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29 Cards in this Set
- Front
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Herbert Hoover
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first started out as Secretary of Commerce to Prez. Warren Harding, was considered as one of Harding’s “good” officials (compared to the next two (look below)), and encouraged businesses to regulate themselves. He was a republican who ran on a campaign of prohibition and “prosperity”. After stepping into office in 1928 (31st president), he had to deal with the Great Crash of 1929, which caused the Great Depression (mainly due to over-speculation).
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Albert B. Fall
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Secretary of the Interior during Harding's administration, and was a scheming anticonservationist. He was convicted of leasing naval oil reserves and collecting bribes, which was called the Teapot Dome Scandal.
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Harry M. Daugherty
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Attorney General during the 1922 strike against the Railroad Labor Board. The strike ended when Daugherty stopped the strikers in one of the most sweeping injunctions in American history. Was a member of Harding's “Ohio Gang”. He was accused of the illegal sale of pardons and liquor permits and was forced to resign.
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Laissez-faire economics
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Wanted not only for the government to have no control over businesses but also for the government to help guide businesses along the path to profits.
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William H. Taft, Supreme Court justice
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Warren G. Harding appointed four of the nine Supreme Court justices, including ex-prez. Will H. Taft. He performed his duties ably and was more liberal than some of his cautious associates.
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Adkins v. Children’s Hospital
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Court reversed its ruling in the Muller v. Oregon case by invalidating a minimum wage law for women.
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Veterans Bureau (1921)
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Congress generously created this in 1921 to operate hospitals and provide vocational rehabilitation for the disabled. Many veterans wanted the monetary compensation promised to them for their services in the war.
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Adjustment Compensation Act (Bonus Bill), 1924
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This gave every former soldier a paid-up insurance policy due in twenty years. Congress passed it twice (the second time to override President Calvin Coolidge’s veto).
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Washington Naval Conference, 1921-22
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Was a meeting between all the major naval powers of the world except for Bolshevik Russia, whose gov’t the U.S. refused to officially recognize. It called for the naval disarmament of all and also prevented the U. S. and Britain from fortifying their Far East possessions. This led to the “Power” treaties as well as the “5-5-3- ratio” (look below).
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Five Power Naval Treaty (1922), 5-5-3 ratio
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Stated that the British and Americans would refrain from fortifying their Far Eastern possessions, including the Philippines. The Japanese were not subjected to such restraints in their possessions. The 5-5-3 ratio was the ratio of the amount of battleships and aircraft carriers that each country could possess, with America and Britain having the 5’s and Japan on the small end with the 3.
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Kellogg-Briand Pact, 1928
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Was created by Frank B. Kellogg and Aristide Briand that said that all 62 nations that signed could not use war as an offensive means. But, defensive wars were still permitted, causing one to wonder what scheming aggressor could not make an excuse of self-defense. Though idealistic, the treaty was hard to enforce and had no provisions for the use of economic or military force against a nation that may break the treaty.
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Fordney-McCumber Tariff, 1922
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This law raised foreign tariffs from 25% to as high as 38.5%. This was designed to equalize the price of American and foreign products.
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Teapot Dome Scandal
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This was one of many scandals under Harding. It involved priceless naval oil reserves at Teapot Dome, Wyoming. Albert B. Fall got the Secretary of Navy to transfer valuable properties to the Interior Department secretly. Harry Sinclair and Edward L Doheny were leased the lands after paying a large bribe (Sinclair: $100,000, Doheny: 3 times that). The scandal polluted the government’s prestige and made the public wonder about the sufficiency of government and undermined people’s faith in the courts.
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Death of Harding, 1923
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On a return trip from a speech in Alaska, Harding died in San Francisco on August 2, 1923 of pneumonia and thrombosis. His death may have been hastened by a broken heart () resulting from the disloyalty of designing friends. The fact is that he was not a strong enough man for the president, as he himself admitted. At the beginning of his presidency, he stated, “I am not fit for this office and never should have been here."
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Calvin Coolidge
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30th president. Became “high priest of the great god Business” because he loved business. he had a good term as president.
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1920s farm depression
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improved efficiency and expanded agricultural acreage helped to pile up more price demanding surpluses, so a withering depression fell upon the farm industry. The Capper-Volstead Act was passed and exempted farmers’ marketing cooperatives from anti-trust prosecution. There was also the MacNary-Haugen Bill to keep agricultural prices high by authorizing the government to buy up surpluses and sell them abroad.
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Allied war debt
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Britain and France wanted $$$ from Germans which sent the Germans into MASS INFLATION. Finally, Dawes busted in and made his tricky (tricky tricky) plan to control the debt. However the Germans screwed the US over, never actually paying anything back (“actually” it was France and Britain who didn’t pay back – see the Dawes Plan)
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German reparations
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totaled about $32 billion and the allies hoped to settle their debt when the Germans paid them back. However when France sent troops into Germany for their impatience of never getting paid, Germans responded by permitting the money to inflate dramatically.
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Dawes Plan, 1924
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US loans -> Germany -> reparations to France and Britain -> debts to US. Clearly the source of this plan stemmed from the American credit…but the “jungle” of finance became a “desert” in 1929.
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Alfred E. Smith/election of 1928
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Al was the democratic nomination for this election vs. Hoover. a wisecracking liberal who was “wet” (still drunk) even during America’s prohibition time. “Happy Warrior” Smith was doomed from the start when he tried to carry alcohol on one shoulder and water on the other (d’oh!).
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Hawley-Smoot Tariff, 1930
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the House had this to start out as a reasonable protective measure designed to assist the farmers. However, when it went through Senate, it acquired 1000 amendments! Thus, it was the highest protective tariff in history – raising duty on nonfree goods from 38.5% to 60%. It increased financial chaos and furthered the US into economic isolationism.
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“Black Tuesday,”
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catastrophic CRAASH on October 29, 1929 when 16 million shares of stocks were sold in a scramble because foreign investors and wary domestic speculators began to dump their “insecurities.” an orgy of selling followed.
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Hoovervilles
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in the beginning of the depression, desperate homeless people constructed shacks out of random stuff, and these “villes” sprang up all over the place across the country.
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Trickle-down economic theory
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president’s plan of a compromise between the old hands-off philosophy and the “soul-destroying” president – he would help the railroads, banks, etc., in hope that the help for the bigger businesses would “trickle-down” to the bottom of the economic pyramid. These efforts helped to prevent a crappier depression!
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Reconstruction Finance Corporation RFC 1932
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Became a government lending bank designed to provide indirect relief by assisting insurance companies, banks, agricultural organizations, railroads, and hard pressed local and state governments. However, there were no loans to individuals and it was established too late
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Norris-LaGuardia Anti-Injunction Act 1932
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outlawed yellow dog antiunion contracts and forbade the federal courts to issue injunctions to restrain strikes, boycotts, and peaceful picketing
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Bonus Army, 1932
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20,000 impoverished veterans (from war and unemployment) moved to Washington to demand congress to pay their entire bonus. Formed a gigantic Hooverville, which was unsanitary and a menace to public health, to intimidate Congress through their presence.
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Manchuria, 1931
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Japanese imperialists saw that the West was in depression and took the chance to lunge at Manchuria. Overran the coveted Chinese province and bolted shut the Open Door in the conquered area. Violated numerous international agreements. League of Nations and US didn’t do much about it.
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Good Neighbor Policy
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Hoovers policy. Advocated international goodwill. Hoover tried to abandon the interventionist twist given to the Monroe Doctrine by Teddy Roosevelt
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