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The Gilded Age and the dawn of the 20th century are often remembered as an era full of monopolies, trusts, and economic giants in heavy industries like oil and steel. Men like Andrew Carnegie built empires like Carnegie Steel, and financiers like J.P. Morgan merged and consolidated them. The era also made names like Astor, Cooke, and Vanderbilt instantly recognizable across the globe. Over time, the unfathomable wealth generated by the businesses made the individuals on top incredibly rich, and that in turn led to immense criticism and an infamous epithet used to rail against them: robber barons.
Dozens of men were called "robber barons", but few of them were as notorious as Cornelius Vanderbilt, who also happened to be one of the nation's first business titans. Vanderbilt was a railroad and shipping magnate at a time that the industry was almost brand new, but he rode his success to become one of the richest and most powerful men in American history.
The industrial might wielded by men like Vanderbilt in the later 19th century directly led to a public backlash and made President Teddy Roosevelt the "trust buster", and there has since been countless regulations to attempt to avoid the types of monopolies found over 100 years ago. However, many 20th century historians and writers pushed back against the allegations hurled at the "robber barons" and even took issue with the name. Libertarian writer John Stossel argued, "They weren't robbers, because they didn't steal from anyone, and they weren't barons -- they were born poor... " Moreover, Vanderbilt set a precedent of sorts with his philanthropy, most notably his gift to Vanderbilt University, which bears his name.
Ironically, one of America's most famous robber barons, Andrew Carnegie, epitomized the American Dream, migrating with his poor family to America in the mid-19th century and rising to the top of the business world in his adopted country. A prodigious writer in addition to his keen sense of business, Carnegie was one of the most outspoken champions of capitalism at a time when there was pushback among lower social classes who witnessed the great disparities in wealth; as he once put it, "Upon the sacredness of property civilization itself depends -- the right of the laborer to his hundred dollars in the savings bank, and equally the legal right of the millionaire to his millions." In a similar vein, he said, "Those who would administer wisely must, indeed, be wise, for one of the serious obstacles to the improvement of our race is indiscriminate charity."
Of all the men labeled as robber barons during the Gilded Age, nobody was as notorious during his time as Jason Gould, known to his few friends as Jay and his many enemies by names not suitable to print. Famed editor Joseph Pulitzer called Gould "[o]ne of the most sinister figures that ever flitted, bat-like, across the vision of the American people," and Robert G. Ingersoll said of him, "I do not believe that since man was in the habit of living on this planet anyone has ever lived possessed of the impudence of Jay Gould." In more recent times, writers have been more forgiving of Gould's actions, even as they continue to recognize his unscrupulous dealings.
One man among four major industrialists came to dominate the railroad extending from the west to Promontory, Utah more than any other. Whether he was the most capable is open to debate, but he made the essential investment at the most crucial moment. For this, he was given the keys to the entire industry in the West and sat atop Nob Hill as the financial king of San Francisco. In the process, he would become California's governor, and he would wind up lending his name to one of the country's most prestigious universities. That man was none other than a native New Yorker named Leland Stanford.
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