The bonds were essentially worthless after secession, and thirty eight banks had failed by June 1861, with another forty on the brink.

[3] The farm economy was also depressed, as prices for agricultural products fell due to the Confederate blockade on the Mississippi River.

[3] All of these problems weighed heavily on the government, and the Republicans, who held power in the state at the time, took much of the blame for bringing depression and war.

It was in this environment that incumbent Republican Governor Alexander Randall chose not to seek re-election to a third term.

Benjamin Ferguson was a member of the Wisconsin State Senate at the time of the election, representing Dodge County.