in 1872, banks joined the liberal-republican revolt in support of horace greeley. he had to some degree opposed a party trend away from labor reform, a subject that was close to many of his working-class constituents, but not the wealthy businessmen who were coming to dominate the republican party. while banks was campaigning across the north for greeley, the radical daniel w. gooch successfully gathered enough support to defeat him for reelection; it was banks' first defeat by massachusetts voters. after his loss, banks invested in an unsuccessful start-up kentucky railroad headed by john frémont, hoping its income would substitute for the political loss.