ap chapter 32
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American Pageant Chapter 32 PowerpointTRANSCRIPT
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A M E R I C A N P A G E A N T C H A P T E R 3 2
1 9 2 0 - 1 9 3 2
The Politics of Boom & Bust
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Warren G. Harding
Elected 1920
Mediocre mind
Didnt recognized corruption in his Ohio Gang
Cabinet: The Good:
Charles Evan Hughes: Secretary of State
Andrew W. Mellon: Secretary of the Treasury
Herbert Hoover: Secretary of Commerce
The Bad (Corrupt):
Albert B. Fall: Secretary of the Interior (scheming anti-conservationist
Harry M. Daugherty: Attorney General (crook)
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The Supreme Court & Progressive Legislation in 1920s
Supreme Court
Harding appoints 4 of 9 justices
Chief Justice: William H. Taft
Other 3: reactionaries
Shot down progressive legislation:
Child labor laws
Labor laws
Restricted government intervention in economy
Adkins v. Childrens Hospital(1923) ReversedMuller v. Oregonwhich had allowed a minimum wage
law for women
Theory: Women now = with the vote; so dont need protectivelegislation
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Aftermath of War on Business
Republicans prefer laissez-faire & big business
Government regulation decrease; encourages consolidation
Esch-Cummins Transportation Act (1920)
Encouraged railroad consolidation & non-interference of
Interstate Commerce Commission
Merchant Marine Act (1920) Dispose of 1500 wartime fleetnot much success
Labor Unions Membership decreased by 30% in 1920s
Railway Labor Union Boardcut wages 12% in 1922
Daugherty stopped strikers with sweeping injunction
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WWI Veterans & Congress
Veterans Bureauestablished 1921 Hospitals & vocational rehabilitation for
disabled
Adjusted Compensation Act (1924)
American Legion (militant patriots)lobbied for veterans benefits (founded byTheodore Roosevelt, Jr.)
Wanted adjusted compensation to make
up for wages lost during war Coolidge vetoedCongress overrode veto
Promises bonus to veterans in 20 yearscost $3.5 billion
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International Issues & Disarmament
July 1921: Congress issues joint-declaration to (finally) end war
U.S. not involved in League of
Nations Middle East oil issue British v. U.S. claimsagree to share
Kellogg-Briand Pact (1928)
Anti-war pledge (only defensive war)
Led by Frank B. Kellogg (Sec. of State toCoolidge)
62 nations ratify
Useless; give U.S. false sense of security
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International Issues & Disarmament
Disarmament Conference (1921-1922) All major naval powers except (Bolshevik) Russia
10 year holiday on construction of battleships
Ratio of American-English-Japanese: 5:5:3
Japanese insulted The Five-Power Naval Treaty (1922)
5:5:3 ratio BUT U.S. and British will not fortifyholdings in Far East
Future problemJapanese aggression in WWII
Nine-Power Treaty (1922)Open Door Policy inChina
RESULT
No restrictions on small warshipsother countriesbuild
Penny-pinching U.S.left far behind
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More Tariff Drama
U.S. business people want high tariffto protect from foreign competition
Fordney-McCumber Tariff Law (1922)
Increase from 27-38.5%
Through Harding & Coolidge32upward changes; 5 downward
Destructive Chain Reaction:
Europe cant make profit on goods; cantpay U.S. war debt
Europeans also set high barriers; hurtboth U.S. goods & European products
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Political Scandals
Colonel Charles R. Forbes Former deserterassigned as head of Veterans Bureau
Loots $200 million through Veteran Hospital buildingprojects
Sentenced to 2 years
Teapot-Dome Scandal
Teapot Dome, WY & Elk Hills, CAland for naval oilpreserves
Albert B. Fall gets Navy to transfer property to InteriorDepartment
Leases land to Harry F. Sinclair & Edward Doheny
Give Fall a bribe of approximately $400,000
Fall convicted; Sinclair & Doheny acquitted
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Teapot Dome Scandal
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Political Scandals
Attorney General Daugherty
Senate investigation (1924) of illegal sale of pardons & liquorpermits
Forced to resign; released when jury never agreed
Harding died before worse allegations werediscoveredAugust 2, 1920 On speechmaking tourdied of pneumonia and thrombosis
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Calvin Silent Cal Coolidge
Hardings V.P.becomes President in 1923
New England virtuesthrift, honesty, industry Wanted to reduce taxes & debts
Returned morality to Hardings administration Shy, mediocre leader
Laissez-faire attitude toward business
The man who builds a factory builds a temple
Viewed bigness as efficiency
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Frustrated Farmers
Made $ during WWI
Boom bust cycle since war
Probems: Overproduction & debt
Efficient but expensive machines Surpluses
Farm blocbipartisan Congressmen fromagricultural states (1921)
Capper-Volstead Act1921 Exempted farmer cooperatives from antitrust laws
McNary-Haugen Bill (1924-1928)
Government buy up surpluses & sell abroad
Coolidge vetoes bill twice
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Presidential Election of 1924
Coolidge Keep cool with Coolidge
Republican: 15,718,211 votes (382 EV)
John W. Davis
Democrat: 8,385,283 votes (136 EV) WY Senator Fighting Bob La
Follette Progressive: nearly 5 million votes (13 EV)
Times so prosperous that peoplewanted the status quo
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More International Issues
Isolationism continued with Coolidge
Senate refused to adhere to World Court (L ofN)
Coolidge unsuccessfully sought some further
naval disarmament
Central America & CaribbeanIsolationism exceptions Dominican Republic: 1924--troops withdrawn
after 8 years
Haiti: troop remained
Nicaragua: troops temporally left but returned(1909-1933)
Mexico: U.S. oil interests, but Coolidge
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International Debt Cycle
U.S. largest creditor nation after WWI ($16 billion +$10 billion more loaned throughout the 1920s)
U.S. insisted Allies pay back its $10 billion loan
Allies thought U.S. should write it off as war costs since they had
really paid the price of war in human lives + US had war boombecause of war
U.S. postwar tariff hurt chances of Allies being able to repay debt
German war reparation payment needed to pay Allied debt ($32billion)
Germany paid war reparation with U.S. borrowed funds
Germany currencymassive inflation
($120 million pre-inflation in German Marks to pay for loaf of bread)
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International Debt Cycles
Some U.S. statesmenscale-down or cancel debts
Americans view it as being cheated
Coolidge: They hired the money, didnt they?
