Reconstruction Scandals: Boss Tweed In New York City

Panic of 1893 1893-1897 The Panic of 1893 was the worst depression in the nation’s history. The economy was centralized enough that most people were influenced by national markets and almost everyone was vulnerable to the effects of a national economic depression. In April 1893, the U.S. Treasury’s gold reserve dropped below $100 million and set off a financial panic as investors sold off their assets and converted them into gold. Along with the failure of the Philadelphia and Reading Railroad, the market was increasingly unsettled. Bank failures began and spread rapidly, fourteen thousand business failed by the end of the year, and the next four years were spent in the worst depression ever seen.

In 1928 Herbert Hoover was elected as president. Competition with Great Britain caused speculators to dump American stock in the late summer. By late October, Americans started to pull their money out of the stock market. After a continuous decline over a 10 day period the stock market

News traveled fast and far, prospectors came from around the world to try their hand in panning gold. Gold mining had reached its peak by 1852. More than $80 million in gold had been pulled from mines (Encyclopedia.com, 2015). Even though the gold rush was not profitable for all who came to California, the gold rush reshaped the demographics of California because people from Asia and other parts of the world traveled to California and the population rose. In 1848, James Marshall discovered gold while constructing a mill for John Sutter (Encyclopedia.com, 2015).

The Pendleton act influenced the Corporations, the name for it was the Pennsylvania Idea. In the late 1800s’ senators, mainly republicans senators, the republicans that wanted to become president. For example William McKinley raised money by going directly to the corporations and ask them if you give me the money and past a favorable legislation or vise versa stop negative legislation, whatever it is in order for you to wrake in the big dollars. Teddy Roosevelt disagreed on what president William McKinley did after his assassination, Roosevelt made it his mission to regulate as well as making it completely fair in competition system in Capitalism. Teddy Roosevelt believed that money in politics was a negative influence in campaigns.

Many people said he thought of himself as a merchant, rather than a digger because he bought over 800 pounds of tobacco and spirits. The Eureka stockade came about when the gold diggers or workers, didn’t agree with the licences that the government endorsed. The diggers noticed the miners’ licences were there to tax them, as the fees had to be paid whether gold was found or not. It was not fair to diggers that weren’t successful. The rebellion commenced in 1854, with Peter Lalor’s help.

Great depression begins when the stock market crash in 1929. The consumer spending dropped and unsold goods began to pile up, slowing production. Stock continued to rise. On October 24, 1929 the stock burst investors were dumping stock a record 12.9 million shares were traded that day known as “Black Tuesday”. Five days later some 16 million were traded the stock market had crashed.

Federalist leader Alexander Hamilton’s financial plan was fought with opposition from the Republicans. Though Jefferson and Madison opposed, the financial plan was approved by congress. “The central government assumed all debt regulates and the National Bank provides and regulates currency” (Class notes). Taxes were places on imports and whiskey which caused s whiskey rebellion in 1794. “The Federalists saw the economic future in manufacturing, but not political role of “common man.” Little faith in democracy.” “Republicans saw political future of “common man” participating in republic, Faith in the new democracy, but failed to see that farming was not economic future.” (Class notes) Each group had ideas that needed support from one another.

He was known of the “Prime Minister of the Underworld” the amount of political pull he had in the democratic party he was choosing who he wanted to elect. At the same time of the arrest for Costello’s tax evasion his rival Vito Genovese. Started to take over New york and Costello’s Casinos, political contacts, and the bootlegging until the prohibition ended during the 1940’s. After his release from prison Costello survived a hit by Vincent "The Chin" Gigante the Genovese soldier in 1957. Frank Costello saw this as the time to retire.

During this time California’s population grew extremely fast do to the gold rush. Millard Fillmore became the accidental president he said he was going to change Taylor’s policy because he was all wrong about the compromise of 1850 because he believed that abolition would lead to a collapse of the southern economy he also believed that slavery was protected by the constitution.

The two issues were the monetary policy and the tariff policy. The tariff policy separated the democrats and the republicans while the monetary policy gave rise to disagreements over the gold standard. A tariff on imported goods was created to protect newly developed industries. The disagreement spurred on whether to increase or lower the tariff Priceline a good. It became most relevant during the presidential election of 1888.

The gold rush added 500 million dollars to the nation 's wealth. The funny thing is that the people who found the gold, James Marshall and John Stutter had no benefits for their findings. They did lose workers, but because of their findings, they did make a milestone for america, so that is a huge benefit. Ever since the gold rush erupted, everything started, from the industrial revolution and the railroad and trading

A few years ago in 1807, congress had passed the Embargo Act, an act that forbids foreign trade. Today, a few years from that day in 1807 we look back on the preoccupations that have occurred because of the act. In just one year we saw our U.S exports decline by $84,000,000. We started with $109,000,000 and ended with $25,000,000.Thousands of Americans have turned to smuggling. The Embargo has trigger a serious Economic Depression and not much can save us right now.

It is interesting that the French, Austrian and English governments were willing to sell arms to the North due to their desire to see the Confederacy win. The Europeans were willing to empty their arsenals of undesirable weapons and looked to make a quick profit while they did so. “European governments and businessmen tried to sell the worst of their arms first, depending on the desperation of their American purchasers” (Davis 65). Hartley purchased Potsdam muskets from Prussia, Lorenz form Austria, Vincennes from France and Enfield rifles from

Many people believe that The Great Depression began when the stock market crashed on October 29, 1929. In the mid to late 1920’s the stock market grew majorly, the stock prices skyrocketed gaining interest from all kinds of people. As stock prices continued to rise, the market became very poplar. Eventually the stock prices started to fall during September through early October, and by October 24 the market was starting to crash. On “Black Thursday” (October 24,1929) 12.9 million shares were traded in order for investors to save what little money they could.

The main reason for the decline in tourism to New York was the issue on security and terrorism. In order to get extensive security this places a price on the world economy in the terms of a decline in productivity growth and more restrictions in the free shipping of goods, services and capital. In the following three months after 9/11 attack, cost the city’s economy 143,000 jobs and a $2.8 billion in lost wages, which led to effects on unemployment issues. According to the webpage “Economic Impact Analysis on the 9/11 Attack on New York City” financial services and insurance create over 75% of lower Manhattan’s $73 billion in economic output. These examples show that the 9/11 attack had a domino effect on New York City spending budget in the way that a loss of a source of revenue in area is the loss in another.