They were referred to as "Royal Colonies"; it's a term with British origins means those territories not annexed yet under its control.
Economic boom refers to the expansion and peak phase of a business cycle. Economic activities increases in the sectors of gross domestic product, productivity and income. The post World war II economic expansion, the long boom, and the Golden Age of capitalism, was a period of strong economic growth beginning after the second world war and ending with the recession of 1973 - 1975. In this case, the Taft-Hartely act did not contribute to the economic boom. Taft Hartley act was a federal law that restricted the activities and powers of labor unions.
The verse is in short saying that the generation you left an impression on will talk about you to the next generation, e.g. when your family members talk about the accomplishments of your great/grandparents
In 1865 whith <span>14th and 15th Amendments</span>