How Did Jp Morgan Contribute To The Rise Of Sharecropping?

Improved Essays
After the Civil War a lot southerners wanted to go back to the plantation life that the region had been characterized by before the war but a few prominent leaders believed that the South should move onto a “new society of small farms, thriving industries, and bustling cities” (Tindall 560). Unfortunately, many farmers could not afford wages and a system of sharecropping was developed where the farmer paid no wages, the worker paid no rent and the two shared the crop they mutually produced. The change led to more intense cultivation and the New South’s biggest accomplishment became their expansion of the region’s textile production. The popularity of cotton mills and tobacco growing grew significantly larger after the Civil War and it was thought that everyone in the South was getting rich, but most southern farmers weren’t flourishing. The system encourage overproduction and led to the …show more content…
P. Morgan was also a very successful man. He represented the influence that banks and bankers began to have over general business activity. He started a firm under the name J. Pierpoint Morgan and Company and grew into financial power. Large corporations would take loans from investment firms like his and investment bankers became involved in the operation of their clients’ firm becoming a part of their board of directors. Like Rockefeller, Morgan sought out to oust all his rivals. He bought railroads and Carnegie’s huge steel and iron holdings, making Carnegie rich beyond compare (Tindall 602-603). Another successful man was George Pullman. He was the king of the railways; his railway cars covered the railways. Pullman was a greedy man so he created Pullman housing where his employees would be required to live, pay rent, utility costs, and buy goods from company stores so that all the money went right back to him. When the depression of 1893 hit, Pullman fired thousands of his employees and cut wages but he didn’t cut the cost of living in his company

Related Documents

  • Improved Essays

    One person who was able to accumulate a massive amount of wealth during this time was John D. Rockefeller. Rockefeller is one of the richest americans in history. Throughout his life he was able to accumulate massive wealth, devoted time as a philanthropist which both helped pave the way for future Americans. John D. Rockefeller first began earning his own income as a boy by raising turkeys, selling candy and side jobs he did for his neighbors. This was during the time that slavery was first in existences…

    • 669 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Rockefeller created a monopoly, making him a robber baron. Rockefeller was a robber baron, but he was also a captain of industry. He treated…

    • 436 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Rockefeller and his success with the oil industry. Folsom shines a positive light on Rockefeller, describing in detail what a generous philanthropist and entrepreneur he was. Rockefeller has been a victim of slander for decades and Folsom reveals his true nature and character in this chapter. Rockefellers main business goal was that his product was “for the poor man and he must have it cheap and good.” Rockefeller wanted to sell the best product at the lowest price because he believed in consumers profiting from him- not vice versa.…

    • 1151 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Although it is argumentative that some entrepreneurs of the mid-nineteenth century deserved to be crown Captains of Industry or labeled as Robber Barons, John D. Rockefeller should have been honorably regarded as a Captain of Industry due to his account on strengthening the U.S’s economy by investing in blooming American industry and becoming one of the most respected philanthropist. At the same time, his fellow businessman, Cornelius Vanderbilt was suitable of the title Robber Barons for his hated reputation and lack of charitable efforts. Post-Civil War, the United States experienced with economic boom in which business leaders dedicated themselves in ensuring the government to be kept out of their businesses. In fact, the United States’…

    • 1047 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    A few of the most giving market entrepreneurs were Andrew Carnegie, James J. Hill, John D. Rockefeller, and Cornelius…

    • 702 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    John D. Rockefeller was one of the richest men in the world in the late 1800s and the early 1900s. He is known for his very successful oil industry which we know as Standard Oil today. He was a very influential person back in his time and he still is today. Now the question is, was John Rockefeller a robber baron or a captain of industry? John Rockefeller was born on July 8th, 1839 in Richford, New York.…

