Browsing "Economics"
Jul 14, 2018 - Antebellum Economics, Economics, New England History, Northern Culture Laid Bare, Race and the North, Sharp Yankees, Slavery Worldwide    Comments Off on Illicit Trade in Slaves and Opium

Illicit Trade in Slaves and Opium

The Fells Point shipyard of Baltimore builder William and George Gardner built many fast merchantmen during the 1830s, as well as for the slave and opium trade. One Fell’s Point free black carpenters was Fred Bailey (later Fred Douglass) who helped build the slavers Delorez, Teayer, Eagle at Price’s Shipyard, plus the Laura at Butler & Lamdin yard in the same city. In 1844, Bostonians George and John Dixwell of Augustine Heard & Co. ordered fast clippers built by the Gardner’s to carry Bombay opium to China, where it was outlawed. One of their most notorious opium clippers built for the Dixwell’s was the “Frolic,” despite an 1844 treaty forbidding American ships carrying in into China.

Bernhard Thuersam, www.Circa1865.org

 

Illicit Trade in Slaves and Opium

“Probably the most notorious slave ship ever built in the United States, the Venus, was widely discussed in the newspapers at the time. On July 4, 1838, the Venus reached completion at Fells Point . . . the Venus was neither a warship nor a merchantman, but a slave ship in disguise. Indeed, like the merchant traders of New England, Baltimore shipbuilders had a long tradition of employing ruses to conduct their craft in defiance of the law.

The Gardner’s were careful; to protect themselves by selling the slave ships they built to foreign buyers. These transactions through intermediaries, though contrived and transparent, sufficed to enable the Gardners and other Baltimore builders to construct the world’s most profitable slavers while remaining officially and legally ignorant.

As soon as the Venus was ready to be launched, [owner] Lambert Giddings [transferred] the vessel to Jose Mazorra, a notorious [Cuban] slave trader. As the Venus left Havana “with equipment for the slave trade,” we may assume that during her nineteen-day layover in Cuba carpenters were busy fitting her out with platforms in her hold and tons of iron shackles and chains.

On November 5, the Venus, still under the American flag, arrived at Lagos on the West African coast . . . and departed Lagos with a cargo of about 1,150 slaves. The American flag and papers had provided protection for the vessel until the slaves were driven aboard, whereupon the vessel was given over to an agent of Jose Mazzora who carried . . . fraudulent papers . . . disguised as a wholly different vessel.

Continued “foreign” orders for slavers during 1838 and 1839 helped the Gardners’ business survive the financial panic of 1837. [The slaver Venus] would bring international recognition to the Gardners – and ultimately an order for two opium clippers from John and George Dixwell of Augustine Heard & Co. [of Canton, China and Ipswich, Massachusetts].”

(The Voyage of the Frolic: New England Merchants and the Opium Trade, Thomas N. Layton, Stanford University Press, 1997, excerpts pp. 41-43)

 

Constitutional Convention on the Battlefield

The war of 1861-1865 seemed a violent replay of the 1800 election between Federalist John Adams and Republican Thomas Jefferson – and settling the question of whether New England or Virginia would dominate and guide the country. Author Russell Kirk observed in 1953 that “The influence of the Virginia mind upon American politics expired in the Civil War,” and that it would take 100 years for the ideas of a limited central government and free market ideas to begin a recovery.

Bernhard Thuersam, www.Circa1865.org

 

Constitutional Convention on the Battlefield

“Beginning with the modern civil-rights movement in the late 1950s, it became popular and “politically correct” to proclaim that the Civil War was fought for the purpose of abolishing slavery and therefore was a just and great war. This gave the civil-rights movement much of its momentum, but it also served to injure race relations severely, and further, to mask the immense and disastrous costs of the Civil War, which included the deaths of 620,000 soldiers.

The destruction of the South and its Jeffersonian ideals of a free market, a non-interventionist foreign policy, and a limited central government were replaced by the ideals of Hamilton, thereby completely transforming the American government created by its founders.

The Civil War was, in effect, a new constitutional convention held on the battlefield, and the original document was drastically amended by force in order to have a strong centralized federal government, which was closely allied with industry in the North.

Foreign policy would now become heavily influenced by the economic interests of big business rather than by any concern for the freedom of the individual. Domestic policies of regulation, subsidy and tariff would now benefit big business at the expense of small business and the general population.

