US Industries in 1860s
Part A: Pick an industry that was critical to the development of the United States between 1860 – 1900. Give a brief account of its importance and some of its major players.
Part B: What would it have been like to work in this industry? Put yourself in the shoes of a 19th century employee of one of the companies you mentioned in Part A.
Pick an industry that was critical to the development of the United States between 1860 – 1900. Give a brief account of its importance and some of its major players.
The Banking Industry played a central role in the development of America between 1860 and 1900. It is one of the critical US industries in 1860s. Although several banks had been existing even before then, the utility of banks peaked during this period. The banking industry was critical during this period, as it provided both loans and savings opportunities for investors (Sylla 32). Almost all the other industries in the United States between 1860 and 1900 were dependent on the banking industry. Banks were acting as catalysts of development. For instance, employees in other industries received their payments through banks. Investors in various industries sought bank loans in order to expand their business following rapid economic growth. During the period, the economy in the United States was growing really fast, and some people needed saving accounts to secure their future. Some of the key players in the banking industry during this era include:
The Bank of New York Mellon State Street Corporation
Chase Bank Citibank
Liberty Bank Dedham Institution for Savings
Part B: What would it have been like to work in this industry? Put yourself in the shoes of a 19th-century employee of one of the companies you mentioned in Part A.
Working as an employee at the Liberty Bank during the 19th century would have been a fulfilling experience. Liberty Bank was among the top banks in the United States during the era. White-collar jobs paid well in the 19th century, and therefore I would have had a satisfactory income (Heblich and Trew 7). These kind of jobs also bestowed prestige to the employees and enabled them to have a higher social class. With so most people being casual laborers and only earning the minimum wage being a banker would have been rewarding. Being in the Banking Industry, I would have been able to interact with people from different backgrounds. Workplaces in the 19th century were largely restricted, and interactions were very limited. Being a banker, I would have interacted with many clients as I served them, especially when briefing them about the services offered by the company.
Heblich, Stephan, and Alex Trew. “Banking and Industrialization.” Journal of the European Economic Association 17.4 (2018): 1-11.
Sylla, Richard. “The Oldest U.S. Banks: Strategies for Reaching a Third Century.” Immortal Banks (2016): 27-47.