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APUSH > The GILDED Age > Flashcards

The GILDED Age Flashcards

1
Q

Presidents of 1880s & 1890s

A
  • presidents of the Gilded Age
  • “forgetable presidents”
  • supporters of big business
  • take a back seat
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2
Q

The Credit Mobilier Scandal

A

Union Pacific Railroad requested $92 million but only used $50 million; remainder of $42 million was pocketed by Congressmen; helped trigger Panic of 1873

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3
Q

Panic of 1873

A

causes: Credit Mobilier Scandal & overproduction of war goods from Civil War
- lasted 5 years
- unemployment rose as high as 14%
- people were too focused on westward expansion and millionares

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4
Q

Railroads

A

Reasoning: people will want to move to places where there is economic oppurtunity
Leader: Cornelious Vanderbilt
Business: New York Central Railroad, Hudson Valley Railroad, Lakeshore & Michigan Southern Railroad

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5
Q

Steel

A

Reasoning: Key ingredient to manufacturing railraods, factories, and infrastructure
Leader: Andrew Carnegie
Business: Carnegie Steel/ U.S. Steel Company

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6
Q

Oil

A

Reasoning: Key ingredient in manufacturing railraods, factories, and infrastructure
Leader: John D. Rockefeller
Business: Standard Oil Company

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7
Q

Banking

A

Reasoing: With the Federal government struggling, private banks would be necessary to finance these industries
Leader: J.P. Morgan
Business: J.P. Morgan Chase & CO

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8
Q

Exodusters

A

African American farmers who fled North Carolina at the first passages of Jim Crow Legislation; move to Kansas and Indiana for economic oppurtunites; spark of Great Migration

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9
Q

John Sears

A

John Davidson Sears created a catalog that allowed those in rural areas along the railroad to acquire goods; became a millionare

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10
Q

Thomas Alva Edison

A

Innovator/Inventor with patents on: Electric Light Bulb, Phonograph, Motion picture camera

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11
Q

Cornelius Vanderbilt

A

Began working with Thomas Gibbons (Gibbons v. Odgen)
Small steamships –> ocean-liner steamships –> sold all his stock and invested in railroads
- Vanderbilt railroads ran through more than a dozen states from Massachusetts to Illinois

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12
Q

Baltimore Ohio Railroad Company

A

(B&O); next biggest railroad in America; worked closely with US government during Civil War

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13
Q

Great Railroad Strike of 1877

A
  • Railroad workers across the country strike in search for better working conditions and better pay
  • Hayes sent in federal troops to end strikes (fed gov sides with big business)
  • In 1884, B&O negotiated with their workers and established one of the first pension plans in US employment history
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14
Q

The Story of the Gilded Age…

A

Business tycoons like Cornelius Vanderbilt would use ruthless business tactics to consolidate power in an industry to accumulate massive amounts of wealth, which would create jobs, infrastructure, and other benefits for America, while also limiting competition and often led to unfair/poor working conditions.

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15
Q

Laissez-Faire

A

Laissez-Faire gov policies led to wealth for business owners but poor conditions for workers

  • Manipulated 14th amendment to aviod regulation by deeming corporations the status of “legal” persons
  • Less government control
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16
Q

Social Darwinism

A

“survival of the fittest” though more influenced by classical economists than Darwin
-American Dream - “up by your bootstraps”

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17
Q

Rebate

A

rail barons granted secret kickbacks to powerful shippers for steady traffic

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18
Q

Pool

A

agreed to divide business in an area & share profits

19
Q

Trust

A
  • consolidtaion proved profitable than ruinous price wars

- companies merge together to weed out smaller companies

20
Q

Monopolies

A

when a business tries to eliminate its competition through use of vertical and/or horizontal integration policies

21
Q

Vertical Integration

A
  • buy out suppliers

- regulate prices of suppliers to competition

22
Q

Horizontal Integration

A

-buy out competition

23
Q

Andrew Carnegie

A
  • invested in railroads+oil
  • bought Pittsburgh Steel Company –> Carnegie Steel, most steel profitable company in US history
  • Bessemer Process allowed steel to be produced faster than ever before
  • Vertical Integration to elimante his competitors
  • philanthropist giving millions to help create libraries and schools
24
Q

John D. Rockefeller

A
  • humble backgrounds
  • at end of war, invested in crude oil
  • with several other investors formed Standard Oil Trust using Veritcal and Horizontal Integration
  • Robber Baron practices
  • Philanthropist: millions to schools (AA), $250 million to Rockefeller Foundation, & creation of John Hopkins
25
Q

J.P. Morgan

A
  • Created J.P. CO, financing railroad companies and overseeing railraod compaines into Trusts
  • Carnegie Steel would merge to create J.P. Morgan Chase and Carnegie Steel would be renamed to U.S. Steel
26
Q