Beginning with the end of the Civil War, the American mind and policy would become molded into the image of Hamilton rather than Jefferson.”

(The Costs of War: America’s Pyrrhic Victories, John V. Denson, editor, 1999, Transaction Publishers, 1999, excerpts pp. 27-28)

Joseph Davis Encourages Black Entrepreneurs

As a young man, Jefferson Davis learned life at the feet of his older brother Joseph Emory Davis (1784-1870) the management skills necessary to operate his own Mississippi plantation, “Hurricane.” As described below by author Hudson Strode, Jefferson “was convinced that servitude was a necessary steppingstone to the Negro’s eventual freedom and “measurable perfectibility,” and that those brought from Africa “were benefited by their contact with white civilization and Christianity.” Further, he viewed “the instrument of supplying cotton to the textile industry, which meant better employment in England and on the Continent, as well as New England, the Negro made a real contribution to world prosperity.”

Bernhard Thuersam, www.Circa1865.org

 

Joseph Davis Encourages Black Entrepreneurs

“In one special characteristic Jefferson was deemed a spiritual son of his brother: “he could hardly comprehend anyone’s differing from him in political policy after hearing reasons on which his opinion was based.”

While Jefferson reveled in Joseph’s talk and Joseph’s books in the evenings, by day he was diligent in the pursuit of agriculture. He carefully remarked his brother’s methods of slave management and agronomic techniques. In Natchez with Joseph sand James Pemberton, he had bought ten carefully selected slaves. He had put his faithful body servant in charge of them . . . Pemberton, with a shrewd understanding of both the black man’s and white man’s psychology, [and who was] indispensable.

But even more so was Joseph, who was noted throughout Mississippi for his model plantation. Strange as it may seem, the democratic plutocrat Joseph had been influenced by the utopian philosophy of the socialist Robert Owen, whose “A New View of Society” he had read before meeting him on the stagecoach in 1824.

As Joseph’s Negroes testified both before and after the War Between the States, they were mostly kindly treated. No overseer was ever given the right to punish them. The Negroes enjoyed a kind of self-rule devised by Joseph, in which the older or more settled ones acted as the jury for offenders. Though the Negroes themselves set the penalty, the master reserved the right to pardon or mitigate the severity of the sentence, which Jefferson noted he did more than often.

The slaves were encouraged to be thrifty, resourceful and inventive. They could raise their own vegetables and produce their own eggs to supplement their weekly rations. Eggs bought by the big house were paid for at market prices, though they could also be sold at any market.

When a slave could do better at some other employment than daily labor, he was allowed to do so, paying for the worth of regular field service out of his earnings. One of the slaves ran a variety shop, and sometimes he would buy the entire fruit crop from the Davis estates to sell and ship. Joseph chose his favorites from among the Negroes for advancement according to their qualities and aptitudes. Any individual talent that revealed itself was nurtured.

Jefferson was particularly impressed by a responsible and gifted Negro named Benjamin Thornton Montgomery, whose father, John, had been born a slave in Loudon County, Virginia. John had been taught to write by his master’s young son . . . John’s bent was carpentry, he became an expert in building. Then he took up civil engineering, devising his own instruments.

John passed on his knowledge of reading and writing to his son Ben Montgomery, who had acquired a little library of his own by the time Jefferson came to Hurricane. As the Montgomery boys grew up they helped Joseph with his large correspondence, business and political.”

(Jefferson Davis, American Patriot: 1808-1861, a Biography of the Years Before the Great Conflict, Hudson Strode, Harcourt, Brace and Company, 1955, excerpts pp. 111-113)

Sedition and Secession in New England

The first secession sentiment displayed in the US came from New England, a region which saw, in the early 1800s, a growing faith in monarchical Great Britain as “Federalist distrust of the youthful and growing American people increased.” In early 1811 when the bill to admit Louisiana was considered, the New England Federalists “violently resisted it.”

Josiah Quincy declared that “if this bill passes, the bonds of this Union are virtually dissolved; that the States which compose it are free from their moral obligations, and that, as it will be the right of all, so it will be the duty of some, to prepare for a separation – amicably if they can, violently if they must. The first public love of my heart in the Commonwealth of Massachusetts. There is my fireside; there are the tombs of my ancestors.”

