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This paper discusses three scandals that took place during the Reconstruction era, the Credit Mobilier Affair, the Whiskey Ring and the Boss Tweed Scandal, and shows how the institutions that gave rise to these scandals, and the men behind them, remain infamous icons for corporate greed. The paper also discusses how despite the era of scandal, several positive trends emerged from the era as well in the areas of transportation, economic policy and exploration, immigration, and political settlement. The paper concludes that the Reconstruction paved the way for the Progressive party to ignite and change regulation and social responsibility even more.
Boss Tweed and Minions
Boss Tweed and Minions
From the Paper:"The Credit Mobilier Affair of 1872 has become a symbol of post-Civil War corruption. It involved illegal manipulation of contracts by a construction and finance company, Credit Mobilier, and the Union Pacific Railroad. The affair was complex, but essentially involved a few individuals who contracted with themselves or companies they owned to construct the railroad - realizing that with Federal money they could make a larger profit building the railroad than operating it. The creation of this sham company, Credit Mobilier of America, was a calculated attempt to deceive the public and government officials so that profit statistics could be falsified in order to allow for greater investment (Ambrose 2001, pp. 90-3. ) The Mobilier clan made enormous profits, but almost bankrupted the railroad in the process. The company was set up to limit the liability of stockholders and maximize profits from Federal subsidiaries, and gave cheap shares of stock to members of Congress who agreed to support additional funding. Congress investigated and found that over 30 members, including future President James Garfield, had taken stocks, but the real effect was bringing this type of business issue to the public's attention (Martin n.d.)"
Sample of Sources Used:
- Ackerman, K. Boss Tweed. New York: Carrol and Graf, 2005.
- Ambrose, S. Nothing Like it in the World: The Men Who Built the Transcontinental Railway. New York: Simon & Schuster, 2001.
- Foner, E. and J. Brown. Forever Free: The Story of Emancipation and Reconstruction. New York: Random House, 2006.
- Hansen, Z., et.al. "US Land Policy." Social Science Research Network. 2007. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=286699.
- Herron, R. Reconstruction. New York: Soho Publishers, 2009.
Cite this Term Paper:
Scandal and Achievement in the Reconstruction Era (2013, January 21) Retrieved December 02, 2020, from https://www.academon.com/term-paper/scandal-and-achievement-in-the-reconstruction-era-152285/
"Scandal and Achievement in the Reconstruction Era" 21 January 2013. Web. 02 December. 2020. <https://www.academon.com/term-paper/scandal-and-achievement-in-the-reconstruction-era-152285/>