomas L. Hamer nominated Ulysses to

12753-552: Was promoted the next day to brevet second lieutenant . He planned to resign his commission after his four-year term. He would later write that among the happiest days of his life were the day he left the presidency and the day he left the academy. Despite his excellent horsemanship, he was not assigned to the cavalry, but to the 4th Infantry Regiment . Grant's first assignment was the Jefferson Barracks near St. Louis, Missouri . Commanded by Colonel Stephen W. Kearny , this

12870-479: Was risky because, east of the river, his army would be distanced from most of its supply lines, and would have to rely on foraging. On April 16, Grant ordered Admiral David Dixon Porter 's gunboats south under fire from the Vicksburg batteries to meet up with troops who had marched south down the west side of the river. Grant ordered diversionary battles, confusing Pemberton and allowing Grant's army to move east across

12987-568: Was sent back to his quartermaster job in Detroit. When the discovery of gold in California brought prospectors and settlers to the territory, Grant and the 4th infantry were ordered to reinforce the small garrison there. Grant was charged with bringing the soldiers and a few hundred civilians from New York City to Panama, overland to the Pacific and then north to California. Julia, eight months pregnant with Ulysses Jr., did not accompany him. While Grant

13104-597: Was the 18th president of the United States , serving from 1869 to 1877. As commanding general , Grant led the Union Army to victory in the American Civil War in 1865. Grant was born in Ohio and graduated from the United States Military Academy (West Point) in 1843. He served with distinction in the Mexican–American War , but resigned from the army in 1854 and returned to civilian life impoverished. In 1861, shortly after

13221-418: Was the largest employer outside agriculture in the US and involved large amounts of money and risk. A large infusion of cash from speculators caused spectacular growth in the industry and in the construction of docks, factories, and ancillary facilities. Most capital was involved in projects offering no immediate or early returns. A period of economic overexpansion arose from the northern railroad boom before

13338-469: Was the nation's largest military base in the West. Grant was happy with his commander but looked forward to the end of his military service and a possible teaching career. In 1844, Grant accompanied Frederick Dent to Missouri and met his family, including Dent's sister Julia . The two soon became engaged. On August 22, 1848, they were married at Julia's home in St. Louis. Grant's abolitionist father disapproved of

13455-618: Was then in its later stages. In September 1873, the US economy entered a crisis. In September 1873, Jay Cooke & Company , a major component of the country's banking establishment, found itself unable to market several million dollars in Northern Pacific Railway bonds. Jay Cooke 's firm, like many others, had invested heavily in the railroads. Some investment banks were then anxious for more capital for their enterprises, US President Ulysses S. Grant 's monetary policy of contracting

13572-533: Was to assimilate Indians into Anglo-American culture. In Grant's foreign policy, the Alabama Claims against Britain were peacefully resolved, but the Senate rejected Grant's annexation of Santo Domingo . In the disputed 1876 presidential election , Grant facilitated the approval by Congress of a peaceful compromise. Leaving office in 1877, Grant undertook a world tour , becoming the first president to circumnavigate

13689-410: Was to attack Vicksburg overland, while Sherman would attack Vicksburg from Chickasaw Bayou. However, Confederate cavalry raids on December 11 and 20 broke Union communications and recaptured Holly Springs, preventing Grant and Sherman from converging on Vicksburg. McClernand reached Sherman's army, assumed command, and independently of Grant led a campaign that captured Confederate Fort Hindman . After

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