Extra Credit Paper: Corruption Hidden among the Transcontinental White, Richard. “Information, Markets, and Corruption: Transcontinental Railroads in the Gilded Age” The Journal of American History 90:1 (June, 2993) 19-43 The Gilded Age described an era within the United States History that marked high economic growth and masked serious social problems. An increase in industrialization attracted many to a number of new opportunities to become part of the rising industries. One major industry during this time period was found in the railroad. The of course was also considered the center of national or both financial and political corruption (White, 21). While transcontinental railroads were essential developments for the growth of the United …show more content…
The transcontinental railroads opened the doors to both political and financial corruption (White, 23). Those in the railroad business both had and looked for friends in high places. They effectively looked for ways to influence the interest and nominations of legislature and congress decisions. Of course to keep the best of their interests safe, friends of the railroad industries quietly influencing the decision within committees of Congress. Those within railroad politics concerned themselves with regulations and subsidies. Ultimately, they worked to twist these concerns into attempts to influence the financial markets (White, 23). During the Gilded Age, the development of transcontinental railroads could now demonstrate a connection between the corruption of information within …show more content…
Huntington knew the borrowing money from foreign investors gave him a leg up in information. He would strategically release information when it proved to give him some sort of advantage (White, 27). The inaccuracy of the release of certain information resulted in hurting Europeans investors immensely. When with demanded reports and information was always easy to fabricate and it wasn’t always easy to insure accuracy. Many European countries had large stakes within the transcontinental developments and paid dearly for falling for promises of high returns. To further the control of information within the United States railroad companies hired lobbyists and journalists to paint a specific picture of the transcontinental advancements to the American
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Transcontinental Railroad Tera Richardson, 4336787 History 102 B008 Sum 17 Professor Traci Sumner American Military University July 22, 2017 Abstract The transcontinental railroad was one of the biggest advocates for the industrial economy and westward expansion. The railroads could transfer goods and people across the country with ease, and quickly. While some bad came from this miraculous progression, such as the panic of 1873 and a yellow fever epidemic, the good outweighed the bad as it enabled the United States to fulfill its Manifest Destiny through westward expansion.
This essay will generally analyze the relationship between the government and businesses, and how “Big Business” essentially took control of the Gilded Age. America’s first true big business mostly arose because of the railroads, which is fairly significant, because it essentially helped lead the development of other business barons such as, John D. Rockefeller, Andrew Carnegie, and J. Pierpont Morgan who all had particularly extraordinary accomplishments in shaping our economy. Most of these men who created big businesses after the Civil War were driven by a compelling desire to become rich and influential.
The Gilded Age lasted from 1870-1900 The Gilded Age, which spanned the final three decades of the nineteenth century, was one of the most dynamic, contentious, and volatile periods in American history. America's industrial economy exploded, generating unprecedented opportunities for individuals to build great fortunes but also leaving many farmers and workers struggling merely for survival. Overall national wealth increased more than fivefold, a staggering increase, but one that was accompanied by what many saw as an equally staggering disparity between the rich and the poor. Industrial giants like Andrew Carnegie and John D. Rockefeller revolutionized business and ushered in the modern corporate economy, but also, ironically, sometimes destroyed
During the “Gilded Age”, America made numerous improvements to the functions and development of society. This was a time of renaissance in the United States, shortly after leaving a state of depression caused by the civil war and the reconstruction of our nation from World War I. We made break thorough advancements and improvements that allowed us to be where we are today. The “Gilded Age” was pivotal to the growth of our nation as a whole and led us to be as developed as we are. The three most important improvements to America through the “Gilded Age” were industrialization, transportation, and the appearance of wealth.
