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Sometimes, colleagues of The Classy Investors share special offers with us that we think our readers should be made aware of. Below is one such special opportunity that we believe deserves your attention. True story. Florida man walks into a packed crypto conference⦠With the assassination of President Abraham Lincoln, Andrew Johnson became the 17th President of the United States (1865-1869), an old-fashioned southern Jacksonian Democrat of pronounced statesâ rights views. With the Assassination of Lincoln, the Presidency fell upon an old-fashioned southern Jacksonian Democrat of pronounced statesâ rights views. Although an honest and honorable man, Andrew Johnson was one of the most unfortunate of Presidents. Arrayed against him were the Radical Republicans in Congress, brilliantly led and ruthless in their tactics. Johnson was no match for them. Born in Raleigh, North Carolina, in 1808, Johnson grew up in poverty. He was apprenticed to a tailor as a boy, but ran away. He opened a tailor shop in Greeneville, Tennessee, married Eliza McCardle, and participated in debates at the local academy. Entering politics, he became an adept stump speaker, championing the common man and vilifying the plantation aristocracy. As a Member of the House of Representatives and the Senate in the 1840âs and â50âs, he advocated a homestead bill to provide a free farm for the poor man. During the secession crisis, Johnson remained in the Senate even when Tennessee seceded, which made him a hero in the North and a traitor in the eyes of most Southerners. In 1862 President Lincoln appointed him Military Governor of Tennessee, and Johnson used the state as a laboratory for reconstruction. In 1864 the Republicans, contending that their National Union Party was for all loyal men, nominated Johnson, a Southerner and a Democrat, for Vice President. After Lincolnâs death, President Johnson proceeded to reconstruct the former Confederate States while Congress was not in session in 1865. He pardoned all who would take an oath of allegiance, but required leaders and men of wealth to obtain special Presidential pardons. By the time Congress met in December 1865, most southern states were reconstructed, slavery was being abolished, but âblack codesâ to regulate the freedmen were beginning to appear. Radical Republicans in Congress moved vigorously to change Johnsonâs program. They gained the support of northerners who were dismayed to see Southerners keeping many prewar leaders and imposing many prewar restrictions upon Negroes. The Radicalsâ first step was to refuse to seat any Senator or Representative from the old Confederacy. Next they passed measures dealing with the former slaves. Johnson vetoed the legislation. The Radicals mustered enough votes in Congress to pass legislation over his vetoâthe first time that Congress had overridden a President on an important bill. They passed the Civil Rights Act of 1866, which established Negroes as American citizens and forbade discrimination against them. A few months later Congress submitted to the states the Fourteenth Amendment, which specified that no state should âdeprive any person of life, liberty, or property, without due process of law.â All the former Confederate States except Tennessee refused to ratify the amendment; further, there were two bloody race riots in the South. Speaking in the Middle West, Johnson faced hostile audiences. The Radical Republicans won an overwhelming victory in Congressional elections that fall. In March 1867, the Radicals effected their own plan of Reconstruction, again placing southern states under military rule. They passed laws placing restrictions upon the President. When Johnson allegedly violated one of these, the Tenure of Office Act, by dismissing Secretary of War Edwin M. Stanton, the House voted eleven articles of impeachment against him. He was tried by the Senate in the spring of 1868 and acquitted by one vote. In 1875, Tennessee returned Johnson to the Senate. He died a few months later. And then this amazing thing happens⦠The son of a Baptist preacher who had emigrated from northern Ireland, Chester A. Arthur was Americaâs 21st President (1881-85), succeeding President James Garfield upon his assassination. Dignified, tall, and handsome, with clean-shaven chin and side-whiskers, Chester A. Arthur âlooked like a President.