Cardiff, Tennessee facts for kids
Cardiff was a special kind of town in Roane County, Tennessee, United States. It was a "company town," meaning a company built it for its workers and their families. This town was started in the early 1890s by investors from New England. Their goal was to create a place for people working in a big mining operation. This operation aimed to dig up lots of iron ore and coal found near Walden Ridge.
The town was named after Cardiff, Wales, which was a famous mining city. The people who planned Cardiff, Tennessee, hoped it would become just as important for mining. However, the town's growth stopped when a big financial crisis, called the Panic of 1893, caused the company to lose all its money. Today, not much is left of the original town.
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The Idea Behind Cardiff
The area around Walden Ridge in Roane County was known for having a lot of iron and coal. In 1889, a businessman named W. P. Rice from Maine and his friends came to Tennessee. They wanted to see if the area was good for industry. They were very impressed and decided to buy a lot of land there.
Forming the Company
In March 1890, the Cardiff Coal and Iron Company officially started. They planned to build a huge iron factory, ovens to make coke (a special fuel), and rolling mills. They also planned to build a large company town. Important people were part of this company, including former governors Joshua Chamberlain from Maine and Samuel Pingree from Vermont. Some businessmen from Knoxville were also involved.
Raising Money for the Town
To get money for their big plans, the company borrowed millions of dollars. They used this money to buy about 50,000 acres (20,000 ha) of land in central Roane County, just north of Rockwood. They hoped to pay for the iron factory by selling small pieces of land in the new town.
In April 1890, they held an auction to sell these land lots in Cardiff. More than 4,000 people from all over the country came to buy land. The auction was a huge success, raising over $1 million!
Designing the Town
Cardiff was designed like many modern cities of the late 1800s. The planners focused on making it a healthy and clean place to live. They also wanted people to live a good, calm life.
Town Layout
Most of the main town lots were set up in a grid pattern, like a checkerboard. But there was also a "detached" residential area. In this part, the streets followed the natural hills and valleys instead of a strict grid.
Streets that ran from east to west were named after different U.S. states. Streets running from north to south were named after cities in North America and Europe. Railroad tracks ran through the middle of the town. The big factories were on the south side of the tracks. A hotel and the train station were near the center of town.
Why Cardiff Didn't Last
Even though the land auction was successful, the company only asked for one-third of the payment upfront. The rest was supposed to be paid later.
Financial Troubles Begin
In the months after the auction, money markets around the world started to have problems. This was partly because a big bank in London, called Barings Bank, had collapsed. Many people who bought land in Cardiff became worried about their own money. Because of this, many buyers stopped making their payments for the land.
The End of the Company
Since the Cardiff Coal and Iron Company couldn't get all the money it was owed, it couldn't pay back its own debts. In June 1891, the company faced serious financial problems. Then, a major financial crisis called the Panic of 1893 hit the country. This crisis forced the company into bankruptcy. Within a few years, most of the town of Cardiff was empty. Today, the land where Cardiff once stood is mostly part of the city of Rockwood.
