How Corrupt Was American Governance and Business in the 19th Century - Assignment Example

In the 1800s, there is little documentation existing before the year 1875. It is shameful that so few documents regarding government accounting exist but the review of what is available leads to the conclusion that each government (be it state or local) had the ability to decide independently how to use the purses that each municipality had. It is interesting that so few documents exist which would detail the accounting practices of American governance especially since the state of Alabama in 1812 specifically called for state accounting in its’ constitution.

The 19th century was known as the “Gilded Age”. Here one saw the heights of wealth and the bowels of poverty. Those who were wealthy threw parties that even today are unmatched. Those who were wealthy were old money that had been cultivated by a newer generation (such as the Astors) and brilliant inventions combined with intense marketing. During this time of sewing machines and skyscrapers, eleven million American families out of twelve million earned less than twelve million dollars per year.

The average annual income was $380 which left the vast majority far below the poverty line.