More to Explore
People and Groups
Recommended Articles
-
Knights of Labor
The Knights of Labor began as a secret society of tailors in Philadelphia in 1869.
-
Securities and Exchange Commission
The Securities and Exchange Commission was established in 1934 to regulate the commerce in stocks, bonds, and other securities.
-
Stock Market Crash of 1929
On October 29, 1929, Black Tuesday hit Wall Street as investors traded 16,410,030 shares on the New York Stock Exchange in a single day.
-
Energy Crisis (1970s)
A 1973 embargo by oil-rich Arab nations on shipping petroleum to the United States and other nations sparked an international energy crisis.
The Crédit Mobilier scandal of 1872-1873 damaged the careers of several Gilded Age politicians. Major stockholders in the Union Pacific Railroad formed a company, the Crédit Mobilier of America, and gave it contracts to build the railroad. They sold or gave shares in this construction to influential congressmen. It was a lucrative deal for the congressmen, because they helped themselves by approving federal subsidies for the cost of railroad construction without paying much attention to expenses, enabling railroad builders to make huge profits. When the New York Sun broke the story on the eve of the 1872 election, Speaker of the House James G. Blaine, a Maine Republican implicated in the scandal, set up a congressional committee to investigate.
The House censured two of its members who were involved in the scandal: Oakes Ames of Massachusetts and James Brooks of New York. But the affair also tarnished the careers of outgoing vice president Schuyler Colfax, incoming vice president Henry Wilson, and Representative James A. Garfield, all of whom were implicated (although Garfield denied the charges and was subsequently elected president).
The scandal also showed how corruption tainted Gilded Age politics, and the lengths railroads and other economic interests would go to assure and increase profits.
The Reader's Companion to American History. Eric Foner and John A. Garraty, Editors. Copyright © 1991 by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
Fact Check We strive for accuracy and fairness. But if you see something that doesn't look right, contact us!
This Day in History
Jun 18
Lead Story
War of 1812 begins, 1812
The day after the Senate followed the House of Representatives in voting to declare war against Great Britain, President James Madison signs the…
Shop HISTORY
-
-
Swamp People Troy Mask
Want the ultimate Big Head? The Swamp People Troy Mask is for Cajuns and Cajuns at heart.
$44.99
Buy Now
Email Updates
Keep up with the latest History shows, online features, special offers and more.
Sign up
