The New South Creed - The New South Creed I. The South was...

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The New South Creed I. The South was Slow to Recover from the Physical Devastation of the Civil War A. With the exception of a few Confederate incursions the war was fought in the 11 seceded states B. Only a few southern states were said to be growing and prosperous i. Done so by northern money C. Trade in seaport cities was not increasing and in some it was falling off D. In countryside, visitors found grim poverty E. Per capita wealth in South was $376 i. Per capita wealth outside of the South was $1,086 ii. The $376 was only 27% of the per capita wealth of the Northeastern states iii. Slaves freed without any compensation II. The Arrival of a “New South” (Late 1870s-1880s) A. Toward end of 1870 – quickening of life in area of trade and investment B. Combination of circumstances makes these decades some of the most sensational in the industrial history South to date C. The decline planter class weakened the idea of agriculture as a means of gaining wealth – made factory propaganda more popular D. The reestablishment of white supremacy increased confidence in investments i. Lessened preoccupation in politics E. Depression growing out of the Panic of 1873 (may have contributed to failure of Radical Reconstruction in the South) came to an end in 1879 and released Northern and British capital that sought investment opportunities in the South F. During Reconstruction the North’s interest in the Southern states was for missionary and political expansion and by the late 1870s the South was thought of in more of the terms of economic expansion G. Northern newspapers pointed out that the South had a lot of land, labor, and resources and that it was a good place to go to make money fast H. Between 1887 and 1880 more than 5 million acres of federal lands were sold into southern states I. State legislators sold state lands to speculators at exceedingly low prices i. Florida sold land for 25 cents an acre III. A Construction Boom in Railroads in the 1880s / Wave of Consolidation A. More than doubled total mileage in the South B. Smaller railroad companies were swallowed up by larger ones C. Northern financers steadily took over southern railroads – by 1900 they owned 90% D. There was initially a 3 inch difference in the railroads from North and South – Northern gage issued standard and Southern gage had to adjust IV. Yankee Empire Builders in Florida **** A. Henry M. Flagler (“Florida’s Flagler”) i. Mightier of the two ii. Taking east coast of Florida as his half iii. Made a fortune as an associate of Rockefeller in the oil business
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iv. During a visit to St. Augustine Florida he turned his attention to the Florida wilderness v. Bought strip of “rust and right of way” from Jacksonville to St. Augustine then pushed southward with his railroad and his accompanying hotel chain a. Pleasure palaces and playgrounds for America’s idle rich vi. Had invested $30 million in Florida to reach Miami – at the time nothing
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The New South Creed - The New South Creed I. The South was...

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