1849- Switch from transportation
People were using wagons, sea route, and clipper ships to travel from place to place which took
months. The people realized they needed to find a faster mean of transportation.
1860 – The Thirteenth and Fourteen Amendment caused a shift in income for both Blacks and Whites.
The income of Blacks nearly doubled while the income of Whites was almost reduced by a third.
However, Whites still made nearly twice as much as Blacks did at the time.
1860 The ratio between farming and manufacturers was 3 to 1 but shifted to 1 to 1. The
population grew from 33-40% due to natural natives and immigration. This boost in population would
contribute to the labor force, especially in the manufacturing industry.
1860- Lincolns Emancipation Proclamation
-restored South’s agricultural society for both whites and blacks
1860 – 1910
Population in urban centers were rapidly growing. By 1910 nearly 10% of the
population lived in 3 cities: New York, Chicago, and Philidelphia. The rapid growth was due to the
transportation revolution that allowed trade to grow in urban centers. Many people migrated to these
cities that flourished through trade. Many of the services they provided in the early 1860’s were
transportation, commercial, and banking services for long distance trades. Later in the decade, these
cities became more industrialized and immigrants flooded in from overseas.
1862 – New Form of Currency
•
Issued a new fiat currency, Us note, nicknamed “Greenbacks”
1862- The Morrill Act of 1862
-founding for high schools vocational discipline.
1862 Homestead Act
-Provided 160 acres of land per homestead
-320 per couple
-This law made 160 available acres to anyone who agreed to plant trees on 40 acres of the land
-Passed to encourage the growth of timber in arid regions
1862 – Government Funding of Railroad ▼ The U.S. Government used grants of public land and loans
for each mile of track completed to fund the railroad construction.
1862- Pacific Railway Act
Congress granted a charter of incorporation to the Union Pacific Railroad, which was authorized to build
a line from Council Bluffs, Iowa, to the western boundary of Nevada.
1862 Pacific Railway Act
-Allowed the Union Pacific Railroad to build a line from Council Bluffs, Iowa to Western
boundary of Nevada
1862 – Greenbacks ▼ A new type of currency is issued by the U.S. Treasury to help fund the war, as the
Treasury wasn't getting sufficient revenue from the sales of bonds.
1863 – National Bank Act
•
Created a new set of banking institutions (national bank)
•
Issued another new money(national bank note)
1863- National Bank Act of 1863
-The establishment of a currency with a standard design, the condition that banks chartered
under the Act purchase a secure amount of US government bonds, authorized legal reserve
requirements for banks chartered under Act.
1864 – Slaves ▼ The total market value of slaves was approximately $3.06 billion. The costs of the war
were more than twice the cost of purchasing slaves.
1864-1896
Farmers faced economic hardship due to declining prices, indebtedness, and the
increasing need to purchase goods/services from industries with growing economic powers. Real wages
of farmers did not fall, however, their terms of trade was falling. This meant that farmers were buying
more than they were selling. Farmers needed to produce 16% more in order to offset any losses.
1864 – Land Grants ▼ Land grants were doubled to provide second mortgage security.
1865 – Contraction Act
•
The price level would fall
•
It became a bitter moment
1869- Promontory Summit
May 10, 1869, a few miles west of Ogden, Utah the Union Pacific and the Central Pacific joined to drive
in the last spike.
1870 – Land Ownership ▼
The wealthiest fifth still owned 73 percent of the land, which was only a 2 percent drop from 1860.
1870-1910- Productivity Rise
The total factor productivity of the railroad more than doubled in forty years.
1869 – Public credit Act
•
Bond prices had remained strong during the war because bondholders had received an
implicit promise that they would be paid in gold
1870 – 1890
Former Slaves began to migrate to reunite with families after the war. Migration
within the South was relatively low at the time. Migration towards the North did not occur until later
around 1910.
1870- 1900
The demand in agriculture was rising. The population of the United States had
increased between 20-25%. Americans were spending 1/3 of their per capita income on agriculture
products. The export of agriculture products grew greatly especially for grains, meat, and meat
products. The value of agricultural exports rose from $297 million to $840 million in a span of 30 years.
This increase demand caused a lot of pressure on U.S. farmers who were already in hard times.
1870 (s) Railroad constructions▼ accounted for 20% of US gross capital.
1870 - Manufacturing ▼ Southern manufacturing output had approached prewar levels and the South's
transportation network had been completely revitalized.
1873 – Crime of’ 73
•
The silver dollar was omitted from the list of coins to be minted
1873- The Timber-Culture Act of 1873
-160 acres of land free to whoever agrees to plant trees on 40 acres
1873 – Congressional committees ▼ reported more than $23 million in cash profits had been realized
by Credit Mobilier on $10 million investment; Cash take was over $50 million.
1877- The Desert Land Act of 1877
-640 acres at a price of $1.25 but irrigation would have to happen.
1878- The Timber and Stone Act of 1878
-provided acres at $2.50 an acre in Nevada, California, Oregon, and Washington.
1878 Bland-Allison Act
-Law that provided for the coinage of silver in limited amounts
1880 - During this time Blacks occupied about 30% of the land and owned nearly 32% of the land they
occupied. This was about 10% United States. More Blacks became tenants and participated in
sharecropping with Whites. Both would share the risks and rewards of farming. Sharing information
between tenants and owners would increasingly important. Blacks would become more independent in
their workforce.