Bernhard Thuersam, www.Circa1865.org

 

Sedition and Secession in New England

“As soon as Congress convened in November, 1808, New England opened the attack on [President Thomas] Jefferson’s retaliatory measures [in the Embargo against the British]. Senator James Hillhouse of Connecticut offered a resolution for the repeal of the obnoxious statutes. “Great Britain was not to be threatened into compliance by a rod of coercion,” he said.

[Timothy] Pickering made a speech that might have well been delivered in Parliament [Four years earlier, Pickering had plotted the secession of New England and enlisted the support of the British Minister to accompany it].

Before [Chief Justice John] Marshall had written [his friend Pickering], the Legislature of Massachusetts formally declared that the continuance of the Embargo would “endanger . . . the union of these States.” Talk of secession was steadily growing in New England. The National Government feared open rebellion.

On January 9, 1809, Jefferson signed the “Force Act,” . . . Collectors of customs were authorized to seize any vessel or wagon if they suspected the owner of an intention to evade the Embargo laws; ships could be laden only in the presence of National officials, and sailing delayed or prohibited arbitrarily.

Along the New England coasts popular wrath swept like a forest fire. Violent resolutions were passed. The Collector of Boston, Benjamin Lincoln, refused to obey the law and resigned. The Legislature of Massachusetts passed a bill denouncing the “Force Act” as unconstitutional, and declaring any officer entering a house in execution of it to be guilty of a high misdemeanor, punishable by fine and imprisonment.

The Governor of Connecticut declined the request of the Secretary of War to afford military aid and addressed the Legislature on a speech bristling with sedition. The Embargo must go, said the Federalists, or New England would appeal to arms. Riots broke out in many towns. Withdrawal from the Union was openly advocated.”

(Life of John Marshall, Albert J. Beveridge, Volume IV, Houghton Mifflin Company, 1919, excerpts pp. 13-17; 27)

Bungling and Unprincipled Self-Seeking

As the invading Northern armies moved South, huge quantities of cotton were found and Yankee cotton-hunger “was fierce and insatiable.” Union officers could make a quick fortune seizing bales and shipping them northward to New England mills, the same ones who had themselves perpetuated slavery with dependence on Southern cotton.

Bernhard Thuersam, www.Circa1865.org

 

Bungling and Unprincipled Self-Seeking

“The opening of the full length of the Mississippi by the capture of Vicksburg and Port Hudson augmented the illicit traffic from all river towns into the Confederacy. General [Stephen A.] Hurlbut, himself probably corrupt and certainly drunken, explained to his superiors [in Washington] the impossibility of imposing controls. “A perpetual flood of fraud, false-swearing, and contraband goods runs through the city,” he wrote. Even the pickets are bribed.

[US] Treasury agents were really no more culpable than Army officers, and old cotton-brokers no worse than Chicago commission-men; Yankees and foreigners could be equally unscrupulous.

Ben Butler, who had held command [at New Orleans] in 1862, believed in generous trade policies, and one recipient of his generosity was his brother, Andrew Jackson Butler. The operations of both the Butlers became highly complicated . . . When military expeditions were sent out ostensibly for the chastisement of guerillas, but with cotton also in view, and shallow-draft steamers began to scour the bayous with the same objectives, the situation became still more tangled.

[Secretary of the Treasury Salmon] Chase’s special agent, George S. Denison . . . found that a great deal of contraband material was being shipped to the Confederates in exchange for cotton, and that [Northern] military men of high rank who lent their cooperation were reaping large harvests.

It was clear, he wrote Chase, that Ben Butler “knows everything, controls everything, and should be held responsible for everything.”

On the Red River in the spring of 1864, the carnival of trade and speculation reached its height for a single campaign. General [Nathanial P.] Banks, who also had to carry the ignominy of defeat, suffered censure . . . Officer after officer, in testimony that runs for pages despite sharp questions put by Congressmen, charged that the Navy seized wagons and mules right and left, ranging far into the interior away from the Red River and branding cotton “C.S.A.” so that they with impunity then add “U.S.N.”

Porter went on to attack the Army, writing: “General Banks had come up in the steamer Black Hawk, loaded with cotton speculators, bagging, roping, champagne, and ice. The whole affair was cotton speculation . . .”

At times, in the aftermath of the Red River campaign, it seems that every participant was misrepresenting everyone else. The only definite certainty is that it was a time of bungling, lying, chicanery, corruption, and unprincipled self-seeking, all to the injury of the [Northern] war effort.”

