How Did Jay Gould Industrialize The Transcontinental Railroad System
He initially owned a steamship company before focusing on the railroad industry. At the height of his success, he controlled 40% of all the nation's railroads.
In the 1860s Cornelius Vanderbilt was aware of the big growth in the future of transportation. He believed it would soon not be by water, but by railway. That’s when Cornelius had an idea on how to continue the growth of his businesses. Vanderbilt was a robber baron who used ruthless business practices to enrich himself.
The Industrial Revolution was a prosperous time for the western civilizations beginning in 1760 and ending between 1840 and 1860. The invention of railroads began in England, but was brought to the United States in the early 1800’s. In 1815, Colonel John Stevens got the first railroad charter with New Jersey Railroad Company, although a single train track was not laid until 1832 (www.american-rails.com/railroad-history.html). Therefore, the Baltimore and Ohio Railroad Company built the first railroad in 1827. The machine was purchased from the Stephenson Works in England.
The railroad impacted the Gilded Age, by creating an easier route for trans-portion of people, goods, and business affairs. Railroads was literally the
Just as the railroad created economic growth it also brought a lot of corruption with it. The railroad companies were given government bonds that were funded by the taxpayers and they were also given enormous amounts of land to build on. There was little incentive to function efficiently or responsibly. ‘Stocks were manipulated, as bosses bought struggling eastern rail companies, spread rumors that the railroad line would link to these companies.’ (Coffey, W, Corruption and the Transcontinental Railroad, http://waltercoffey.wordpress.com/2013/01/17/corruption-and-the-transcontinental-railroad/).
The railroad was first designed by George Stephenson whose original idea was to use steam to run the train and make transportation faster. When the US started using railroads and trains they purchased them from the Stephen Works company from Britain. “In the 1850s a boom in railroad development across the North was changing business organization and management and reducing freight costs. Railroads were influencing a rise in real estate values, increasing regional concentrations of industry, the size of business units and stimulating growth in investment banking and agriculture.
Before the 1860s U.S. railroads were inefficient for big business to explode, and shipping goods wasn’t as easy before Cornelius Vanderbilt organized a steam ship company. He also controlled all lines of railroad linking New York to the Great Lakes. His strategy was to create a monopoly to gain wealth and power of all the effective railroad lines into one major company. He expressed competition and set unfair prices for the workers. The workers soon revolted and went on strike in 1877 due to the low pay and increase of work hours.
One major industry during this time period was found in the railroad. The of course was also considered the center of national or both financial and political corruption (White, 21). While transcontinental railroads were essential developments for the growth of the United
The Transcontinental Railroad: How it Made America into One Nation The transcontinental railroad changed the United States in the 1800’s in a way never seen before in America. Before the transcontinental railroad, the eastern states and the western states lacked a timely and reliable source of trade, travel, and communication. The nationwide railroad system connected the states in many new ways that helped shaped America into the nation it has now become. The transcontinental railroad improved transportation, commerce, expanded communication, and formed the United States into one nation.
Transcontinental Railroad Tera Richardson, 4336787 History 102 B008 Sum 17 Professor Traci Sumner American Military University July 22, 2017 Abstract The transcontinental railroad was one of the biggest advocates for the industrial economy and westward expansion. The railroads could transfer goods and people across the country with ease, and quickly. While some bad came from this miraculous progression, such as the panic of 1873 and a yellow fever epidemic, the good outweighed the bad as it enabled the United States to fulfill its Manifest Destiny through westward expansion.
Gilded Age industrialization fueled the dependence of the railroad in the Progressive Era. Railroads, government, and the economy were not only interrelated, but they were also interdependent. The federal government and the railroad companies often worked together, with the government providing subsidies to the companies and discounted prices. Congress also provided free land and thousands of miles in subsidies to the companies. Furthermore, railroads directly impacted the country's economy, being a key factor in causing the Panic of 1873 and the Panic of 1893.
The first way that the economy was impacted was that with the ease and efficiency of the railroads, they created a large demand for goods and labor because they needed a lot of people to help build the railroads and also needed a large quantity of steel for the rails and wood for the railroad ties. Secondly the railroads created a huge national market because of the simplicity of delivering goods from place to place. The railroads helped the people in even the most rural place prosper with the cost efficient transportation of the trains. From 1830 to 1861, the United States laid aproximately 30,000 miles of railroad track, which led to an increase in demand for coal which was used to produce iron for the
In turn, railroad companies spent large sums of money purchasing railroad supplies. The cycle of employing large numbers of workers, building the railroads, and spending large sums of money stimulated extraordinary growth in the economy. In addition, railroads caused the remarkable growth of nationwide marketing in America in the late 19th century. Railroads allowed mail-order
The economy started to fall in the 1800s due to The Panic of 1873. During this time the country had many bank crises on its hands, due to this many European investors withdrew from stock shares. A Mass of people pulling out of a stock at once leaves investors not wanting to invest in that company because they will not benefit from it. This causes many companies to go out of business including the railroads. Railroads were very new during this time period so they relied on investors to help run their trains and pay for expenses, without investors the railroads were bankrupt, having no trains meant no transportation of people or products which was heavily relied on.
--- How to survive the forced military service (part 1) How to find joy and relief under harsh realities Compulsory military service I was born in South Korea — NOT where the mighty leader Kim Jong-un holds his mandatory Pyongyang dance party — and raised at a boarding school in California since age 12. Although I had spent most of my life in the United States, I was (and still am) proud of my cultural heritage. But as much as I liked my identity as a Korean citizen, it bothered me that I was most likely going to be forced to serve in the Korean military for approximately 2 years.
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