Banking In 1800s
Published on Dec 13, 2015
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Tycoon: J.P. Morgan and Company controlled merchant banks and created things like U.S. Steel, AT&T and multiple other duopolies in the railroad and shipping industries.
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Economic Impacts: Morgan and Company used their influence to stabilize American financial markets. Ex: Loaning $60 mil to the federal government to rescue the gold standard.
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Social Impacts: Morgan helped merge the various Thomas Edison companies and several others into the General Electric Corporation. (J.P. Morgan was Thomas Edison's financier)
Photo by Bob Jagendorf
Political Impacts: President Cleveland joined Republicans in the repeal of the Sherman Silver Purchase Act in belief the nations gold reserves were shrinking. He then traded federal bonds for gold from a banking syndicate headed by J. P. Morgan.
Photo by Truthout.org
