GILDED AGE
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Transcript of GILDED AGE
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GILDED AGE
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• A process for removing air pockets and impurities from iron, and thus allowed steel to be made.
• This made skyscrapers possible, advances in shipbuilding, construction, railroads, etc…
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Bessemer process
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• Elbert H. Gary was corporate lawyer who became the __ president in 1898.
• It was the leading steel producer at the time.
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U.S. Steel Corporation
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• A section of low hills in Minnesota owned by Rockefeller in 1887, it was a source of iron ore for steel production.
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Mesabi Range
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• Financier who arranged the merger which created the U.S. Steel Corporation, the world's first billion dollar corporation.
• Everyone involved in the merger became rich. (Vertical consolidation).
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J. Pierpont Morgan
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• In the 1800s he enlarged fresh meat markets through branch slaughterhouses and refrigeration.
• He monopolized the meat industry to create the meat trust.
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Gustavus Swift
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• Pioneered the shipping of hogs to Chicago for slaughter, canning, and exporting of meat.
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Phillip Armour
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• Made tobacco a profitable crop in the modern South.
• He was a wealthy tobacco industrialist.• American Tobacco Company
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James B. Duke
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• One of the wealthiest bankers of his day, and along with other business tycoons, controlled Congress.
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Andrew Mellon
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• Price manipulation by strategic stock brokers of the late 1800s.
• The term for selling more stock than they actually owned in order to lower prices, then buying it back.
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"Stock watering"
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• The Panic of 1873 was caused by the failure of this company, which had invested too heavily in railroads and lost money when the railroads cheated the federal government.
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Jay Cooke Company
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• Stock manipulators and friends of President Grant, they made money selling gold.
• They tried to corner the gold market, only to be undone at the last moment.
• Grant was found to be innocent in the matter because he was not smart enough to understand the plan.
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Jay Gould and Jim Fiske
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• Agreement between railroads to divide competition.
• Equalization was achieved by dividing traffic.
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Pools
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• Developed in the 1880s, a practice by which railroads would give money back to its favored customers, rather than charging them lower prices, so that it could appear to be charging a flat rate for everyone.
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Rebates
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• Firms or corporations that combine for the purpose of reducing competition and controlling prices (establishing a monopoly).
• There are now laws to prevent these monopolies.
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Trusts
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• Companies that hold a majority of another company's stock in order to control the management of that company.
• Can be used to establish a monopoly.
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Holding companies
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• No state shall deny a person life, liberty, or property without due process of law. (The accused must have a trial.)
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14th Amendment's "Due Process Clause"
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• 1877 - The Supreme Court ruled that an Illinois law that put a ceiling on warehousing rates for grain was a constitutional exercise of the state's power to regulate business.
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Munn v. Illinois
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• 1886 - Stated that individual states could control trade in their states, but could not regulate railroads coming through them.
• Congress had exclusive jurisdiction over interstate commerce.
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Wabash, St. Louis and Pacific Railroad Company v. Illinois
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• Passed in response to the Wabash case, it created a federal oversight committee for commerce.
• It forbade the use of pools.
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Interstate Commerce Act
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• A five member board that monitors the business operation of carriers transporting goods and people between states.
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Interstate Commerce Commission
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• Different railroad companies charged separate rates for hauling goods a long or short distance.
• The __ made it illegal to charge more per mile for a short haul than a long one.
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Interstate Commerce Act
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• 1890 - A federal law that committed the American government to opposing monopolies.
• It prohibits contracts, combinations and conspiracies in restraint of trade.
• It was largely ineffective because it made no distinction between good and bad trusts.
• Thus it was mostly used to attack unions as “labor trusts.”
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Sherman Antitrust Act
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• 1895 - The Supreme Court ruled that since the __ monopoly over the production of sugar had no direct effect on commerce, the company couldn't be controlled by the government.
• It also ruled that mining and manufacturing weren't affected by interstate commerce laws and were beyond the regulatory power of Congress.
