Panic of 1873
The Panic of 1873came as a result of both national and international economic problems. With the United States Government low on money as a result of the Civil War, it was forced to cell government bonds to European Countries, in an effort to help revitalize the United States economy. In 1866, wars and other variable brought an economic downfall through out Europe. This economic depression soon reached the United States.On september 19, 1873, also known as Black Friday, it was announced by the New York Stock Exchange that the investment banking firm of Jay Cooke & Company had collapsed. the collapse of such a large firm caused panic in the stock market. In an effort to prevent other firms from collapsing the New York Stock Exchange closed on September 20th and remained closed for 10 days. Dispite the New York Stock Exchange's effort many businesses began going bankrupt. By 1875 50,000 men were unemployed and wage cuts became a common thing in businesses. These wage cuts and layoffs of workers lead strikes and labor violence.
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The Great Railroad Strike of 1877
Following the Panic of 1873, many businesses began to lay off workers and enforce pay cuts. On July 16, 1877, Baltimore & Ohio Railroad put a 10 percent pay cut into effect. As a result to this pay cut, a strike emerged. Strikers planned to demonstrate their unhappiness by standing in front of passenger and freight trains so they could not move, but violent riots often broke out during these demonstrations. Before these incidents the United States government had no policy when it came to labor disputes because it was thought to be outside of federal jurisdiction. Federal Judge Thomas S. Drummond made a radical decision and held Indianapolis strikers in contempt for obstructing in the receivership of the United States. On July 29, troops with the influence of the judicial system ended the uprising of strikers. When the strike ended railroad workers did not receive the wages they desired and many of the participants lost their jobs or ended up in jail. Although the railroad strike was not very effective it had a lasting impact on future labor disputes, “It also ushered in a decade of national labor struggles that culminated in the 1894 Pullman strike” (ABC CLIO). The Great Railroad Strike of 1877 not only showed the unfair working conditions for Baltimore & Ohio Railroad workers, but it also presented a basis for other company workers to go against unfair labor conditions.
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The 1894 Pullman Strike
In the 1880s the Pullman Sleeping Car Company was substantially profiting as a result of the success in the railroad business. Up until 1893 the Pullman Sleeping Car Company was doing very well in a business stand point until the Panic of 1893 emerged within the United States. The Pullman Sleeping Car Company’s revenue declined substantially as a result. In order to stay afloat the Pullman Sleeping Car Company had to lay off one third of its employees. The employees who were not laid off were forced to accept a 25 percent pay deduction. Workers who belonged to the American Railway Union attempted to negotiate with owner G. Pullman, but their requests were denied. On May 11, 1893, the remaining workers at Pullman Sleeping Car Company voted to strike for higher pay. Soon railway workers across the country began to get involved in the strike. Like the Great Railroad Strike of 1877, violence began to erupt across the country as a result of the strike. On July20, 1894, the strike ended and employees began to return to work. The hard work put in by the strikers did not amount to nothing, “Just six days later, President Cleveland signed into law legislation that created a national Labor Day to appease the workers of the United States” (ABC CLIO). President Cleveland signed the law that created the national Labor Day in order to please the workers within the United States and to prevent future strikes from taking place.
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