Wealth By Henry Demarest Lloyd Summary

In Wealth against Commonwealth journalist Henry Demarest Lloyd discusses his opinions towards the unjust relationship between industrials and American workers in the Gilded Age. Throughout this era there are several crucial problems that confirm Lloyd’s thesis. These problems include the consequences of the second industrial revolution, the homestead strike of 1892, the effects on western miners from the industrial revolution, and the panic of 1893. Between these four milestones it is clear to see that Henry Demarest Lloyd’s thesis was true. Throughout the events of the second industrial revolution, the homestead strike of 1892, and the Panic and Depression of 1893 there are reoccurring problems such as unfair wages, unsafe working conditions

Andrew Carnegie had 12 mills within Homestead and in 1892 steelworkers decided to strike against him over the organization of labor within the mills. The process of the Homestead Strike began when the Amalgamated, who were one of the most acclaimed unions in the AFL (American Federation of Labor), tried to renew their contract with Andrew Carnegie. While the mill had both skilled and unskilled workers, the company had decided that they wanted the majority to take over the minority completely, and although Andrew Carnegie was known for being in favor of labor unions he saw that his contract only benefit everyone but him. After the Amalgamated had brought this issue to Carnegie he then passed if off onto the CEO of his company, Henry Clay Frick, who also happened to be anti-labor. When presented with the contract, Frick decided to completely ignore their wishes and instead did not even want to recognize the union at all. At this point, Henry Frick had other plans for the mill and those who had worked inside it, plans that were not within the contract from the union. Instead of signing the contract he decided to begin the Homestead Lockout, almost as if he was preparing for the workers to strike back. Frick had arranged for a fifteen-foot barbed wire fence to be put up all are around the mill and following the creation of the fence, he also decided to hire 300 Pinkerton detectives as private

In the Panic of 1893 the entire stock market collapsed and led to depression. During this time 491 banks failed and unemployment reached 20%. As far as farms go, the prices of crops dropped, farmers were no longer self-sufficient and only a few farm families were financially sufficient. The production and growth of railroads was also down and things were becoming overcapitalized, thus effecting steel and iron industries. All these things led to four years of severe depression where other events transpired. For example, the Pullman Company had a lot of layoffs, wage cuts and made the standards of living plummet. In response to this, the American Railway Union (ARU) and Eugene V. Debs decided to make their supporting members promise not to work on trains that had a Pullman car on them. Although this only started in Chicago it quickly spread to 27 other states and Richard Olney, a lawyer in charge of law enforcement, soon stated that all trains must have a Pullman car and a mail car on them, which made what they strikers were doing illegal. Throughout the Panic and Depression of 1983 and the Pullman Strike, it is clear to see that corporations were once again trying to micromanage the day-to-day life of the workers and decided what was best for them even if it was not. It demonstrates the unfair labor policies and organized labor. Once again Henry Demarest Lloyd’s thesis has been supported by