Corruption Hidden Among The Transcontinental Railroads In The Gilded Age
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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