Henry Ford

A
  • developed assemnly line and mass production techniques to create the first automoblies in history
  • created Ford Motor Company
  • wanted his workers to be able to afford the “Model T”
  • doubled national minimum wage in 1914
27
Q

Lobbying

A

When business/orginazations try to convince or influence legislators to pass, or to not pass legeslation that will benefit a business/organization

28
Q

Munn v Illionois 1877

A
  • Munn&Scott continued to increase price of grain but it was in violation of “Granger Laws”
  • argued the 14th amendment
  • Supreme Court rules the federal government has authority to rule over private business in regards to the public goods
  • but like Worcester v Georgia, not always enforced
29
Q

Granger Movement

A
  • Farmers throughout the Midwest and Southern states who were severely affected by the Panic of 1873 joined together to form the ‘Granger Movement.’
  • Wanted:
    - -> Silver & Greenback Reforms
    • -> Income Tax
    • -> Regulation of Railroads.
30
Q

Greenback Party

A
  • ‘Greenbacks’ = paper money
  • Wanted paper money backed by silver/gold.
  • Mostly farmers.
31
Q

Bland-Allison Act of 1878

A
  • Introduced more silver coinage into circulation (2-4 million dollars worth).
  • Rutherford B. Hayes vetoed the bill.
  • Congress overturned the veto.
  • By the 1890s Congress would continue to pass legislation that brought more silver into circulation.
32
Q

Populism and the Populist Movement

A
  • Formation of workers unions that would organize protests and strikes for
    • Income Tax
    • Direct election of Senators
    • Unlimited coinage of silver
    • Increase in tariffs
      • Increased government regulation of big business
33
Q

William Jennings Bryan

A
  • Democrat from Illinois.
  • Believed that big business and its leaders were taking advantage of workers/lower classes by using their wealth to influence politicians.
34
Q

William Jennings Byran goals (what he pushed for)

A
  • Income Tax: A federal tax on an individual’s income (wealthier paid more).
  • Silver Coinage: Silver was more available than gold, and easier to acquire for middle and lower classes.
  • Creation of the Department of Labor: to protect the rights of workers.
  • Temperance Movement.
  • Women’s Suffrage.
35
Q

Eugene v. Debs

A
  • Member of the Democratic Party then helped form the Socialist Party.
  • Believed in the unionization of America’s workers, and helped pass legislation that allowed workers to unionize.
  • Helped unions across the country organize protests and strikes (Pullman Strike).
36
Q

Interstate Commerce Act

A
  • Law requiring railroad companies to make railroad rates reasonable and just.
  • Very ineffective.
37
Q

Sherman Antitrust Act 1890

A
  • First legislation that gave the Federal Government power to dismantle Trusts.
  • Language in the Sherman Antitrust Act was too vague to allow trusts to be broken up.
  • Trusts (such as Standard Oil Trust) had eliminated competition and allowed tycoons like John D. Rockefeller to raise prices on oil without any regulation.
38
Q

Panic of 1893

A
  • In 1893, several railroad companies filed for bankruptcy.
  • Silver was being overproduced and the combination of factors led to banks failing.
  • The U.S. treasury was depleted, forcing Grover Cleveland to borrow $65 million for J.P. Morgan.
39
Q

Election of 1896

A
  • Democratic Candidate: William Jennings Bryan.
  • Republican Candidate: William McKinley.
  • Demo-Socialist Candidate: Eugene V. Debs.
  • McKinley wins.
40
Q

William McKinley in the election of 1900

A
  • Won reelection in 1900.
  • Republicans felt McKinley needed more support from Populists so to assure the Democratic Party would not rebound, they picked him a VP who was vocal about federal regulation of big business and support of workers unions (Roosevelt).
41
Q

The Sinking of the U.S.S. Maine

A
  • It was believed that the Spanish, upset by U.S. involvement in Cuba fired upon a U.S. ship in retaliation.
  • Turns out there was an explosion in the boiler room that caused the ship to explode and sink.
  • Congress declares war on Spain after reporters published propaganda.
42
Q

Conclusion of the Spanish American War

A

At the conclusion of the Spanish-American War, the U.S. annexed the following territories Philippines, Guam, Puerto Rico, and Cuba.

43
Q

The Platt Amendment

A
  1. Cuba was banned from making any treaties with any other nations besides the United States.
  2. The United States could buy/lease lands in Cuba for the development of a Naval Base and coal mines.
  3. The United States would intervene in Cuba whenever Cuban independence was in jeopardy.
44
Q

William McKinley

A
  • Pro-business politician (still did believe that some trusts were bad and needed to be dealt with).
  • In order for America to truly recover from the Panic of 1893, McKinley believed that America needed new markets.
  • Since the Monroe Doctrine allowed the U.S. to intervene in the Western Hemisphere, McKinley looked for America to acquire land.
  • Imperialist.
  • Republican.

APUSH (24 decks)

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