Look into the mirror
Tell me what you see
Are you really what
You first appear to be?
Look past the clothes
Look past the hair
Look into the very depths
Look on, if you dare
Your self is down there
Waiting for you
Just imagine the many
Things that you could do
If you look into the mirror
3 years ago
4 comments:
I like this. It's like the theme-poem of your blog.
I agree.
Love it.
Heh, wonderfuly done. A theme song to your blog
1. Munn v. Illinois: in 1877, the Supreme Court ruled that an Illinois law that put a cap on warehousing rates for grain was a constitutional exercise of the state's power to regulate business. Said that the Interstate Commerce Commission could regulate prices
2. rebate: amount paid as a refund or return on something already paid. It is a type of sales promotion marketers use as incentive to sales. In taxes, it is a refund on taxes when the tax liability is less than what is paid.
3. Union Pacific/Central Pacific: Union Pacific Railroad was commissioned by Congress to go westward from Omaha, Nebraska. Granted 20 square miles of land for every mile of track completed and a generous federal loan. Central Pacific Railroad pushed eastward from Sacramento, California.
4. Cornelius Vanderbilt: joined together and expanded the older eastern railroad networks, contributing to the success of the western lines. Helped popularize the steel rail which was safer and could bear a heavier load. Offered railway service cheaper than others and made a fortune of $100 million.
5. Jay Gould: corrupt financier who manipulated the stocks of the Erie, the Kansas Pacific, the Union Pacific, and the Texas and Pacific for almost thirty years. Along with Jim Fisk, created a plot to corner the gold market. Plan resulted in Black Friday in 1869.
6. stock watering: Railroad stock promoters greatly inflated their claims about a railroad line's assets, profitability, and sold stocks and bonds. Railroad managers then had to charge inflated rates to pay off the extra financial obligations.
7. pool: combination by railroad kings who formed an alliance to protect their profits. As opposed to competition, a pool was an agreement to divide the business in a given area and share the profits.
8. trust: device for controlling rivals that was perfected by John D. Rockefeller. Stockholders in smaller companies would assign their stock to a larger company which would corner the market. Generally refers to any large-scale business combination.
9. holding company: company that owns other companies' outstanding stock. Usually refers to a company that does not produce goods or services itself, but only owns shares of other companies. Reduce the risk for owners and allow the ownership and control of multiple companies
10. The Grange: also called Patrons of Husbandry. The Grange was an organized agrarian group that encouraged farmers to band together for common economic and political good. Also tried to force Midwestern legislatures to regulate the railroad monopoly.
11. Wabash, St. Louis, & Pacific Railway v. Illinois: Supreme Court case in 1886 that declared that individual states had no power to regulate interstate commerce. If railroads were to be regulated, the federal government would have to do it.
12. Interstate Commerce Act: Passed by Congress in 1887. Prohibited rebates and pools and required the railroads to publish their rates openly. Forbid unfair discrimination against shippers and made it illegal to charge more for a short haul than for a long haul on the same line. Set up the Interstate Commerce Commission (ICC) to enforce new legislation.
13. Alexander Graham Bell and Thomas Edison: Alexander Graham Bell invented the telephone in 1876, it lead to a network of communication that quickly united the nation. Thomas Edison invented the light bulb in 1879, extended the working day and changed sleeping habits.
14. Andrew Carnegie: steel king. Controlled every phase of his steel-making operation. Pioneered the idea of vertical integration, which combined into one organization all phases of manufacturing from mining to marketing. His goal was to improve efficiency by making supplies reliable, controlling quality, and eliminating middlemen's fees.
15. John D. Rockefeller: oil baron. Used the technique of horizontal integration. Allied with competitors to monopolize a certain market. Created the trust and the Standard Oil Company in 1870. Stockholders in smaller oil companies would assign their stock to his company, which cornered the entire petroleum market.
16. J.P. Morgan: "banker's banker," the most influential banker of the day. Devised ways to eliminate competition by consolidating rival enterprises and placing officers of his banking syndicate on their boards of directors—interlocking directorates.
17. William Graham Sumner: Yale Professor and Social Darwinist. "The millionaires are a product of natural selection. They get high wages and live in luxury, but the bargain is a good one for society." Economist and sociologist. Wrote What Social Classes Owe to Each Other.
18. Social Darwinism: based on the application of the survival-of-the-fittest and natural selection theories of Charles Darwin to human society. Belief that the poor are poor because they are not fit to survive. Argument against social reform to help the poor.
19. The Gospel of Wealth: written by Andrew Carnegie, stated his belief that the wealthy had to prove themselves morally responsible according to a Gospel of Wealth. Argued that the wealthy had an obligation to give back to society, encouraged philanthropy.
20. Sherman Antitrust Act (1890): forbade combinations in restraint of trade, without distinction between good and bad trusts. Ineffective because it had many legal loopholes. Contrary to intent, it was effective in curbing labor unions or labor combinations that were deemed to be restraining trade.
21. National Labor Union: organized in 1866 and lasted six years. Attracted 600,000 members, including skilled, unskilled, and farmers, but excluding Chinese, and only nominally including women and blacks. Fought for arbitration of industrial disputes and eight hour workday. Died in the depression of the 1870s.
22. Knights of Labor: began in 1869 as a secret society. Sought to include all workers in their union: skilled, unskilled, men, women, whites, and blacks. Campaigned for economic and social reform, codes for safety and health, eight hour workday. Lead by Terence V. Powderly.
23. Haymarket riot: in 1886, labor disputes had broken out and the Chicago police were headed to a protest. A dynamite bomb was thrown and killed or injured several dozen. Eight anarchists were arrested without evidence, but charged with conspiracy because they preached incendiary doctrines. Five sentence to death, three imprisoned.
24. American Federation of Labor: created in 1886, the idea of Samuel Gompers. Made up of an association of self-governing national unions, the American Federation of Labor unified overall strategy. Composed of skilled workers, it sought better wages, hours, and working conditions.
25. Samuel Gompers: Jewish cigar maker whose idea started the American Federation of Labor. Brought to America at age thirteen and rose in the labor ranks. Elected president of the American Federation of Labor almost every year from 1886 to 1924.
26. vertical and horizontal integration: vertical integration was the combination of all phases of manufacturing into one organization, used by Andrew Carnegie. Horizontal integration was the monopoly of a certain market, used by John D. Rockefeller.
27. yellow dog contract: agreement that the worker will not to join a labor union while working for the company. Employers often forced workers to sign ironclad oaths or yellow-dog contracts.
28. Reverend Russell Conwell ("Acres of diamonds"): Reverend Russell Conwell of Philadelphia became rich by delivering his "Acres of Diamonds" lecture thousands of times. Lecture stated "There is not a poor person in the United States who was not made poor by his own shortcomings." Attitudes like his were detrimental to social reform.
29. "Robber Baron" v. "Captain of Industry": men who accumulated huge amounts of wealth and power through shady deals and conspiracies. Either considered enterprising and industrious, or thieves scamming the public and cheating their workforce.
30. Gustavus Swift and Philip Armour: Swift and Armour made their fortunes in the meat industry. In the 1800s Swift enlarged fresh meat markets through branch slaughterhouses and refrigeration, monopolized the meat industry. Armour pioneered the shipping of hogs to Chicago for slaughter, canning, and exporting
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