New Forms and Sources of Energy
Structural Changes & Industry Composition
In 1869: 53% agriculture 33% manufacturing 14% mining and construction
In 1899: 33% agriculture 53% manufacturing 14% mining and construction
The Sherman Antitrust Act - 1890
First U.S. legislation enacted to curb concentrations of power that restrict trade and reduce economic competition.
Proposed by Sen. John Sherman, it made illegal all attempts to monopolize any part of trade or commerce in the U.S.
Section 1. Trusts, etc., in restraint of trade illegal; penalty
Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal . . .
Section 2. Monopolizing trade a felony; penalty
Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations . . .
President Teddy Roosevelt “The Trust Buster” - His administration prosecuted several large companies for Sherman Act violations
The Emergence of America’s Labor Consciousness
1885 Knights of Labor 750,000 members
1905 AFL (American Federation Labor) had 1.5 million member
Money, Prices, and Finance in the Postbellum Era
Gold and silver coins were used in tandem with each other to keep their values balanced in contrast. When the value of gold went up, the value of silver would drop and vice versa.
Paper money was introduced during the civil war and a dual monetary system was put in place after the civil war allowing paper to be traded with coins and coins into paper. Paper money was also known as “Greenbacks”.
Bank members feeling unsure of their banks financial future, were quickly demanding their accounts be withdrawn to them in physical money, because the bank ran off of a fractional reserve principle many were not able to give their members their own money all at one time, ensuing a recession.
On December 23 of 1913 president Woodrow Wilson signed a bill in order to establish the Federal Reserve System. Composed of 12 reserve banks, each in their own district was designed to protect each region unlike the 20 year charter of the first and second banks. This solution would also be in place permanently
Was brought into effect in 1907. Which allows banks to issue emergency currency to be substituted instead of gold.
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