18 December 1878: the end of the Molly Maguires
On this day in 1878, the Molly Maguires – a secret society formed in Ireland – ceased to exist with the hanging of the last of 20 condemned members of the group in the United States.
During the 18th and 19th centuries, the focus of Irish agriculture shifted from potato farming to livestock rearing, leading to widespread eviction of tenant farmers. Many emigrated to England or America; others starved in the famine of 1845 to 1852. But some formed secret societies to fight back. The Molly Maguires were one of the best known.
While pledging to "cherish and respect the Good Landlord, and Good Agent", they were accused of assault and even murder. Their efforts were generally unsuccessful in stopping evictions, but the publicity generated inspired many in the Irish diaspora to emulate them including in the far-flung coal fields of Pennsylvania, in the United States, where brutal conditions and hefty wage cuts (resulting from the Great Panic of 1873) had brought labour relations to boiling point.
Mine workers, some of whom earned as little as $1 a week ($20.40 in 2014), organised themselves into a trade union and launched a series of strikes. What happened next is still disputed. the mine owners claimed that a militant group of workers had reformed the Molly Maguires as a criminal gang, violently extorting money and concessions from employers. Others argue that this was merely an attempt to smear legitimate trade unions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
While historians largely agree that the Maguires did exist in some form, the mine owners were little better, organising attacks on striking workers and encouraging anti-Irish vigilantes. In any case, the Maguires disappeared after 20 people were convicted (then executed) for various crimes, on the testimony of the Pinkerton detective, James McParland, who had infiltrated the organisation. The final hanging took place in December 1878.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
How ‘Bed & ISA’ could save you £15,000 over a decade
Moving your investments into a tax-free wrapper through ‘Bed & ISA’ transactions could save you thousands over the long run by cutting your tax bill
By Katie Williams Published
-
House prices hit record high, says Halifax
UK house prices rose 3.9% over the past year, with a typical property now costing £293,999. We look at which regions are seeing the strongest growth, and whether the rally in house prices will continue next year
By Ruth Emery Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
By Chris Carter Last updated
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
By Chris Carter Last updated
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
By Ben Judge Last updated