Was Jay Gould’s operation illegal or was he was he using the system to his advantage?
Powerpoint
jay_gould.pptx | |
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Key Terms
Jay Gould
(1836-1892) Jay Gould was a prominent American railroad builder and financier. He illegally issued new stock for Erie Railroads in the "Erie War" with Vanderbilt.
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James Fisk
(1836-1872) An American stockbroker and corporate executive. Fisk unapologetically used stockholder money to bribe judges and other public officials
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Erie Railroad
A railroad that operated in the northeastern United States, originally connecting New York City with Lake Erie. Its mainline route proved influential in the development and economic growth of the Southern Tier.
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"I can hire one half of the working class to kill the other half."
-Jay Gould
Primary Source: Political Cartoon
H: Jay Gould was an American railroad executive, financier, speculator and important developer who was one of the most unscrupulous “robber barons” of 19th-century American capitalism. His ruthless methods to gaining his wealth brought criticism by many political commentators and cartoonists.
I: The audience for this political cartoon was uninformed citizens who were not aware of the sneaky, underhanded tactics that the captain of industry was using.
P: Calling attention to Jay Gould's misdoings would inspire the general public to want change in the country. The cartoon depicts Wall Street as Jay's private bowling alley making it easier for commoners to understand his corruption.
P: Thomas Nast, the author of the comic, has a negative opinion on Jay Gould and his use of corruption, deceit and trickery to create a railroad monopoly. Nast was often considered to be the scourge of "Boss" Tweed and the Tammany Hall Democratic party political machine.
I: The audience for this political cartoon was uninformed citizens who were not aware of the sneaky, underhanded tactics that the captain of industry was using.
P: Calling attention to Jay Gould's misdoings would inspire the general public to want change in the country. The cartoon depicts Wall Street as Jay's private bowling alley making it easier for commoners to understand his corruption.
P: Thomas Nast, the author of the comic, has a negative opinion on Jay Gould and his use of corruption, deceit and trickery to create a railroad monopoly. Nast was often considered to be the scourge of "Boss" Tweed and the Tammany Hall Democratic party political machine.
Synthesis Paragraph:
America was going though an age of Industrialization. It was a period of social and economic change that transforms a human group from an agrarian society into an industrial one, involving the extensive re-organization of an economy for the purpose of manufacturing. Railroads were the first big business in America; they linked Eastern and Western markets, increased the popularity of western cities and made travel and shipping easier. Many men profited off of America's newfound dependence on railroads, and thus millionaires and billionaires were made. Jay Gould and James Fisk were pioneers in this new economy using the system to gain an advantage and make millions. They bribed government officials and offered special "deals" to high paying customers. He also practiced unscrupulous practices such as exploiting employees and buying out competition. The two robber barons were successful in tricking other millionaires out of their fortunes. In the battle for the Erie Railroad between 1866-1868 James Fisk and Jay Gould to issued spurious Erie Railroad shares, thus "watering down" the stock, of which unsuspecting Cornelius Vanderbilt bought a large quantity. Vanderbilt lost more than $7 million in his attempt to gain control over Erie Railway Company. They were involved with the corrupt Tammany Hall political party machine, and made Boss Tweed a director of the Erie Railroad, who in return arranged favorable state legislation in Albany. Jay Gould and James Fisk controlled the majority of market shares and set the bar for all future robber barons to come (J.P. Morgan) thus earning the title "Captains of Industry".