 

(The War for the Union: the Organized War 1863-1864, Volume III, Allan Nevins, Charles Scribner’s Sons, 1971, excerpts pp. 355-361)

 

War for Immense Profits

On April 9, 1863, the Greensboro (North Carolina) Patriot wrote that blockade-runners arrived at Wilmington and Charleston every week, “all doing thrifty business with their Yankee friends in Boston and New York through Nassau.” Gen. W.H.C. Whiting wrote President Davis late in the war from Fort Fisher that runners carrying Northern goods seemed to penetrate the enemy blockade easily.

Bernhard Thuersam, www.Circa1865.org

War for Immense Profits

“The amount of greed and corruption that attended the business of blockade-running was about what might have been anticipated, and involved not only Southerners and Britons, but some grasping Yankees. The contraband commerce had all the attractions of gambling for high stakes . . . the stocks of some blockade-running corporations, Southern or British, rose to mountain heights – even $6,000 a share!

More than half the ships and cargoes tried in the New York prize-court were British, but the British name too often concealed Northern interests. Some Yankees were as ready to evade trading-with-the-enemy laws as their fathers had been in 1812.

Northern goods, their labels altered to flaunt famous British names, passed through Boston or New York on long roundabout trips, Boston-Bermuda-Wilmington, or New York-Nassau-Mobile, and sometimes shipped with bold directness to Charleston or Matamoros.

At its height, the New York trade with Bermuda, Nassau and Havana was scandalously large. A “ring” of dealers, shippers and blockade-runners helped organize the traffic and made arrangements with the Custom House for shipments.

By the autumn of 1862 a brisk traffic, half-furtive, half open, sprung up, not only in occupied areas but where Union troops faced Confederate troops. Scores of [Northern] officers intent upon commercial deals, and a much greater number of merchants anxious to trade in cotton, tobacco and general merchandise flocked down, first to Memphis, then to Little Rock and Helena, and finally to Vicksburg.

Read Admiral [David] Porter said of the [United States] Treasury agents sent down by [Secretary Salmon] Chase to control the situation: “A greater pack of knaves never went unhung.” Yet his own gunboat crews were equally unscrupulous, one Senator later declaring that they had made a hundred millions during the war.

And David Perry of the Fifth Illinois Cavalry, son of a mayor of Bloomington, Illinois, made a yet graver charge: “Many lives have been sacrificed during the past summer and fall,” he informed his father as the year 1862 ended, “that certain high officers might make their fortunes with cotton-trade, and many a poor darkey who had fled to us has been traded off, by officers holding high positions in the army and before the world, for cotton.

The truth is, when an impartial history of this war shall be written, it will expose a greater amount of fraud and corruption than the world has ever before seen. Even your Bloomington general, Hovey, traded Negroes for cotton and sacrificed many lives . . . for the sole purpose of making money.”

(The War for the Union: the Organized War 1863-1864, Volume III, Allan Nevins, Charles Scribner’s Sons, 1971, excerpts pp. 342-343; 353-354)

Trade and Sovereignty

Of the many reasons that war occurred in 1861, trade and sovereignty were two of the most prominent. On the first, Northern editorial opinion changed dramatically after the new Confederate States government enacted a virtual free-trade 10% tariff which would have bankrupted Northern ports and industry; the second was the question of the federal agent of the sovereign States waging war upon its creators. In the years prior to the war, Manhattan banks were lending money at modest interest to planters expanding fields for cultivation — and New England mills eagerly accepted slave-produced cotton.  Since 1865, Northern capitalists and their allies in the three branches have had a free hand in federal monetary policy and trade.

Bernhard Thuersam, www.Circa1865.org

 

Trade and Sovereignty

“The heart of the trade debate is not income or prices but sovereignty. The free trade agreements entered into by the United States not only violate our Constitution – a small thing, perhaps, since our own government does that very thing every day – but they also erode sovereignty.

This is obvious from the global apparatus of rigged trade established by NAFTA and GATT, but of the World Trade Organization set up in the last round of GATT alarmed even some knee-jerk free-traders. The WTO is a secret organization whose meetings are closed to the press, and it has a right to settle trade disputes between the US and other nations and the power to enforce its decisions.

When it comes right down to it, the free-traders believe that men and women are not really French or American, not really Christians or devil-worshippers; they are only rational producers and consumers, rootless hedonists and utility-maximizers who could just as well be born from a test tube as from a mother’s womb. They acknowledge no social ties except that of the contract for mutual exploitation. Concepts like “loyalty” and “treason” are as alien to them as they were to Red capitalists like Armand Hammer.