â The son of a Baptist preacher who had emigrated from northern Ireland, Arthur was born in Fairfield, Vermont, in 1829. He was graduated from Union College in 1848, taught school, was admitted to the bar, and practiced law in New York City. Early in the Civil War he served as Quartermaster General of the State of New York. President Grant in 1871 appointed him Collector of the Port of New York. Arthur effectively marshalled the thousand Customs House employees under his supervision on behalf of Roscoe Conklingâs Stalwart Republican machine. Honorable in his personal life and his public career, Arthur nevertheless was a firm believer in the spoils system when it was coming under vehement attack from reformers. He insisted upon honest administration of the Customs House, but staffed it with more employees than it needed, retaining them for their merit as party workers rather than as Government officials. In 1878 President Hayes, attempting to reform the Customs House, ousted Arthur. Conkling and his followers tried to win redress by fighting for the renomination of Grant at the 1880 Republican Convention. Failing, they reluctantly accepted the nomination of Arthur for the Vice Presidency. During his brief tenure as Vice President, Arthur stood firmly beside Conkling in his patronage struggle against President Garfield. But when Arthur succeeded to the Presidency, he was eager to prove himself above machine politics. Avoiding old political friends, he became a man of fashion in his garb and associates, and often was seen with the elite of Washington, New York, and Newport. To the indignation of the Stalwart Republicans, the onetime Collector of the Port of New York became, as President, a champion of civil service reform. Public pressure, heightened by the assassination of Garfield, forced an unwieldy Congress to heed the President. In 1883 Congress passed the Pendleton Act, which established a bipartisan Civil Service Commission, forbade levying political assessments against officeholders, and provided for a âclassified systemâ that made certain Government positions obtainable only through competitive written examinations. The system protected employees against removal for political reasons. Acting independently of party dogma, Arthur also tried to lower tariff rates so the Government would not be embarrassed by annual surpluses of revenue. Congress raised about as many rates as it trimmed, but Arthur signed the Tariff Act of 1883. Aggrieved Westerners and Southerners looked to the Democratic Party for redress, and the tariff began to emerge as a major political issue between the two parties. The Arthur Administration enacted the first general Federal immigration law. Arthur approved a measure in 1882 excluding paupers, criminals, and lunatics. Congress suspended Chinese immigration for ten years, later making the restriction permanent. Arthur demonstrated as President that he was above factions within the Republican Party, if indeed not above the party itself. Perhaps in part his reason was the well-kept secret he had known since a year after he succeeded to the Presidency, that he was suffering from a fatal kidney disease. He kept himself in the running for the Presidential nomination in 1884 in order not to appear that he feared defeat, but was not renominated, and died in 1886. Publisher Alexander K. McClure recalled, âNo man ever entered the Presidency so profoundly and widely distrusted, and no one ever retired ⦠more generally respected.â [Image]( The first Democrat elected after the Civil War in 1885, our 22nd and 24th President Grover Cleveland was the only President to leave the White House and return for a second term four years later (1885-1889 and 1893-1897). The First Democrat elected after the Civil War, Grover Cleveland was the only President to leave the White House and return for a second term four years later. One of nine children of a Presbyterian minister, Cleveland was born in New Jersey in 1837. He was raised in upstate New York. As a lawyer in Buffalo, he became notable for his single-minded concentration upon whatever task faced him. At 44, he emerged into a political prominence that carried him to the White House in three years. Running as a reformer, he was elected Mayor of Buffalo in 1881, and later, Governor of New York. Cleveland won the Presidency with the combined support of Democrats and reform Republicans, the âMugwumps,â who disliked the record of his opponent James G. Blaine of Maine. A bachelor, Cleveland was ill at ease at first with all the comforts of the White House. âI must go to dinner,â he wrote a friend, âbut I wish it was to eat a pickled herring a Swiss cheese and a chop at Louisâ instead of the French stuff I shall find.