rats
having given assurance of support to a candidate to be nominated by what
had come to be called the "Liberal Reform" party. That party held its
convention in Cincinnati early in May, and named Horace Greeley as its
candidate, a nomination which wrecked whatever chance the party had
seemed to have. Grant was renominated by acclamation in the Republican
convention. The Democratic convention nominated Greeley on the
Cincinnati convention platform, but without enthusiasm. General Grant
was elected by a popular majority of more than three quarters of a
million, and a vote in the electoral college of 286 to 63 for all
others, the opposing vote being scattered on account of the death of Mr.
Greeley in November, soon after his mortifying defeat.

CHAPTER XVII

HIS SECOND ADMINISTRATION

The storm of criticism and calumny through which President Grant passed
during the election canvass of 1872 had no effect to change his general
course or open his eyes to the true sentiment of the nation. Instead of
realizing that he was reelected, not because his administration was
approved, but because circumstances prevented an effective combination
of the various elements of sincere opposition, he and his friends
accepted the result as popular approbation of their past conduct and
warrant for its continuance. Things went from bad to worse with a
pell-mell rapidity that made good men shudder.

In the four years there were but two exhibitions of conspicuously
courageous and honorable statesmanship. One was the passage of the
Resumption Act of January 14, 1875, which promised the resumption of
specie payments on January 1, 1879, and gave the Secretary of the
Treasury adequate power to make the performance of the promise possible.
This was one result of the collapse in 1873 of the enormous speculation
promoted by a fluctuating currency and fictitious values. The demand for
a currency of stable value enabled the conservative statesmen in
Congress to take this action. Grant's approval of this act and his veto
in the previous year of the "inflation bill" must always be regarded as
highly commendable public services.

The only immediate change in the cabinet was the appointment of William
A. Richardson to succeed George S. Boutwell as Secretary of the
Treasury. Mr. Richardson had some qualifications of experience for the
place, but wanted the essential traits of firmness and high motive. In
the next year after taking office he was