Throughout time we humans as a civilization we always strive for a better existence. During the 20th century in America there was much conflict surrounding social, economic and political issue that enamored the country for a very long time indeed and still to this day affects us. This is why the industrial revolution in America was prosperous, but like anything else in the world what goes up must come down. During this time period many Americans were trying to find there way throughout life and live a long and healthy life this part of history is not often taught in schools. Many people such as Cashman often refer to this time period as heyday of the robber barons” (2). In America during the industrial revolution life was changing at a rapid
…show more content…
They were also able to raise large funds for building the road, but instead of using this money for the road it went right into their hands. During the year of 1872 the Crédit Mobilier scandal was brought to light and a year later in 1873 they had to deal with a big consequence that was put upon them politically. The railroad industry during this time was a very important part of the economic health of America. Actually I would like to reference something along those lines that I found would back up my statement “the root cause of the depression of 1873 was railroad collapse. And the railroads collapsed because they were overextended” (29). As I stated earlier the railroad system was important to America because it allowed raw materials to be shipped throughout various places in America. Since most of the newer railroad construction was in the West it was not very profitable because there were not very many people residing in the …show more content…
This made the prices of the stocks fall, which then made the New York Stock Exchange close for ten days. Robber Barons were also an important feature of the industrial revolution a group of three men changed the era completely. These three men where Jay Gould, Jim Fisk, and Daniel drew one thing that these three men are highly known for is how they were able to give advice to President Ulysses S. Grant and were able to have General Daniel Butterflied appointed to the head of the sub treasury. Butterflied along with Fisk and Gould were in on this together because they wanted to make profit on the New York gold market mainly by hoarding the gold. There actions caused a bad backlash within the market, on September 24th, 1869, which was then known as Black Friday. This situation had many Wall Street bankers worried about their own collapse. After they were able to gain all the profits from black Friday they then became “railway kings”
They were also able to raise large funds for building the road, but instead of using this money for the road it went right into their hands. During the year of 1872 the Crédit Mobilier scandal was brought to light and a year later in 1873 they had to deal with a big consequence that was put upon them politically. The railroad industry during this time was a very important part of the economic health of America. Actually I would like to reference something along those lines that I found would back up my statement “the root cause of the depression of 1873 was railroad collapse. And the railroads collapsed because they were overextended” (29). As I stated earlier the railroad system was important to America because it allowed raw materials to be shipped throughout various places in America. Since most of the newer railroad construction was in the West it was not very profitable because there were not very many people residing in the …show more content…
This made the prices of the stocks fall, which then made the New York Stock Exchange close for ten days. Robber Barons were also an important feature of the industrial revolution a group of three men changed the era completely. These three men where Jay Gould, Jim Fisk, and Daniel drew one thing that these three men are highly known for is how they were able to give advice to President Ulysses S. Grant and were able to have General Daniel Butterflied appointed to the head of the sub treasury. Butterflied along with Fisk and Gould were in on this together because they wanted to make profit on the New York gold market mainly by hoarding the gold. There actions caused a bad backlash within the market, on September 24th, 1869, which was then known as Black Friday. This situation had many Wall Street bankers worried about their own collapse. After they were able to gain all the profits from black Friday they then became “railway kings”