624
pages, Doubleday, ISBN-13: 978-0385523332
Many
people who have thought about the United States have seen a tension between its
commitments to democracy and capitalism. The former is, they think, based upon
equality; the latter is based upon an ethic of freedom which allows individuals
to go in their own directions which, in economic life, quickly can lead to
inequality. In his book, American
Colossus: The Triumph of Capitalism, 1865-1900, H.W. Brands examines the
uneasy and shifting relationship between democracy and capitalism during
America’s Gilded Age that followed the Civil War. Brands is Professor of
History at the University of Texas at Austin and has written prolifically and
popularly about a wide range of subjects in American history, from Andrew
Jackson to both Theodore and Franklin Roosevelt. The book is written in a
popular, narrative style with little technical discussion or statistics, yet is
well-informed, thorough, and balanced. It gave me an overview and refresher on
its era in a good broad-based account.
In
some respects, the book works less well. With its accessibility it tends to be
thin on economic issues; as a result, the discussions of the attempt of
financiers to corner the gold market early in the Grant Administration, the
panics of 1873 and 1893, and the controversy over free silver all lack detail
and are rather hard to follow. Although he mentions it at the beginning and end
of the book, Brands is not as clear as he might be about the effect of the lack
of central bank in the United States between Andrew Jackson’s destruction of
the Second Bank of the United States and Woodrow Wilson’s creation of the
Federal Reserve in 1913; this lack was the source of much of the instability he
describes. In addition, I thought Brands could have been more explicit about
the philosophy of the role of government which dominated most of both major
parties during the Gilded Age. During this time, most politicians did not think
that the government had a role in social welfare; thus, Brands describes Grover
Cleveland’s veto of a bill which would have made a small appropriation to Texas
farmers to ease the pain of a crop failure: “Though the people support the
Government, the Government should not support the people”, Cleveland said (pg. 433).
This was the prevailing position, Republican and Democrat, during the Gilded
Age. Brands might have made this clearer.
Brands
tells the story of the United States during the last third of the 19th
Century. The capitalist revolution accounts for a good part, but by no means
for this entire story. Of the five large parts of his book, the first three
treat of economic and social histories more than political history; thus,
Brands describes the growth of speculations, combinations, cutthroat business,
corruption, and rampant corporate expansion by discussion the activities and
fortunes of J.P. Morgan, John Rockefeller, and Andrew Carnegie, among others.
He discusses the growth of cities, the building of the transcontinental
railroad, Reconstruction and its failure, the development of the West and the
attendant defeat of the Indians. Brands writing is at its best when he has a
story to tell that gets him away from economics, as when he discusses the
cowboys and the cattle runs following the Civil War or John Wesley Powell’s
treacherous voyage of discovery on the Colorado River, or the Chicago fire of
1871.
The
final two parts of the book get more involved with the politics of the day both
with corrupt local governments, such as the Tweed Ring, and with the national
government. By no later than the end of Grant’s presidency the two parties had
moved close together on most economic issues. Questions about the tariff
divided them, but most disputes were over questions of honesty, efficiency, and
personality. Brands shows the rise of Unionism during this period, with a
chilling portrayal of a labor standoff between Carnegie and his deputy, Henry
Clay Frick and the Unionists at Carnegie’s plant in Homestead, Pennsylvania.
Brands gives good accounts of the rise of American imperialism in the
Spanish-American War and in the annexation of Hawaii. He emphasizes the
economic panics which threatened the nation in 1873 and 1893. During the latter
panic, President Grover Cleveland was forced to make an early “bailout” arrangement
with J.P. Morgan (this would not be the last time that Morgan would assume such
a role; he did so again in 1907). Brands offers an account of the triumph of
segregation in the South, of the Plessy v. Ferguson Supreme Court decision
which legitimized “separate but equal” and of the rise of Booker T. Washington
as the spokesman for African Americans of his day.
Brands offers a fair summation of his era which
concludes that capitalism was “in many ways the best thing ever to befall the
ordinary people of America” (pg. 542), but at a frightening and ultimately too
high social cost: “A screw had come loose and the wheels fallen out of balance”,
as he quotes with approval an editor of a farm journal of the day (pg. 545).
Brands suggests that beginning with the new 20th Century and the
presidency of Theodore Roosevelt, the balance of American life began a
much-needed shift from capitalism and freedom back towards the direction of
democracy and equality. This is a good, basic book about the Gilded Age with
will be valuable for readers interested in the American experience.
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