1880 – 1920
Major waves of immigration began during this time. More than 23 million
immigrants came to the United States. These immigrants would impact our labor markets by accounting
for 33% of railroad laborers, 22% of railroad foremen, 33% jewelers, and 17% of policemen. The inflow
of immigrants would fluctuate but none the less, they helped boost the U.S. economic growth.
1880 – 1920
As women began to gain more right, many joined the workforce outside of the
home. From 1880 -1900 the number of women in the work forces more than doubled from 2.5 million
to 5.3 million and accounted for about 18% of the workforce in the U.S. In the 1890’s the introduction of
the type writer would open up opportunities for women to work in the new and growing field of clerical
work. From 1870-1920 the number of women in clerical work grew from 2.5 to 49.2%! Although there
were more job opportunities for women, there was still gender segregation in labor. Men continued to
dominate in fields that require more decision-making.
1887- Dawes Act of 1887
-100 acres of Indian territory was accessible for the public.
1890- The Sherman Antitrust Act of 1890
-First US legislation enacted to ledge concentration of power that hamper trade and reduce
economic match.
Section 1: Trusts, etc. in restraint of trade, illegal; penalty
Section 2: Monopolizing trade a felony; penalty
1890 The Sheman Silver Purchase Law -The secretary of the treasury was to make a monthly purchase
-He was to issue a new type of paper money to be known as Treasury Notes
1890- The Sherman Antitrust Act
-Declared illegal “every contract, combination in the form of trust, or otherwise, or conspiracy in
restraint of trade among the several states.”
-The Supreme Court had much to do with the discouragement of the enforcement of the act
1891 – Types of Gold Drain ▼ External and internal drains plague the Treasury. As it appears the gold
standard would have to be abandoned people rushed to acquire gold, causing a negative cyclical trend
for the gold standard.
1891 General Revision Act
-Helped make it more difficult for wealthy people and corporations to steal timber and minerals
-Part of it gave the President power to set aside forest reserves
1893 – Sherman Act
•
The act had undermined the confidence in the dollar and produced financial panic
1894 – Coxey’s Army ▼ "Coxey's Army" of the unemployed arrives in Washington to demand federal
relief due to the severe depression.
1896 – Election of 1896 ▼ Helped to settle the matter of a monetary standard for almost 40 years.
William Jennings Bryan, a Democrat, stands for free coinage of silver, and with the "Cross of Gold"
speech helps to inspire inflationists and win party nomination. The Rebuplican, William McKinly, stand
solidly for the gold standard win the election.
1900’s Fertility was high but birth rates were falling by almost half since the 1800’s. Americans
began viewing 2 children as a normal family. Urbanization would play a role in the decrease in births.
The cost of raising a child in the city was much higher. Infant mortality was down causing women to
have fewer births required to reach their desired number of children. Women were also more engaged
in the work force now than they were before. Death rates were also declining due to better medical
treatments and sanitation. Better water supplies were introduced as well as sewage disposals.
1900 – Gold Standard Act
•
Increase demand for gold
•
The dollar was defined as the term of gold
1902 Reclamation Act
-With land sale receipts you could finance the constructions of reservoirs and irrigation works,
making repayments by settlers over a certain amount of years
1903- The Elkins Act of 1903
-outlawed any takeoff from published shipping rate. Made the cashier guilty of violating the law.
1900-1920
Employment of children decreased due to various advocate groups. State laws
limited work hours and required minimum wages. They also set age limits. Several states still needed
additional protection. In 1916 the Supreme Court struck down Federal legislation that outlawed child
labor. They stated that federal government had no power to regulate intrastate commerce, thus had no
power to control child labor. This would later be changed in the 1930’s.
1906 The Pure Food and Drug Act and Meat Inspection Act
-Were dramatic interventions by the federal government into the economy to ensure quality
standards of products for unwary customers
1906- The Hepburn Act
-To close remaining loopholes
-Extended the jurisdiction of the ICC to the private care companies
1907 – Panic of’ 07
•
A financial crisis that almost crippled the American economy.
1912 – Pujo Committee ▼ Congress subjects the "money trust" of Morgan and others to critical
examination. These firms seem to control both the distribution of securities and the business decisions
of major industrial firms.
1913 – Federal Reserve Act
1914 – Railroad Securities▼ Europeans, mostly English, owned one-fifth of all outstanding American
railroad securities.
•
The system was composed of 12 Federal Reserve banks, one in each of 12 separate
districts, to protect the interests of different regions
1913- The Federal Reserve Act of 1913
-Membership in the structure was made compulsory for national banks. The member banks
nominally owned the Federal Reserve Banks. Member banks had to deposit currency, previously held a
reserves with the district Federal Reserve Bank.
•
The charter was permanent
1914 – A dual banking system
•
More state bank the national bank
1914- Federal Trade Commission Act of 1914
-New government agency to examine anticompetitive action, also buyer protection just for
information.
Clayton Act of 1914
-Expanded Sherman Act. Banned price inequity, exclusive selling contracts, tying agreements,
other activities to lessen competition
1917- Hughes Vocational Education Act
-Gave funding for the states to expand vocational training at High School levels in agriculture,
trades, and home economics
1940 – Labor ▼ Despite a modest exodus of labor and limited advance of industrialization, the
southern economy remained a distinctive low-wage economy until this period.