The big-money boys of the capitalist West (in and out of government) have changed their rivals but not their attitudes. They will sell arms to both sides in an African civil war and poison gas to Saddam Hussein; and if a tin-pot dictator bankrupts his country buying fighter planes, computer systems and one-way railroads, the New York banks will be happy to give him a loan backed by the World Bank and the American taxpayer.

In the good old days, American conservatives had to do battle with an evil globalist ideology called communism. They had their difference but they agreed on what they were against.

Today, they are confronted by a different globalism, the ideology of free trade and open borders and world government. If our conservative Republicans refuse to stand up to this menace, then the only way they are going to get into the White House is by buying a ticket and taking the tour.”

(Selling the Golden Cord, Thomas Fleming, Chronicles, July 1998, excerpts pp. 12-13)

The Grant Era’s Comprehensive Rascality

Hamilton Fish, Secretary of State in US Grant’s second term, was said to be “the representative of a sterner, simpler American age,” and one who “took a just pride in his old-fashioned conceptions of integrity and morals.” He was certainly appalled by the corruption and endless scandals that dogged Grant’s presidency, and most certainly contemplated in quiet moments just what the true outcome of the South’s defeat portended for the United States. Grant’s impeached secretary of war, William Belknap, accompanied Sherman in 1864-65 on the Georgia-Carolinas looting expedition.

Bernhard Thuersam, www.Circa1865.org

 

The Grant Era’s Comprehensive Rascality

“The festering corruptions of the post-war period sprang up in every part of America and in almost every department of national life. Other loose and scandalous times . . . had been repellent enough; but the Grant era stands unique in the comprehensiveness of its rascality.

President Grant is chargeable with a heavy responsibility for some scandals of the day; just how heavy [Secretary of States Hamilton] Fish soon saw, and subsequent pages based upon his diary and letters will show.

Honest as to money himself, [Grant] was the source of more dishonesty than any other American president. His responsiveness to such great moneyed interests as Jay Cooke represented was a national calamity. But when we look at the scandals, his responsibility was for the most part general, not specific; indirect, not direct. At some points he cannot be defended.

The role he played in crippling the Whiskey Ring prosecutions and the impeachment of [Grant’s Secretary of War, William] Belknap offers the darkest single page in the history of the Presidency. For this and for his arbitrary acts in the South, he was far more worthy of impeachment than Andrew Johnson. But with most scandals of the time he obviously had nothing to do. The Credit Mobilier affair can as little be laid at his door as the [Boss] Tweed Ring thefts.

The American people always derives much of its tone from its President. It is strenuous under a Theodore Roosevelt, idealistic under a Wilson, slothful under a Coolidge. Lowell was correct in these years in writing, “a strong nation begets strong citizens, and a weak one weak.”

Plainly, Grant’s administration was one in which almost anything might happen. More and more, it carried about it an atmosphere of stratagems and spoils. Uneasiness, in fact, henceforth haunted [Fish]. What if [Grant’s] backdoor clique really took control of the government? But Fish was of a religious temperament; and he may have heard of Bismarck’s statement that a special Providence existed for fools, drunkards and the United States.”

(Hamilton Fish, the Inner History of the Grant Administration, Allan Nevins, Dodd, Mead & Company, 1937, excerpts pp. 641-642; 666)

The Genius of Eli Whitney

Eli Whitney was a mechanically-talented Massachusetts farm boy who graduated from Yale and ventured South in 1792 to teach school in South Carolina. As he watched plantation slaves working laboriously to pick “the fuzzy, stubborn seeds from “vegetable wool,” at an average rate of two pounds per day,” he quit his teaching position to concentrate on the invention to speed the chore. Cotton production soared from 10,000 bales in 1793 to double that in 1796, and 180,000 by 1810 – Whitney can be said to have single-handedly perpetuated slavery.

Bernhard Thuersam, www.Circa1865.com

 

The Genius of Eli Whitney

“The Agricultural Society of South Carolina, second of its kind in the United States, came into being in 1785 “for promoting and improving agriculture and other rural concerns.” Its high-minded purposes were defined by Thomas Heyward, Jr., its first president, who expounded: “After having gloriously succeeded . . . in terminating a war . . . it is incumbent upon us equally to endeavor to promote and enjoy the blessings of peace. Agriculture was one of the first employments of mankind . . . [and] one of the most innocent and at the same time the most pleasing and beneficial of any . . .”

