expenditures, in the internal revenue system, in the
currency, in the tariff, in the use of public lands, in the treatment of
the South.
%512. Result of the Election.%--While the campaign was going on,
Colorado was admitted (in August, 1876) as a state. There were then
thirty-eight states in the Union, casting 369 electoral votes. This made
185 necessary for a choice; and when the returns were all in, it
appeared that, if the Republicans could secure the electoral votes of
South Carolina, Florida, Louisiana, and Oregon, they would have exactly
185. In these states, however, a dispute was raging as to which set of
electors, Republican or Democratic, was elected. Each claimed to be;
and, as the result depended on them, each set met and voted. It was then
for Congress to decide which should be counted.
Now, the framers of the Constitution had never thought of such a
condition of affairs, and had made no provisions to meet it. Congress
therefore provided for an
%513. "Electoral Commission,"% to decide which of the conflicting
returns should be accepted. This commission was to be composed of five
senators, five representatives, and five justices of the Supreme Court.
The Senate chose three Republicans and two Democrats; the House, three
Democrats and two Republicans. Congress appointed two Democratic and
two Republican justices, who chose the fifth justice, who was a
Republican. The Commission thus consisted of eight Republicans and seven
Democrats. The decision as to each of the disputed states was in favor
of the Republican electors, and as it could not be reversed unless both
houses of Congress consented, and as both would not consent, Hayes was
declared elected, over Tilden, by one electoral vote; namely, Hayes,
185; Tilden, 184.
[Illustration: Rutherford B. Hayes]
%514. Financial Policy of Grant's Administration.%--The inauguration
of Hayes was followed by a special session of Congress. In the House was
a great Democratic majority, pledged to a new financial measure--a
pledge which it soon made good.
The financial policy of Grant's eight years may be summed up briefly:
1. (1869) The "Credit Strengthening Act," declaring that 5-20 bonds of
the United States should be paid "in coin."
2. (1870) The Refunding Act, by which $1,500,000,000 in bonds bearing
five and six per cent interest were ordered to be replaced by other
bonds at four, four and a half, and five per cent. In this refunding,
the 5-20's, whos
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