March 5, 1877 –
Corporate CEO Thomas Scott brokers deal to end Reconstruction and install Rutherford B. Hayes as U.S. President
The 1876 presidential election was arguably the most controversial in US history. Samuel Tilden, a Democrat, won the popular vote and seemingly the electoral vote over Hayes. Twenty electoral votes, however, were in dispute. A special commission was formed. It was controlled by Thomas Scott, CEO of the Pennsylvania Railroad, and composed of Supreme Court justices and members of Congress. Scott delivered the votes to Hayes in the “Compromise of 1877” in exchange for a federal bailout of failing railroad investments. Hayes also agreed to pull federal troops from the South (ending Reconstruction and the launch of Jim Crow). Those troops were shifted to the North to put down the first national labor strikes in 1877 in which over 100 strikers were killed.
March 11, 1888 –
Former U.S. President Rutherford B. Hayes on corporate power
“The real difficulty is with the vast wealth and power in the hands of the few and the unscrupulous who represent or control capital. Hundreds of laws of Congress and the state legislatures are in the interest of these men and against the interests of workingmen. These need to be exposed and repealed. All laws on corporations, on taxation, on trusts, wills, descent, and the like, need examination and extensive change. This is a government of the people, by the people, and for the people no longer. It is a government of corporations, by corporations, and for corporations. — How is this?” From his diary on this day.