Grant could have had the nomination of either party in 1868, but believing that Republican Reconstruction policies were more popular in the North, he accepted the Republican nomination. The campaign was a bitter one, and Grant’s triumph was surprisingly narrow. Without the 500,000 new black Republican voters in the South, he would have had the minority of the popular vote. Grant had very little political experience, and was very clumsy and ineffectual. By the end of Grant’s first term, members of a substantial faction of the party – who referred to themselves as Liberal Republicans – had come to oppose what they called “Grantism”. However, Grant still won the reelection. During the 1872 campaign, the first of a series of political scandals came to light that would plague Grant and the Republicans for the next eight years. It involved the French-owned Crédit Mobilier construction company, which had helped build the Union Pacific Railroad. This scenario was basically a money-laundering scheme, including Schuyler Colfax, who was Grant’s Vice-President. Next was the infamous “whiskey ring” with false tax reports, then the so-called Indian ring. Other, lesser scandals added to the growing impression that Grantism had brought rampant corruption to the government. Compounding Grant’s, and the nation’s problems was a financial crisis, known as the Panic of 1873. This was another American financial panic based on an insecure currency compounded by foolish investing. This crisis resulted in the National Greenback Party, which believed that the value of the dollar should constantly fluctuate. However, the Republicans under Grant did have a few diplomatic successes, including "Seward's Folly", the purchase of Alaska (and the tiny Midway Islands), which turned to be anything but a folly. He also dealt with Alabama claims made against England. Overall, Grant’s presidency was a not very successful.