First off, as I suspected even before I began reading the book, the subtitle “The Hidden History of the Cowboy West” is a bit hyperbolic. Perhaps a more accurate subtitle would have been “An Economic History of the Cowboy West,” but of course that wouldn’t have sounded nearly as sensational. The history here is not “hidden” in the sense that the author makes any startling new discoveries or revelations, but rather turns the spotlight on aspects of Old West history that few Americans have read or heard much about.
The book opens with a few chapters on how the open-range era began—the post-Civil War demand for beef, the development of the big Texas drives to move the cattle to market, and the subsequent growth of the boom towns and railroads in consequence. But the book’s main thrust is a fascinating look at the massive investments of capital (on the level of millions) in cattle ranches by wealthy stockholders from the East and across the Atlantic, with a particular focus on the investments made by English and Scottish aristocracy and nobility. And how a combination of too-rosy sales pitches, financial mismanagement, ignorance about ranching, and sheer overgrowth of the industry led to an ultimate collapse of the cattle boom, with the devastating winter of 1887 providing the death-blow. I found one theory of Knowlton’s particularly interesting: that one reason for the eventual collapse may have been the industrialization of a livelihood that was in essence agricultural. The emphasis on mass-production, faster delivery, higher profits and so forth went along with overlooking the variables of weather, disease, natural predators, and what would happen if the projected herd growth didn’t materialize—and in the end, the top-heavy cattle companies reaped the consequences.
It puts a thought-provoking new complexion on the concept of the range war that we’re familiar with from fiction and film when you realize that the “big ranchers” fighting the small rancher or homesteader were not necessarily just tough individual men trying to strong-arm their way to prosperity, but rather multi-million-dollar corporations with millionaire industrialists and foreign aristocracy for its investors, trying to keep their profits from being cut in on. [Read more…]