HST 102 Lecture Notes - Lecture 3: Transcontinental Railroad, Expulsion Of The Acadians, Gilded Age

19 views3 pages
6 Feb 2017
Department
Course
Professor

For unlimited access to Class Notes, a Class+ subscription is required.

All that glitters is not gold: America in the "Gilded Age"
Wednesday, January 25, 2017
10:30 AM
Post Civil War America
Mass dislocation and disruption after the Civil War
The war had brought significant changes to the American economy:
o Infrastructure
Transcontinental railroad
o Banking
Establish national paper currency
o Land Use
Homestead act
Moral land grant act (established colleges
Engines of Change
Railroads are one of the most powerful forces of transformation
New transportation revolution takes hold
Encouraged by federal subsidies
Transcontinental railroad completed in 1869
Spurs mass economic growth and financial speculation
Railroad companies created time zones
Trouble in the Land
Corruption
Corruption plagues many industries
Especially railroads
o Construction
o Operation
Collusion
"Transit" payments
"Watering stock"
Crash and Burn
Panic of 1873
o Failed railroad speculation by large investment ban triggers crash
o 18,000 businesses collapse within two years
o by 1876, 14% unemployment. Remains double digits for a decade
Hardships are worsened by the Crime of '73
o Ends silver currency
o Tightens money supply and causes deflation
o Very band for farmers and debtors
Leads to turmoil unrest few and extend depression/repression
Explosions of discontent
Declining wages and economic hardship bring tensions
Increases clashes with labor
great railroad strike of 1877
o Response to coordinated wage cut
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows page 1 of the document.
Unlock all 3 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
1 Booster Class