After the Civil War, the United States (U.S.) started industrializing in the early nineteenth century, bringing revolutionary revisions to America’s society and its industries. The abundance of natural resources, new inventions, and continuously immigrating workers, along with the creation of the free enterprise system and a spur of railroads, enabled the country to industrialize successfully. Soon America’s small towns were transformed into large cities filled with factories. In the late 1800s, a period known as the Gilded Age came about, suggesting that America’s industrialization and urbanization had two facets. On the surface, the U.S. showcased golden success and prosperity, while the interior aspect began to unveil the unsettling realities
Grand industrial and economic growth, as well as personal opportunities for monetary success, were never higher than in the Gilded Age. The founding Industrial Fathers such as Andrew Carnegie, Henry Ford, J.P. Morgan, and Cornelius Vanderbilt, to name a few, were the pioneers of the Gilded Age and without them, the United States would not resemble even a fraction of what it does today. Without question, these men were the driving force behind the industrial boom, but the debate rages on as to whether these corporate magnates were sagacious business men seeking to debauch the United States for the procurement of monetary superiority or if they were a benevolent force seeking to bring America to the highest level of economic success ever seen
The Gilded Age, the period of the history of the United States from the Reconstruction to the early 20th century, witnessed the development of industrialization, urbanization, the construction of great transcontinental railroads, innovations in science and technology, and the rise of big business. There were many capable leaders who were building a better future. Vanderbilt stopped at nothing to connect the nation via railroads. Rockefeller used his trademark ruthlessness to establish his oil empire. Cities were expending to the sky, this was built on the strength of Andrew Carnegie’s steel.
The Gilded Age was to describe America in the late nineteenth century. The outside of the US seemed glamorous and splendid alongside industrial development and massive economic growth. However, the dark sides were hidden beneath it. In my perspective, I believe we are living in the 2nd Gilded age.
While in "Gilded Age", all levels of government had corruption, graft public money for their own. One of the most notorious New York City Boss Tweed William M. Tweed, his wealth has more than $25 million in 1871, all was dirty money. During the period he served as mayor of New York, the city requires all public officials to report false, false ratio as high as 85%. He presided over the construction of the New York county government office buildings, 40 chairs and 3 tables then discount about $179000, but a thermometer was quoted $7500. According to statistics, in 1860 ~ 1900, American municipal debt by $200 million soared to $1.4 billion, most of them are the City boss and partisans pocketed.
During the late 1800s there was a time period called the “Gilded Age”. The Gilded Age is a time period the economy was struggling along with the people of the era. Andrew Carnegie, John D. Rockefeller, and Thomas Edison were some examples of successful business owners and Robber Barons of that time. Robber Barons were the people who stole money from the public along with natural resources such as soil, land, etc. These men were supposed to be great leaders, but instead they enforce horrible working conditions.
The period between 1865 to 1900, also known as the Gilded Age, was an era of rapid industrialization, immigration, and capitalization in America. After the civil war, previously used factories remained and flourished as manufacturing started to replace farming; which was possible due to vast immigration from Southern and Eastern part of Europe. With an available cheap labor source, businesses rose to great heights, and competition thrived. While companies thrived, working laborers and citizens suffered. Because industrial statesman expanded wealth and created opportunities, but also exploited workers, disrupted competition, and manipulated factors of production, it is justified to characterize the industrial leaders of the Gilded age as both
Railroads carried new and expensive machinery from factories in the East and Midwest to Oregon farmers who in turn became more specialized and profit oriented.” Railroads boosted trade and production by massive numbers. Without railroads, trade would not have been as advanced and farmers would have no way to deliver crops in a quick manner that would provide fresh produce to consumers. One major railroad that is talked about today is the Richmond and Alleghany Railroad. During the building of this railroad, many complications occurred, but no matter the dilemma, they always approached and attempted to fix it, as said in Richmond
With the advent of the railroad, many of these issues disappeared. Railroads had a major impact on advancing the American economy, transforming America into a modern society, and improving an antiquated transportation system. The building of railroads created rapid economic growth in America. Railroad companies employed more than one million workers to build and maintain railroads. At the same time, coal, timber, and steel industries employed thousands of workers to provide the supplies necessary to build railroads (Chapter 12 Industrialization).
Jessica HillisMr. GillardAP US History5 January 2007Essay 16: Gilded AgeThroughout history, certain periods of time have been given certain names based on thehappenings that occurred. Many have called the period of 1865 to 1901 the “Gilded Age”, be-cause it was “shiny and pretty” on the outside but it was “rough and ugly” underneath. The term“Gilded Age” was actually coined by Mark Twain who satired the Gilded Age with a GoldenAge.