â In June 1886 Cleveland married 21-year-old Frances Folsom; he was the only President married in the White House. Cleveland vigorously pursued a policy barring special favors to any economic group. Vetoing a bill to appropriate $10,000 to distribute seed grain among drought-stricken farmers in Texas, he wrote: âFederal aid in such cases encourages the expectation of paternal care on the part of the Government and weakens the sturdiness of our national character. . . . â He also vetoed many private pension bills to Civil War veterans whose claims were fraudulent. When Congress, pressured by the Grand Army of the Republic, passed a bill granting pensions for disabilities not caused by military service, Cleveland vetoed it, too. He angered the railroads by ordering an investigation of western lands they held by Government grant. He forced them to return 81,000,000 acres. He also signed the Interstate Commerce Act, the first law attempting Federal regulation of the railroads. In December 1887 he called on Congress to reduce high protective tariffs. Told that he had given Republicans an effective issue for the campaign of 1888, he retorted, âWhat is the use of being elected or re-elected unless you stand for something?â But Cleveland was defeated in 1888; although he won a larger popular majority than the Republican candidate Benjamin Harrison, he received fewer electoral votes. Elected again in 1892, Cleveland faced an acute depression. He dealt directly with the Treasury crisis rather than with business failures, farm mortgage foreclosures, and unemployment. He obtained repeal of the mildly inflationary Sherman Silver Purchase Act and, with the aid of Wall Street, maintained the Treasuryâs gold reserve. When railroad strikers in Chicago violated an injunction, Cleveland sent Federal troops to enforce it. âIf it takes the entire army and navy of the United States to deliver a post card in Chicago,â he thundered, âthat card will be delivered.â Clevelandâs blunt treatment of the railroad strikers stirred the pride of many Americans. So did the vigorous way in which he forced Great Britain to accept arbitration of a disputed boundary in Venezuela. But his policies during the depression were generally unpopular. His party deserted him and nominated William Jennings Bryan in 1896. After leaving the White House, Cleveland lived in retirement in Princeton, New Jersey. He died in 1908. [Image]( Best Regards, As Americaâs 30th President (1923-1929), Calvin Coolidge demonstrated his determination to preserve the old moral and economic precepts of frugality amid the material prosperity which many Americans were enjoying during the 1920s era. At 2:30 on the morning of August 3, 1923, while visiting in Vermont, Calvin Coolidge received word that he was President. By the light of a kerosene lamp, his father, who was a notary public, administered the oath of office as Coolidge placed his hand on the family Bible. Coolidge was âdistinguished for character more than for heroic achievement,â wrote a Democratic admirer, Alfred E. Smith. âHis great task was to restore the dignity and prestige of the Presidency when it had reached the lowest ebb in our history ⦠in a time of extravagance and wasteâ¦.â Born in Plymouth, Vermont, on July 4, 1872, Coolidge was the son of a village storekeeper. He was graduated from Amherst College with honors, and entered law and politics in Northampton, Massachusetts. Slowly, methodically, he went up the political ladder from councilman in Northampton to Governor of Massachusetts, as a Republican. En route he became thoroughly conservative. As President, Coolidge demonstrated his determination to preserve the old moral and economic precepts amid the material prosperity which many Americans were enjoying. He refused to use Federal economic power to check the growing boom or to ameliorate the depressed condition of agriculture and certain industries. His first message to Congress in December 1923 called for isolation in foreign policy, and for tax cuts, economy, and limited aid to farmers. He rapidly became popular. In 1924, as the beneficiary of what was becoming known as âCoolidge prosperity,â he polled more than 54 percent of the popular vote. In his Inaugural he asserted that the country had achieved âa state of contentment seldom before seen,â and pledged himself to maintain the status quo. In subsequent years he twice vetoed farm relief bills, and killed a plan to produce cheap Federal electric power on the Tennessee River. The political genius of President Coolidge, Walter Lippmann pointed out in 1926, was his talent for effectively doing nothing: âThis active inactivity suits the mood and certain of the needs of the country admirably. It suits all the business interests which want to be let aloneâ¦. And it suits all those who have become convinced that government in this country has become dangerously complicated and top-heavyâ¦.â Coolidge was both the most negative and remote of Presidents, and the most accessible. He once explained to Bernard Baruch why he often sat silently through interviews: âWell, Baruch, many times I say only âyesâ or ânoâ to people. Even that is too much. It winds them up for twenty minutes more.