As the contest proceeded, public interest increased and the entire country watched to see which company would win the big government subsidies through the mountains.
The close relationship between railroad expansion and the genera development and prosperity of the country is nowhere brought more distinctly into relief than in connection with the construction of the Pacific railroads.
The panic of 1837, the contest of the United States Bank with President Jackson, its defeat, and its subsequent failure as a state bank, the consequent distress in local financial circles--all conspired to shift the monetary center of the country to New York.
Federal railroad regulation... had steadily increased through the years; the Sherman Anti-trust Act, passed in 1890, had been interpreted broadly as affecting the railroads of the country as well as the industrial and other combinations.