Gilded Age Flashcards
What happened to the economy between 1877-1893?
The economy became better because of interstate commerce. There were cheaper goods and better transportation.
What was the Golden Spike?
Marked the completion of the coast-to-coast railroads. It was the merging point of the two lines at Promontary Summit in Utah
Who were three captains of industry?
John D Rockefeller, J.P. Morgan, and Andrew Carnegie
What or who were the Molly Maguires?
Irish immigrant laborers who struggled to survive the American industry. Used violence to gain work safety
Who was the owner of Standard Oil?
Rockefeller
Where did all rail lines meet?
Chicago
How was iron turned into steel?
Bessemer process
Who was the corporate leader for the banking industry?
J.P. Morgan
What does “gilded” mean?
The era of enormous growth. To be covered with gold leaves or paint
What role did the government play in this industrial trend?
They were pro-business. Lack of leadership. Favored the growth. Corruption spread
What were THREE benefits/advantages and THREE negatives/discomforts to the transcontinental railroad?
Positives: 1. transportation 2. cheaper goods 3. land given to companies. Negatives: 1. expensive to build 2. lives lost during build 3. companies set own (usually high) rates
List two new inventions.
the air brake by George Westinghouse and sleeper/dining cars by Pullman car company. *(trains were NOT invented during the gilded age)
Who were the 3-4 railroad tycoons?
Cornelius Vanderbuilt, James J. Hill, Jay Gould
What was the Interstate Commerce Commission?
it watched over rail industry to make sure companies had reasonable rates for the public
What was Rockefeller’s industry?
the oil industry
What was a rebate?
discount rates from the railroad.
What was Standard Oil?
Rockefeller’s largest corporation
Who was Andrew Carnegie?
creator of the largest steel company
What was the Bessemer process?
converted iron to steel cheaply and efficiently
Who was Henry Frick?
Carnegie’s assistant who helped the Carnegie Steel Company become successful
How did Carnegie use his wealth for helping others? (philanthropic examples)
helped build 3,000 libraries, many schools, donated to public foundations, peace initiatives
What industries did Morgan develop?
banking, finance, bridge, tubing, and bought Carnegie Steel Co.
How did Morgan help the U.S.?
stopped spiral of deflation by letting government buy his gold. railroad dealings made smaller firms and shorter trips
How did Morgan hurt the U.S.?
his Northern Securities Railroad company was illegal under the Antitrust Law
What did Morgan purchase in 1901? Why was it a big deal?
the Carnegie Steel Company; b/c steel was worth over a billion dollars
What happened to Northern Securities Railroad?
deemed illegal under the Antitrust Law
Define Gospel of Wealth
written by Carnegie; said those wealthy enough should help the less fortunate
Credit Mobilier Scandal
defrauded American public of common land
Charles Guiteau
killed President Garfield
James Garfield
President of US; after Hayes; was assassinated
Pendleton Civil Service Act
opened jobs to exams rather than political connections
Triangle Shirtwaist Fire
146 people killed in factory fire because doors and windows locked the workers in
Haymarket Riot
Knights of Labor; bomb thrown at police in Chicago at a labor rally
Goal for unions?
need more owners rather than more workers
Great Strike of 1877
West Virginia workers declared no trains will leave until owners restored their pay