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E.C. Knight Company
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• Established 1866, and headed by William Sylvis and Richard Trevellick, it concentrated on producer cooperation to achieve goals.
• Killed by the Panic of 1873
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National Labor Union
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• Leader of the National Labor Union.
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William Sylvis
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• An American labor union originally established as a secret fraternal order and noted as the first union of all workers.
• It was founded in 1869 in Philadelphia by Uriah Stephens and a number of fellow workers.
• It was largely blamed for the Haymarket Square riot and never recovered.
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Knights of Labor
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• __ was elected head of the Knights of Labor in 1883.
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Terence Powderly
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• Began in 1886 with about 140,000 members; by 1917 it had 2.5 million members.
• It was primarily for skilled workers.• It is a federation of different unions, and was
often called the Labor Trust.
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American Federation of Labor (AFL)
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• President of the AFL, he combined unions to increase their strength.
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Samuel Gompers
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• Discussions held between union representatives, negotiating for workers, and their employers over wages, hours, and conditions.
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Collective bargaining
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• A judicial order forcing a person or group to refrain from doing something.
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Injunction
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• The unions' method for having their demands met.
• Workers stop working until the conditions are met.
• It is a very effective form of attack.
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Strikes
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• People refuse to buy a company's product until the company meets demands.
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Boycotts
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• A working establishment where only people belonging to the union are hired.
• It was done by the unions to protect their workers from cheap labor.
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Closed shop
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• A list of people who had done some misdeed and were disliked by business.
• They were refused jobs and harassed by unions and businesses.
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Black list
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• A written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.
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Yellow Dog contracts
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• People working for a particular company would gather and as a unit demand better wages, working conditions and hours.
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Company unions
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• July, 1877 - A large number of railroad workers went on strike because of wage cuts.
• After a month of strikes, President Hayes sent troops to stop the rioting.
• The worst railroad violence was in Pittsburgh, with over 40 people killed by militia men.
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Great Railroad Strike
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• 100,000 workers rioted in Chicago. After the police fired into the crowd, the workers met and rallied in __ to protest police brutality.
• A bomb exploded, killing or injuring many of the police.
• The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.
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Haymarket Square Riot
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• Governor of Illinois during the Haymarket riots, he pardoned three convicted bombers in 1893, believing them victims of the "malicious ferocity" of the courts.
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John Peter Altgeld
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• The workers at a steel plant in Pennsylvania went on strike due to the policies of plant manager Frick, forcing the owner to close down.
• Armed guards were hired to protect the building, and Pinkertons being brought in engaged in a shootout with workers.
• The strikers attacked for five months, then gave in to peace demands.
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Homestead Strike
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• Members of the Chicago police force headed by Alan Pinkerton, they were often used as strike breakers.
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Pinkertons
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• Led by Eugene Debs, they started the Pullman strike, composed mostly of railroad workers.
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American Railway Union
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• Started by enraged workers who were part of George Pullman's "model town", it began when Pullman fired three workers on a committee.
• Pullman refused to negotiate and troops were brought in to ensure that trains would continue to run.
• When orders for Pullman cars slacked off, Pullman cut wages, but did not cut rents or store prices.
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Pullman Strike, 1894
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• Leader of the American Railway Union, he voted to aid workers in the Pullman strike.
• He was jailed for six months for disobeying a court order after the strike was over.
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Eugene V. Debs
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• Attorney General of the U.S., he obtained an active injunction that state union members couldn't stop the movement of trains.
• He moved troops in to stop the Pullman strike, using as justification that stopping the trains interfered with the US mail.
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Richard Olney
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• Justified bribery or cheating.
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"Honest Graft"
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• Large political boss and head of Tammany Hall, he controlled New York and believed in "Honest Graft".
• He was taken down in part by the political cartoons of Thomas Nast.
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Boss Tweed
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• Political machine in New York, headed by Boss Tweed.
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Tammany Hall
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• Newspaper cartoonist who produced satirical cartoons, he invented "Uncle Sam" and came up with the elephant and the donkey for the political parties.
• He helped bring down Boss Tweed.
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Thomas Nast