American History Tellers The Gilded Age | Carnival of Corruption | 1
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Jul 22, 2020 The Gilded Age, marked by the completion of the Transcontinental Railroad, was a time of corruption and greed. Scandals tainted Ulysses S. Grant's presidency, including the gold market manipulation and collapse of the stock market. Grant's re-election campaign was marred by the Credit Mobilier scandal and economic crisis. The whiskey ring fraud and corrupt Secretary of War further tarnished Grant's administration. The Centennial Exposition showcased technological advancements but also revealed political unrest. Rutherford B. Hayes' weak presidency led to the rise of industrial titans and frustration among the working class.
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Gould and Fisk's Gold Scheme
- Jay Gould and Jim Fisk schemed to corner the gold market in 1869 by hoarding gold.
- Their scheme caused the Black Friday financial crash, ruining many investors but they survived.
Credit Mobilier Railroad Scandal
- Credit Mobilier scandal revealed congressmen and executives profited by inflating railroad construction costs.
- Vice President Colfax's involvement forced him to drop out of Grant's re-election ticket.
1873 Panic's Widespread Impact
- The 1873 economic panic stemmed from railroad investor bankruptcy.
- It caused widespread bank closures, unemployment, and hit African Americans' financial gains harshly.