Foner is a lousy historian in my opinion. He's a bit more liberal than McDonald I guess but just as deluded.
The following is a different, I think more accurate take, by Thomas Ferguson from chapter one of his excellent *Golden Rule*. It appears on p. 69, and I have removed his reference citations:
Backed by a massive coalition of bankers, merchants, and some
(not all) important railroad men, President Andrew Johnson
treated the South rather like another group of similarly
connected business leaders treated Germany 80 years later, and
began reinstalling the old leadership of the defeated country
into power. He also pursued a highly conservative monetary policy
designed to get the United States quickly back on gold, and laid
plans to cut tariffs.
All of these proposals generated powerful opposition. The
Reconstruction, tariff, and monetary policies were sharply
opposed by many industrialists, especially those in Pennsylvania
and the Midwest, who complained bitterly about tariff cuts and
deflation; some railroads, which did not want to have to pay off
newly issued bonds in sound money; and many Republicans of all
stripes whose overriding priority was the creation of a viable
Republican Party in the South to secure the fruits of the Civil
War. Johnson had to be rescued by superlawyer William Everts,
attorney for the Astors and the New York Central, and barely
escaped impeachment.
Bill