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Transcript

Robber Baron Vs. Captain of Industry

J.P. Morgan

Biography (Cody)

Biography

John Pierpoint Morgan, more commonly known as J.P. Morgan, was born on April 17, 1827, in Hartford Connecticut. He was born into a successful family and thus received a high level of education in Boston at the University of Göttingen. J.P. Morgan entered the work force as an accountant for the New York Banking firm of Duncan, Sherman and Company. Eventually, the bank took his name, and he led it to become one of the most powerful banks in the country. After dominating the banking industry, J.P. Morgan got involved in the railroad industry, and eventually became one of the most powerful railroad magnates, controlling about 5,000 miles (8,000 km) of American railroads by 1902. Morgan died on March 31, 1913, in Rome, Italy.

Events

(Alexander)

- J.P. Morgan merged steel companies to form the Federal Steel Company in 1898.

He made a fortune in steel, buying out Andrew Carnegie.

- J.P. Morgan acquired a fortune in merging many railways. In 1885 he joined the New York Central and Pennsylvania railroad, two of the largest at the time. He became a

stock holder in every railroad and helped them recover after the panic of 1893.

-With the Panic of 1893 the Federal Treasury was running out of gold reserves. President Cleveland turned to J.P. Morgan who would save the U.S. government from collapse in 1895. With the crisis of Wall Street in 1907 the government took deposits from Morgans banks.

-J.P. Morgan showed little remorse for his workers. Thinking of them as lesser of people he had them work approximately 60 hours a week with pay being only 10 cents.

- J.P. Morgans money went to charities, churches,hospitals, and schools. He donated much of his art to the Metropolitan Museum of Art.

Events

3 Quotes (Alexander)

3 quotes

-"A man always has two reasons for doing anything: a good reason and the real reason."

-"If you have to ask how much it costs, you can't afford it"

-"Well, I don't know as I want a lawyer to tell me what I cannot do. I hire him to tell how to do what I want to do."

Timeline

Saved Wall Street

Born in Hartford Connecticut.

1895

1913

Timeline

YEAR

1827

1907

Died in Rome.

Bailed out U.S. Government

Political Cartoon Analysis (Oliver)

Political Cartoon

Political Cartoon Analysis

Analysis

The political cartoon depicts JP Morgan and Uncle Sam rowing a rowboat together. Uncle Sam is shown as being much smaller than Morgan in the cartoon. This symbolizes the fact that the government was heavily reliant on JP Morgan’s investment especially during the Panic of 1907 when it was only ended by JP Morgan pressed capital into the banks stabilizing the economy. The government was reliant on men like JP Morgan and other rich individuals making it a tool of these men as well allowing them to run free.

Origin:

The political cartoon “The Helping Hand” was created by Udo J. Keppler. It was published in 1911 in Keppler's magazine.

Context

Group Analysis

Group

Analysis

Although J.P. Morgan was undoubtedly a philanthropist and donated large portions of his wealth, we concluded that J.P. Morgan was a robber baron because of the poor way he treated his employees. He let wages fall and had little regard for his worker's health and safety, especially steel workers and miners, many of whom died on the job. Simply put, he viewed his workers as lower class people and treated them as such. Therefore, J.P. Morgan was a robber baron.

Sources

Sources

https://www.thirteen.org/wnet/historyofus/web10/features/bio/B14.html#:~:text=He%20made%20a%20fortune%20in,made%20another%20fortune%20in%20steel.

https://online.maryville.edu/business-degrees/americas-gilded-age/

http://projects.leadr.msu.edu/makingmodernus/exhibits/show/john-pierpont-morgan--robber-b/the-panics-of-1893-and-1907

https://www.theodorerooseveltcenter.org/Research/Digital-Library/Record?libID=o285451.

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