Page:The Republican Party (1920).djvu/78

 result was never in doubt. The immense popularity of General Grant, the equivocal attitude of Mr. Seymour on issues of supreme importance and the protection afforded by the Federal government to the negro voters of the South, assured a sweeping Republican victory. In the closing weeks of the campaign there was a noteworthy movement by business men, without regard to party, in support of the Republican ticket because of the sound declarations of the Republican platform concerning national finance. The result of the election was, "with the three States of Virginia, Mississippi and Texas not yet qualified to vote and with Florida choosing Presidential electors through her legislature, that Grant carried 26 states, with 214 electoral and 3,012,833 popular votes, while Seymour carried only 8 states with 80 electoral and 2,703,249 popular votes.

Apart from the political problems of southern reconstruction, already described, the foremost issue in national life now became that of finance. This was a complicated question. There was an enormous public debt, on much of which interest must be paid, and for the ultimate payment of which provision must be made. A part of this debt was, however, in the form of treasury notes or “greenbacks" which had been made legal tender for most purposes; and which must be made and kept at par with gold and be redeemed in gold upon demand, and perhaps ultimately be thus retired from circulation. Then there was the task of “resuming specie payments,” or of bringing the value of depreciated treasury notes and bank notes back to par with gold.

To these tasks the Republican party in Congress and in the administration after the inauguration of