Dawes Plan (1924) Rescheduled German reparations
Further American private loans to Germany
Debt cycle
Financial crisis opens door for Hitler & fosters ill will with othercountries
Not until 1931President Hoover declared one yeardebt moratoriumtoo late
International debt led to more isolationism in U.S.
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Herbert Hoover & Election of 1928
Herbert HooverRepublican (21+ million votes)
Hero of WWIHead of Food Administration
Self-made man, efficient, brilliant businessman
Rugged individualism and isolationism
Had some Progressive leanings (labor unions & fed.Regulations)
Alfred E SmithDemocrat (15+ million votes)
Popular NY GovernorCatholic & anti-Prohibition)
Rum, Romanism, & Ruinfear of Southern Democrats
HoovercratsSouthern Democrats who voted for Hoover
Carried 5 former Confederate states and all the Borderstates
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Herbert Hoover & Election of 1928
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President Hoovers First Moves
Prosperity soared late 1920s
Minor aid to farmers: Agricultural Marketing Act (1929)
Established Federal Farm Board
Revolving fund to buy, sell, and store surplus
Grain Stabilizing Corporation & Cotton StabilizationCorporation (1930)established by board to deal buy surplus
Agencies overwhelmed by farm produces
Hawley-Smoot Tariff(1930) Highest protective tariff in peacetime (60%)
Supposed to help U.S. farmers
Angered the world
Made depression worse for U.S. & other nations
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Stock Market Crash
Stock Marketgrowing to new heights
October 29, 1929 Black Tuesday Market had been dramatically fluctuating in
October
16,410,030 shares sold that day
By end of 1929stockholders lost $40 billion
Start of business depression at home and abroad
The Great Depression By end of 19304 million workers jobless; triples in
2 years
5000 banks collapsed in first 3 years
Life savings gone for tens of thousands
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Causes of the Great Depression
Overproduction of farm & factory
Outgrew capacity to consume goods produced
Overexpansion of credit
Installment payment plans Technological unemployment New labor saving machines
Economic chaos abroad Debts & Reparation
Chain reaction following Vienna banking house collapse (1931)
Smoot-Hawley Bill
DroughtMississippi Valley & Dust Bowl
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American Individualism v. The Depression
Great Depressionbaffling to Americans Breadwinner blamed themselves
Government unprepared
Private relief organizationsoverwhelmed
Local government relief effortsalso overwhelmed
Hooverindustry, thrift, & self-reliance Worked out compromise between the dole and giving aid
Give aid to needy railroads, banks, and rural credit corporations
Money would trickle down to individuals
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Hoover Battles the Great Depression
$2.25 billion for public works projects Hoover Dam on Colorado River
Fought against socialistic projects I.E. Muscle Shoals BillDam Tennessee River
Reconstruction Finance Corporation (RFC) $.5 billion-- Pump-priming loans to businessnot to individuals
(too little, too late)
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Hoover Battles the Great Depression
Norris-La Guardia Anti-Injunction Act (1932) Outlawed yellow-dog (antiunion) contracts & forbade federal
courts to issue injunctions for strikes, boycotts, & pickets
Hoover criticized:
Hoovervilles &Hoover Blankets
BUTopened the way for FDRs more radical methods
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Bonus Army
Bonus Expeditionary Force WWI Veterans
Wanted bonus payment promised in1945 in 1932
20,000 came to Washingtonlived in aHooverville
Public health issue; refused to decamp
(Hoover arranges to pay return fare for
6,000 of them)
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Bonus Army
General Douglas MacArthur ordered to evict Battle of Anacostia Flats
Used tear gas & bayonets (w/o orders) a few wounded, includedpossibly the death of 11 month old baby
Hoover takes full blame for MacArthurs actions Hoover loudly booed throughout country
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Japan attacks China
Militarist Japan overruns Manchuria(Sept. 1931)
Violates League of Nations Covenant
Has no real power to do anything about it
U.S. also upset at aggression
Stimson Doctrine (1932)
Secretary of State Henry Stimson declaresU.S. will not recognize any territorial
acquisitions achieved by forceAmounts to a verbal slap on the wrist for
Japan
Collective security for the world fades withthis event
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Hoover & the Good Neighbor Policy
1928--Hoover embarks on goodwill tour of LatinAmerica (on a U.S. battleship)
Disagrees interventionism of Roosevelt Corollary
to Monroe Doctrine 1932New treaty with Haiti Withdrawal of U.S. troops by 1934
1933withdrawal of U.S. troops from Nicaragua