This interest in diversified agriculture was further evidence that the institution of slavery – a national rather than sectional cancer – was well on its way to extinction before the American Revolution. Jefferson was strongly opposed to it; his original draft of the Declaration of Independence contained a denunciation of it. Early attempts along these lines were thwarted by the British crown.

To Virginia goes the honor and distinction of being the first American State to prohibit the importation of slaves, having passed a law to this effect during the very first session of its existence under the republican government (1778). Maryland followed suit in 1783.

The tobacco planters, slavery’s principal eighteenth-century exponents, were learning slavery’s folly and coupling it with old guilts of moral shame.

So firm was the resolve and so positive was the action that there can be no doubt as to the demise of the slave during the early years of the nineteenth century, had it not been for the “sudden apparition of the great cotton crop, conjured by the genius of Eli Whitney” and dwarfing all other Southern resources by the “instant employment of the half-idle slaves, whose presence had begun to be felt as a burden.”

Without an economical means to separate the lint from the seed, cotton could not have become the ruthless king that it was. Without King Cotton, slavery would have withered and died. Without the emotionally packed issue of slavery, the newly-formed States would have arrived at a peaceable solution to their differences, because their quarrels centered around cotton and the tariff.”

(This is the South, Robert West Howard, editor, Rand McNally & Company, 1959, excerpts pp. 136-138)

Northern Prosperity at the South’s Expense

By 1860, the immigrant floods which spread westward in the 1840s and 1850s had changed the United States into two distinct cultures and political views. The South maintained its ties to the 1776 generation and its republican political character; the North had become a conglomerate of immigrant ethnic groups controlled by machine politicians eager for power and beholden to industrialists eager for cheap labor. Immigrant voters, wholly unfamiliar with American political concepts and traditions, were easily led by demagogues and money.

Bernhard Thuersam, www.Circa1865.com

 

Northern Prosperity at the South’s Expense

“The festering corruptions of the post-war period sprang up in every part of America and in almost every department of national life. Other loose and scandalous times – in [James] Buchanan’s day, in [Mark] Hanna’s, in [Warren] Harding’s – have been repellent enough; but the Grant era stands unique in the comprehensiveness of its rascality.

The cities, half of which had their counterparts in [New York’s Boss] Tweed; the legislatures, with their rings, lobbyists and bribe-takers; the South, prey of unscrupulous Carpetbaggers and Scalawags; the West, sacked by railway and mining corporations; Congress with its Credit Moblier’ [scandal], its salary-grab, its tools pf predatory business; the executive departments, honeycombed with thievery; private finance and trade, with greedy figures like Jay Cooke and Collis P. Huntington honored and typical – everywhere the scene was the same. Why?

The war explained much: its terrible strain upon all Ten Commandments; the moral exhaustion it produced; the waste and jobbery which it bred; its creation of vast new Federal responsibilities. Washington became an irresistible lodestone for crooked men.

The fecund war contracts, the tariffs, the subsidies, and [enlistment] bounties, huge appropriations for speculators and [pension] claim-agents, the opportunities for theft in both collecting and spending the swollen Federal revenues, drew them as honey draws flies.

The South was ruined, and the fine principles and traditions of its aristocracy were engulfed. The industrial revolution in the North wrought the roughest, most aggressive business elements to the front. As the West was settled with amazing rapidity, a more extensive and influential frontier than ever before gave manners a cruder cast.

Cities were filling up with immigrant communities, subservient to machine politicians. Everywhere tested standards, restraints of public opinion, the cake of custom, were broken down. Co0nditions of the day produced a new and flashier political leadership. They brought demagogues and pushing brigadiers into office; generals like Ben Butler and “Black Jack” Logan, vote getters like Oliver P. Morton and Zach Chandler, speculators like Oakes Ames.

But one fact must be emphasized. Contemporaneous with this corruption, geared to it as a motor is geared to the conglomerate machinery of a factory, was the tremendous industrial boom which followed the war. For eight years Northern business rollicked amid a flush prosperity.

With money easy, with fortunes rising on every hand, with the temptation to speculate irresistible, the whole tendency of American life conduced to greed.”

(Hamilton Fish, the Inner History of the Grant Administration, Allan Nevins, Dodd, Mead & Company, 1937, excerpts pp. 638-639)

Pages:«1...56789101112»