â But no President was kinder in permitting himself to be photographed in Indian war bonnets or cowboy dress, and in greeting a variety of delegations to the White House. Both his dry Yankee wit and his frugality with words became legendary. His wife, Grace Goodhue Coolidge, recounted that a young woman sitting next to Coolidge at a dinner party confided to him she had bet she could get at least three words of conversation from him. Without looking at her he quietly retorted, âYou lose.â And in 1928, while vacationing in the Black Hills of South Dakota, he issued the most famous of his laconic statements, âI do not choose to run for President in 1928.â By the time the disaster of the Great Depression hit the country, Coolidge was in retirement. Before his death in January 1933, he confided to an old friend, â. . . I feel I no longer fit in with these times.â Andrew Miller
Managing Editor, Jeff Clark Trader [logo](
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As the 19th President of the United States (1877-1881), Rutherford B. Hayes oversaw the end of Reconstruction, began the efforts that led to civil service reform, and attempted to reconcile the divisions left over from the Civil War. Beneficiary of the most fiercely disputed election in American history, Rutherford B. Hayes brought to the Executive Mansion dignity, honesty, and moderate reform. To the delight of the Womanâs Christian Temperance Union, Lucy Webb Hayes carried out her husbandâs orders to banish wines and liquors from the White House. Born in Ohio in 1822, Hayes was educated at Kenyon College and Harvard Law School. After five years of law practice in Lower Sandusky, he moved to Cincinnati, where he flourished as a young Whig lawyer. He fought in the Civil War, was wounded in action, and rose to the rank of brevet major general. While he was still in the Army, Cincinnati Republicans ran him for the House of Representatives. He accepted the nomination, but would not campaign, explaining, âan officer fit for duty who at this crisis would abandon his post to electioneer⦠ought to be scalped.â Elected by a heavy majority, Hayes entered Congress in December 1865, troubled by the âRebel influences ⦠ruling the White House.â Between 1867 and 1876 he served three terms as Governor of Ohio. Safe liberalism, party loyalty, and a good war record made Hayes an acceptable Republican candidate in 1876. He opposed Governor Samuel J. Tilden of New York. Although a galaxy of famous Republican speakers, and even Mark Twain, stumped for Hayes, he expected the Democrats to win. When the first returns seemed to confirm this, Hayes went to bed, believing he had lost. But in New York, Republican National Chairman Zachariah Chandler, aware of a loophole, wired leaders to stand firm: âHayes has 185 votes and is elected.â The popular vote apparently was 4,300,000 for Tilden to 4,036,000 for Hayes. Hayesâs election depended upon contested electoral votes in Louisiana, South Carolina, and Florida. If all the disputed electoral votes went to Hayes, he would win; a single one would elect Tilden. Months of uncertainty followed. In January 1877 Congress established an Electoral Commission to decide the dispute. The commission, made up of eight Republicans and seven Democrats, determined all the contests in favor of Hayes by eight to seven. The final electoral vote: 185 to 184. Northern Republicans had been promising southern Democrats at least one Cabinet post, Federal patronage, subsidies for internal improvements, and withdrawal of troops from Louisiana and South Carolina. Hayes insisted that his appointments must be made on merit, not political considerations. For his Cabinet he chose men of high caliber, but outraged many Republicans because one member was an ex-Confederate and another had bolted the party as a Liberal Republican in 1872. Hayes pledged protection of the rights of Negroes in the South, but at the same time advocated the restoration of âwise, honest, and peaceful local self-government.â This meant the withdrawal of troops. Hayes hoped such conciliatory policies would lead to the building of a ânew Republican partyâ in the South, to which white businessmen and conservatives would rally. Many of the leaders of the new South did indeed favor Republican economic policies and approved of Hayesâs financial conservatism, but they faced annihilation at the polls if they were to join the party of Reconstruction. Hayes and his Republican successors were persistent in their efforts but could not win over the âsolid South.â Hayes had announced in advance that he would serve only one term, and retired to Spiegel Grove, his home in Fremont, Ohio, in 1881. He died in 1893. The Presidential biographies on WhiteHouse.gov are from âThe Presidents of the United States of America,â by Frank Freidel and Hugh Sidey. Copyright 2006 by the White House Historical Association.