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By the mid-19th century, the fabric of the United States was being torn apart by slavery. The famous 1820 agreement, the Missouri Compromise, which had prohibited the spread of slavery in much of the former Louisiana Territory, was repealed in 1854. Northern anti-slavery activists, including luminaries Salmon Chase, Charles Sumner and Horace Greeley, came together to form an anti-slavery party. Greeley, in a June 1854 New York Times editorial, christened the party:

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Sources:

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http://www.ushistory.org/gop/origins.htm
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