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Democracy and the Origins of the American Regulatory State$
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Samuel DeCanio

Print publication date: 2015

Print ISBN-13: 9780300198782

Published to Yale Scholarship Online: May 2016

DOI: 10.12987/yale/9780300198782.001.0001

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The Election of 1868

The Election of 1868

(p.78) Chapter 5 The Election of 1868
Democracy and the Origins of the American Regulatory State

Samuel DeCanio

Yale University Press

This chapter examines the Ohio gubernatorial election of 1867 and how it influenced national politics, the presidential election of 1868, and the Democratic Party's monetary positions. It first traces the origins of the Republican Party, certain components of its ideology, and its antagonistic relationship with New York's financial groups as well as the Democrats' appropriation of the issue of currency inflation. It then considers the shifting monetary positions of Democrats and Republicans during the 1868 presidential election, with particular emphasis on elite Democrats' views on the financial issue and the Republicans' endorsement of bureaucracy. It also discusses the Republican Party's belief that the Democrats, led by George Pendleton, had reintroduced monetary policy into postbellum American political debate. The chapter concludes by explaining how the Democrats' new monetary activism resulted in a new willingness to use the federal government to become more involved in the national economy.

Keywords:   politics, Ohio, presidential election, Democratic Party, Republican Party, bureaucracy, inflation, monetary policy, gubernatorial election, George Pendleton

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