WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Homestead
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Pullman
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Credit Mobilier
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Union Pacific
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Detailed explanation-1: -Crédit Mobilier Scandal, in U.S. history, illegal manipulation of contracts by a construction and finance company associated with the building of the Union Pacific Railroad (1865–69); the incident established Crédit Mobilier of America as a symbol of post-Civil War corruption.
Detailed explanation-2: -The Crédit Mobilier scandal (French pronunciation: [kʁedi mɔbilje]) was a two-part fraud conducted from 1864 to 1867 by the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the eastern portion of the First transcontinental railroad.
Detailed explanation-3: -Crédit Mobilier was established in 1868, during Andrew Johnson’s presidency. One of the chief participants in the scheme, Rep. Oakes Ames (R-Mass.), set out to gain political clout for the company.
Detailed explanation-4: -Hoxie signed the contract over to his benefactor–and Durant transferred it into the name of Crédit Mobilier. In essence, Durant hired himself to construct the railroad, paying Crédit Mobilier with money given to the Union Pacific by government bonds and risk-taking investors.
Detailed explanation-5: -The Credit Mobilier company traded stock options with politicians for land grants and government subsidies. In 1872, the scandal broke and destroyed the careers of several prominent politicians. The Credit Mobilier Scandal of 1872 represents the broader political corruption of the Gilded Age.