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Gilded Age

Gilded Age. Definition of Gilded Age. Settlement of the West Creation of the Transcontinental Railroad Importance of the Railroad Where to build the RR? Pacific Railway Act (2 RR) Central Pacific Union Pacific Joined @ Promontory Point, Utah May 10, 1869

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Gilded Age

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  1. Gilded Age

  2. Definition of Gilded Age

  3. Settlement of the West • Creation of the Transcontinental Railroad Importance of the Railroad Where to build the RR? Pacific Railway Act (2 RR) Central Pacific Union Pacific Joined @ Promontory Point, Utah May 10, 1869 • Land Grants/Time Zones/joined E & W

  4. Indians Reasons for Relocation • Donation Land Act of 1850 • Homestead Act of 1862 • Mining • Railroads

  5. How to deal with the Indians Treaty vs. Reservations Conquer & Destroy the tribes

  6. How did the Reservation System Work? • Great American Desert • Individual Reservations • Indian Agents • Life on the Reservation • Dawes Act of 1887

  7. Essential Question Industrialization increased the standard of living and the opportunities of most Americans, but at what cost?

  8. Causes of Rapid Industrialization • Steam Revolution of the 1830s-1850s. • The Railroad fueled the growing US economy: • First big business in the US. • A magnet for financial investment. • The key to opening the West. • Aided the development of other industries.

  9. Causes of Rapid Industrialization • Technological innovations. • Bessemer and open hearth process • Refrigerated cars • Edison • “Wizard of Menlo Park” • light bulb, phonograph, motion pictures.

  10. Thomas Alva Edison “Wizard of Menlo Park”

  11. The Light Bulb

  12. The Phonograph (1877)

  13. The Ediphone or Dictaphone

  14. The Motion Picture Camera

  15. Alexander Graham Bell Telephone (1876)

  16. Alternate Current George Westinghouse

  17. Alternate Current Westinghouse Lamp ad

  18. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.

  19. Lesson on Capitalism • Moguls- Captains of the Industry • baron: a very wealthy or powerful businessman; an important, powerful, or influential person

  20. Social Darwinism • British economist. • Advocate of laissez-faire. • Adapted Darwin’s ideas from the “Origin of Species” to humans. • Notion of “Survival of the Fittest.” Herbert Spencer

  21. Social Darwinism in America • Individuals must have absolute freedom to struggle, succeed or fail. • Therefore, state intervention to reward society and the economy is futile! William Graham SumnerFolkways (1906)

  22. The ‘Robber Barons’ of the Past

  23. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?

  24. William Vanderbilt • The public be damned! • What do I care about the law? H’aint I got the power?

  25. Andrew Carnegie

  26. Andrew Carnegie: -Background -Steel and Pittsburg -Railroads -Carnegie Steel- Limited Partnership -Secret to his success- Vertical Integration -bought out by J.P. Morgan

  27. Minister of his surplus of wealth (public good)

  28. The Gospel of Wealth:Religion in the Era of Industrialization • Wealth no longer looked upon as bad. • Viewed as a sign of God’s approval. • Christian duty to accumulate wealth. • Should not help the poor. Russell H. Conwell

  29. “On Wealth” • The Anglo-Saxon race is superior. • “Gospel of Wealth” (1901). • Inequality is inevitable and good. • Wealthy should act as “trustees” for their “poorer brethren.” Andrew Carnegie

  30. J.D. Rockefeller

  31. Background • Oil • Growth of refining and exporting (Kerosene) • Excelsior Refinery (1863) • Standard Oil (1870) • Secrets to his success • Horizontal Integration- Monopoly - Business relationship with the RR? -Trust- What is it? Sherman Anti-Trust Act of 1890 -Retires(1897) Well-being of mankind

  32. Standard Oil Co.

  33. Regulating the Trusts 1877 Munn. v. IL 1886 Wabash, St. Louis & Pacific Railroad Company v. IL 1890 Sherman Antitrust Act • in “restraint of trade” • “rule of reason” loophole 1895 US v. E. C. Knight Co.

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