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2007.11.19 - Labor and Capital at War

2007.11.19 - Labor and Capital at War - [LABOR AND CAPITAL...

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[ LABOR AND CAPITAL AT WAR ] History 150 · Discussion 304 · Hughes November 19, 2007 T HE P ANIC OF 1873 AND ITS FRUITS - Failure of Northern Pacific Railroad, 1872 - national finacial crisis – depression - people no longer believe that their money is safe in the banks - there is a run on the banks in 1873 - many enterprises fold - 10s of thousands of businesses fail - this turns into a depression - bankruptcies, falling prices for crops - facilitates collapse of Reconstruction - withdrawal of troops from Southern capitols, 1877 T HE S TRIKE OF 1877 - July 16 th , 1877 Baltimore & Ohio Railroad - the workers here kept their jobs, but their wages get cut, then their wages get cut again - on July 16 th , they walk off their jobs - this starts to effect the rest of the related industries as well - Expands through Midwest, West - Railroads, miners, and steel - really the entire US, besides the south, industries basically shut down because of strikes - General strikes: Chicago, St. Louis, Louisville - 8 hours, wages, child labor, etc.
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