The History of Denver
Denver's history is filled with events and people who have created the city. From the gold rush to the revival of Denver after oil.
Early Denver was a major crossroads at which people moved between the Rocky Mountains and Great Plains. Evidence from prehistoric archaeological sites suggests that peoples from different cultures interacted and mixed here.
Gold Rush
The Gold Rush of 1849, or the first time that there was a gold boom in Denver was a significant event in the city's history. Many people came to the city hoping for fortune and a new start in their lives.
The first gold discoveries were discovered in Gilpin and Clear Creek Counties, west of Denver. Numerous prospectors made gold in this area, including George Jackson of Idaho Springs and John Gregory of Cherry Creek.
These discoveries were not enough to revitalize the gold mining. A lot of publicity was required to entice new miners. William N. Byers, editor of Denver's very first newspaper Rocky Mountain News, launched campaigns to attract gold-seekers.
By spring 1859, over 100,000 men had left the Missouri River towns of Kansas and Nebraska to traverse the plains and up into Colorado's mountain country. These were the men known as "Fifty-Niners."
Some sought the gold found in gulches like Clear Creek or Gold Run in Boulder County. Other gold-seekers were more ambitious, searching for gold buried in the mountains of Colorado.
John Gregory, a Georgian, made the first major gold discovery in the region around Central City. He was a red-haired wet cracker with a keen eye to find the gold in his home country.
Gregory was followed by many other prospectors who struck gold strikes in Clear Creek and Gold Run. Rich placer gold was discovered by those who continued to search the mountains.
Due to the gold rush, Colorado developed into a mining mecca and a railroad-borne city. The city grew rapidly and was declared the capital of the Colorado Territory in 1881. Today, Denver is a vibrant city with numerous parks, museums, and other attractions that celebrate its rich history.
Silver Rush
Mining for silver and gold was the main engine of economic growth of Colorado in the 19th century. It generated more than $1 billion in revenue and created several millionaires in the early years, including Horace Tabor and Nathaniel Hill.
In 1849, a group California prospectors headed west to find their fortune. They discovered some gold near Arvada and later discovered placer gold (veins embedded in the rock) at Cherry Creek. These discoveries were teasers, however they piqued the curiosity of a few Midwestern and Eastern investors who quickly jumped aboard and started to investigate the area more.
Tens of thousands of men fled to the northeastern region of Colorado as the word spread. They had a variety of motives, such as wanting a new start or having been involved in the tensions between North and South.
But some of them were motivated by the promise of riches, as a result of their reading of promotional literature, such as Horace Greeley's "Go West, Young Man." They were also motivated by an unending desire for adventure.
Whatever the reason for why they were drawn to the wilds of Colorado, the vast majority of them were fortunate to find their fortune in silver and gold mining. Combining the Bland-Allison Act of1878 which required Congress to purchase 4.5 million ounces of Silver per month and the discovery of silver in the 1860s, significantly increased the price of silver and allowed for the expansion of mines across the state.
The economy crashed after the silver boom, and many mining districts were unable to survive. Some towns were able to survive such as Durango and Ouray in southwest Colorado and others like Creede and Silverton in the San Juan Mountains, floundered and had to close their mines.
Culture Rush
Denver is a major cultural center. Denver is home to many of the most prestigious art institutions in the United States as well as museums that are world-class and celebrate the past and the present.
Denver Art Museum is a wonderful place to go, with an extensive collection that spans from prehistory all the way to the 21st century. It is also across the street from the Clyfford Museum, which houses the largest collection of American abstract expressionist art.
As the culture rush continued, Denver began to transform its status from a frontier town into a modern and flourishing city. A new train line connecting Denver to other towns and cities across the country made this possible.
The new route also brought more money into the city, which led to an increase in population growth. At the time World War II started, Denver was the third largest city in the United States with a population of 322,000.
Another factor that contributed to the growth of Denver was the development of the US Mint, which was constructed in the city in 1878. Today, the Mint is a popular tourist destination, and tours are available every day.
It is a must to visit the Molly Brown House, the former residence of Denver's first woman mayor. The Victorian-style residence that was renovated in Victorian style, provides fascinating insight into Colorado's past and the present.
While the Gold Rush helped to shape Denver's character but it didn't come without its issues. Many of the women and men who left their homes in eastern America to seek the riches of the west were ill-equipped to travel. They often traveled in wagons and were at risk of starvation, dehydration and even death. These circumstances led to widespread xenophobia, which led to the formation of the Ku Klux Klan.
Oil Boom
Denver City was transformed by the oil boom of 1849. It was a time in which people travelled from all over the world to work in the oil fields. The boom resulted in a huge demand for housing, restaurants, hotels, water systems and more and all of these were required to accommodate the increasing number of people in western Colorado.
Numerous towns have sprung up in the region to accommodate workers and visitors. Some were small communities with a few shops and restaurants, while other towns were huge oil towns with restaurants, hotels and recreation facilities.
Gearhart was among the most well-known, and was situated about half a mile from the Patterson well. The town had many businesses including a general store, a grocery and a barbershop/poolhall, machine shops, and other services.
People from other regions loved the town as it was affordable and easy to get to. It also had a dance venue where laborers and guests could dance.
The boom was a wonderful time for certain however, it also brought a lot of hardship to Denver and the surrounding communities. Certain families and towns would lose their homes while others would be into bankruptcy or struggle to come up with the money.
In addition the towns were faced with the shortage of workers, as people from other parts of the country were drawn by the high wages and jobs available in western Colorado. People who weren't employed in the mines had difficulty finding housing, upgrading water lines made of wood to handle higher flows, and serving meals in restaurants that were filled with tourists and workers.
The Denver-Julesburg Basin is one of the largest oil shale fields in the world. But while the oil industry is a major part of the economy in the state, it is not the main driver. To drive economic growth, companies are now focused on other industries like finance and cleantech. The production of oil and gas isn't likely to grow as quickly as it did when the law was passed.
Boom and bust cycle
The cycle of boom and bust is an alternating phase of economic growth and decline that occurs often in the modern capitalist economy. Booms are when the economy is growing, jobs are plentiful, and investors get high returns on their investments. After the boom is over and the economy begins to shrink, people lose their jobs and investors lose money.
During the boom that followed, the central bank made it easier for both individuals and businesses to borrow money by lending it at low interest rates. They can invest the money in companies, technology stocks or houses and hope for an increase in the value of their investment.
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Businesses begin to cut back on their spending when the economy slows and employees lose their jobs. In order to pay for payroll business owners can sell their assets, such as stock portfolios, houses, and other assets.
Colorado's history has been marked by boom-and-bust cycles, from the gold rush of 1849 to the Panic of 1893. However, the state's economy is now more stable and does not rely on mining.
In the 1980s the energy boom transformed Denver into a thriving city with towering skyscrapers. The "Mile High City" was given to the city.
Denver's largest economic destabilizer was the chaotic construction industry. In the boom in energy developers frequently built projects simply because they had the cash to do so.
This trend has returned in the current real estate boom, especially in the Front Range. It's possible that Colorado's economy slips back into the boom-and-bust cycle.
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