    • 338 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    The Civil War claimed the lives of over 620,000 soldiers; these statistics were not equaled by the combined toll of any other American conflicts until the War in Vietnam. The devastation of the battles was received throughout the country and on both sides of the conflict. Due to the drastic economic differences in economies in the North, with its booming industry, and South, which had mainly cotton plantations, the Civil War was initiated. The opposing moral views of slavery, and therefore the political strain between the North and South was transfigured by the influence of the economy. It is evident when reviewing both the economies of the North and South, that they had many differences.…

    • 1251 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    During the late 19th century and early 20th century, corruption was widespread among industries and businesses in the United States. Monopolistic businesses during this time thrived and flourished, specifically the large ones. Many American industrial leaders of the time earned the right to be called “Captains of industry”, even if the way they acted was that of a “Robber Baron” It’s impossible to put these people into only one category, because without one the other can’t be present. The way these leaders would act as “Robber Barons” would merely be a stepping stone for moving themselves and ascending to a leadership position. Additionally, by labeling these industrial leaders as “Captains of Industry”, you are emphasizing the good…

    • 596 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    After the death of Abraham Lincoln, new inventions and innovations were made to strengthen the United States's economy. Business leaders and entrepreneurs rose to the top with their innovations that would benefit U.S. Citizens the most while making a profit for themselves. One entrepreneur who rose to power with his ingenious ideas was Cornelius Vanderbilt. Vanderbilt was a cutthroat businessman with a reputation of getting what he wanted no matter the cost. Vanderbilt saw an opportunity for profit through shipping.…

    • 444 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    The name Rockefeller is synonymous with the nation as one of the most historically powerful and wealthy names in the history of the United States. There are many things that come to mind with such a name. Wealth, control, monopoly, oil and railroad are items that are linked to the name Rockefeller. As John D Rockefeller was an industrialist and a pioneer in many industries, he would also push forward to establish a foundation that would be the betterment of mankind.…

    • 1188 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Jp Morgan In The 1920's

    • 1248 Words
    • 5 Pages

    Such as the time that he merged with Andrew Carnegie and his steel company or the merger that formed Morgan Chase bank. He is well known for helping shape America's business. J.P. Morgan did a lot of good deeds for Americans. For example, he used his influence to stabilize the financial…

    • 1248 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    In episode 1 of The Men Who Built America, it explains the influential impact major businessmen had on rebuilding America after the Civil War just ended. The video goes into the back story of Cornelius Vanderbilt when he was sixteen and bought a ferry for a loan of $100. Years after buying his first ferry, he has the largest shipping empire in the world. Because of his wealthy empire in shipping, he was so well known and earned the nickname “the Commodore”. Vanderbilt then took and sold everything he had in shipping and invested it into railroads.…

    • 690 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    George Eastman and J.P Morgan were captains of industry because they were leaders of their industry and philanthropists. Eastman was a leader because he established the Eastman Kodak company and made a better camera. J.P Morgan was a leader of his industry because he was said to be the most skilled banker of his time. They both became well known for their hard work and dedication. Eastman created a much more affordable camera that even the average person could by.…

    • 401 Words
    • 2 Pages
    Improved Essays
  • Superior Essays

    After the civil war, Americans ran on money and new devices of business. With the expansion of businesses and the nations rail system this lead to bigger markets and industries. Railroads were the biggest industry in the late 19th century because this allowed trade with other markets and cities. The railroad was privately owned but publicly financed by land grants from the government. Along with the expansion of the rail road, there was an invention of the telegraph.…

    • 819 Words
    • 4 Pages
    Superior Essays
  • Improved Essays

    The rise of Wall Street as a major investment structure provided the substantial financial support required for mass construction of railroads. The Civil War caused the Union states’ manufacturing and financial sects of economy to flourish: bringing previously unseen prosperity to northern cities. New York City in particular "came into its own as the nation's banking center," connecting "Old World capital and New World ambition” (Schivelbusch, 1986). A burgeoning Wall Street assisted industry and finance replace agriculture as the keystone of the American economy in the post-war years. As mentioned, demand for supplies in wartime spurred Congress to build more railroads in northern states to transport materials to military personnel.…

    • 480 Words
    • 2 Pages
    Improved Essays