23-24 Test Prep
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Fisk and Gould
In 1869, the pair concocted a plot to corner the gold market that would only work if the treasury stopped selling gold, so they worked on President Grant directly and through his brother-in-law, but their plan failed when the treasury sold gold.
- The infamous Tweed Ring (AKA, “Tammany Hall) of NYC,headed by “Boss” Tweed, employed bribery, graft, and fake
- elections to cheat the city of as much as $200 million. Tweed was finally
- caught when The New York Times secured evidence of his misdeeds, and later died
- in jail. Samuel J. Tilden gained fame by leading the prosecution of Tweed.
- Thomas Nast,political cartoonist, constantly drew against Tammany’s corruption.
GRANT'S OWN CABINET TOOK MONEY.In 1875, the public learned that the Whiskey Ring had robbed the Treasury of millions of dollars, and when Grant’s own private secretary was shown to be one of the criminals, Grant retracted his earlier statement of “Let no guilty man escape.”
Greenbacks Redemption Day
As greenbacks regained their value, few greenback holders bothered to exchange their more convenient bills for gold when Redemption Day came in 1879.
Bland Allison Act
In 1878, the Bland-Allison Act instructed the Treasury to buy and coin between $2 million and $4 million worth of silver bullion eachmonth. The minimum was actually coined and its effect was minimal on creating “cheap money.”
Compromise of 1877
For the North—Hayes would become president if he agreed to remove troops from the remaining two Southern states where Union troops remained (Louisiana and South Carolina), and also, a bill would subsidize the Texas and Pacific rail line.For the South—military rule and Reconstruction ended when the military pulled out of the South.
Jim Crow Laws
Literacy requirements for voting began, voter registration laws emerged, and poll taxes began. These were all targeted at black voters. Most blacks became sharecroppers (providing nothing but labor) or tenant farmers (if they could provide their own tools).
Chinese Exculsion Act
After Hayes left office, the Chinese Exclusion Act, passed in 1882, was passed, barring any Chinese from entering the United States—the first law limiting immigration.
Awarded jobs based on ability.
Billion Dollar Congress
“Billion Dollar” Congress—one that legislated many expensive projects.
FREE COINAGE OF SILVER. SHORT WORKDAY.
Sherman Silver Purchase Act
STEADY DRAIN ON GOLD.
William Jennings Bryan
FREE COINAGE OF SILVER.
In 1869, the transcontinental rail line was completed at Promontory Point near Ogden, Utah; in all, the Union Pacific built 1,086 mi. of track, compared to 689 mi. by the Central Pacific.
Due to railroads, the creation of four national time zones occurred on November 18, 1883, instead of each city having its own time zone (that was confusing to railroad operators).
One method of cheap moneymaking was called “stock watering,” in which railroad companies grossly over-inflated the worth of their stock and sold them at huge profits.
Interstate Commerce Act
RAILROADS MUST PUBLISH THEIR RATES OPENLY.
In 1876, Alexander Graham Bell invented the telephone and a new age was launched.
Thomas Edison, the “Wizard of Menlo Park,” was the most versatile inventor, who, while best known for his electric light bulb, also cranked out scores of other inventions.
CONTROLLED ALL ASPECTS OF STEEL INDUSTRY. BOUGHT OUT BY J.P. MORGAN. VERTICAL
BOUGHT OUT CARNEIGE AND CREATED THE US FIRST BILLION DOLLAR COROPORATION US STEEL.
Gospel of Wealth
Many of the newly rich had worked from poverty to wealth, and thus felt that some people in the world were destined to become rich and then help society with their money. This was the “Gospel of Wealth.”
“Social Darwinism” applied Charles Darwin’s survival-of-the-fittest theories to business. It said the reason a Carnegie was at the top of the steel industry was that he was most fit to run such a business.
The South remained agrarian despite all the industrial advances, though James Buchanan Duke developed a huge cigarette industry in the form of the American Tobacco Company and made many donations to what is now Duke University.
Women, who had swarmed to factories and had been encouraged by recent inventions, found new opportunities, and the “Gibson Girl,” created by Charles Dana Gibson, became the romantic ideal of the age.
The Gibson Girl was young, athletic, attractive, and outdoorsy (not the stay-at-home mom type).
ENDED THE KNIGHTS OF LABOR.
American Federation of Labor
LONGEST LASTING LABOR UNION.
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