republican leadership of the 1920s how did the relationship between big business & the...
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REPUBLICAN LEADERSHIP OF THE 1920’SHow did the relationship between big business & the government aid economic
growth?
TENSION BETWEEN CITY & COUNTRY SHAPED COURSE OF POLITICS IN THE 1920’S
• WARREN G. HARDING 1921-1923• RETURN TO STABILITY & NORMALCY• POWERFUL CABINET BECAUSE HE WASN’T –
DELEGATED ALL RESPONSIBILITY & ENDED UP HURTING HIS REPUTATION
• STATE – CHARLES EVANS HUGHES• TREASURY – ANDREW MELLON• COMMERCE – HERBERT HOOVER
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THE OHIO GANG• ATTORNEY GENERAL: H. DAUGHERTY
• INTERIOR: ALBERT FALL
VETERANS BUREAU: CHARLES FORBES (WWI DRAFT DODGER)
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DOMESTIC AFFAIRS – MELLON AT THE HELM ECONOMIC NATIONALISM
FORDNEY-McCUMBER TARIFF ’22; protectionist established the highest tariffs in history, with some duties up to 400% and an average of 40%. DEBT REDUCTION; tax cuts, decrease gov’t spending but rich benefit not those struggling19TH AMENDMENTSHEPPARD TOWNER ACT ’21: RURAL PRENATAL CARE (EXP. ’29)
• 4 WAYS GOVERNMENT SUPPORTED BIG BUSINESS:
• 1) TARIFF• 2) A. MELLON POLICIES• 3) CUTBACKS AT FTC & PRO-
BUSINESS APPOINTMENTS • 4) HERBERT HOOVER
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EFFECTS OF TARIFF• RETURN TO PROTECTIONISM• FARMER’S HURT: SHARE OF NATIONAL INCOME DROPS BY
50%• DOESN’T ADDRESS PROBLEM OF OVER-PRODUCTION &
DECLINING PRICES – NEED A NEW SOLUTION• PREVENTS EURO. FROM PAYING OFF DEBT
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FOREIGN AFFAIRS – INDEPENDENT INTERNATIONALISMinvolved in foreign affairs when it served our interest
• WASHINGTON NAVAL CONFERENCE 1921
• a. US, GB, FR, ITALY & JAPAN
• b. 5 POWER TREATY – SPECIFIC RATIO OF BATTLESHIPS – 1ST ATTEMPT AT NAVAL REDUCTION
• c. 4 POWER TREATY–US & JAPAN respect each others interests in islands in the Pacific
• d. 9 POWER TREATY– China’s independence & Open Door
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DEATH & SCANDALS “I HAVE NO TROUBLE WITH MY ENEMIES, IT’S MY DAMN FRIENDS THAT KEEP ME UP AT NIGHT”
*JULY 1923 VACATION OUT WEST & DIES OF HEART ATTACK.*1924 INVESTIGATIONS INTO RUMORS IN FULL SWING*TEAPOT DOME – LEASING OIL RESERVES FOR BRIBE: A. FALL JAILED* FORBES CONVICTED OF STEALING FUNDS & FLED TO EUROPE*DAUGHERTY ESCAPED CONVICTION IN 2 CRIMINAL TRIALS
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COOLIDGE TAKES OFFICE AT HOME IN VERMONT BY HIS FATHER’S SIDE
• PHILOSOHY WAS TO PRESIDE BENIGNLY NOT GOVERN THE NATION
• RAISED ETHICAL TONE IN D.C.• EPITOMIZED MYTH OF AMERICAN
SELF MADE MAN• “THE BUSINESS OF AMERICA IS
BUSINESS” – 1 OF MANY EPIGRAMS HE LIVED BY
• MORE CONSERVATIVE: SC UNDER TAFT OVERTURNS FED CHILD LABOR LAW, HIGHER TARIFFS, PROMOTED BUSINESS INTERESTS BUT NOT OTHER GROUPS
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DOMESTIC AFFAIRS • MELLON STAYS ON AS TREASURY
SECRETARY, LOWERS TAX RATES FOR RICH, TRICKLE DOWN CONTINUES
• BIG BUSINESS & GOVERNMENT AS PARTNERS & LESS ADVERSARIAL
• REGULATORY BODIES, ICC & FTC, TURN INTO PRO-BUSINESS AGENCIES
• ECONOMY CONTINUED TO RISE SO COOLIDGE DIDN’T HAVE TO DO MUCH
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MISSISSIPPI FLOOD 1927 “NO DUTY TO PROTECT AGAINST THE HAZARDS OF NATURE” C. COOLIDGE
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NO FARMER RELIEF• MCNARY HAUGEN ACT 1924: 2X VETOED ’27 & 28
» Purchase surplus at avg. price 1909-14 & resell abroad at market price (prices highest during 09-14)
» Make up difference w/ tax on domestic sales of same commodities
» Beware “tyranny of bureaucratic regulation & control”
» Veto in 1928 leads many to vote Democratic next election
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FOREIGN AFFAIRS: WAR DEBT & REPARATIONS • LACK OF AWARENESS OF
CONNECTION BETWEEN TARIFF & REPARATIONS
• DAWES PLAN 1924: $200M LOAN TO GER.
• YOUNG PLAN 1929: FURTHER REDUCTIONS BUT TOO LATE
• LOANS FROM U.S. TO GERMANY CEASE, ALLIED PAYMENTS STOP, GERMANY DEFAULTS DUE TO ECONOMIC CRISIS
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KELLOGG-BRIAND PACT 1928: 62 NATIONS OUTLAW WAR
• FRENCH WANT US PROTECTION & COMMITTMENT
• 62 NATIONS SIGN PACT• INEFFECTIVE DUE TO LACK OF
ENFORCEMENT• RENOUNCE WAR AS A SOLUTION
TO INTERNATIONAL DISPUTES WAS NICE BUT….
• U.S. PEACE MOVEMENT GROWING. PEOPLE WANTED PEACE BUT, “NEITHER SURRENDER THEIR PREJUDICES & DISLIKES NOR BUILD THE DEFENSES NECESSARY TO MAKE IT SAFE TO INDULGE THESE PASSIONS”
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ELECTION OF 1928• HOOVER – DRY, PROTESTANT &
NATIVE• SMITH – WET, CATHOLIC &
IMMIGRANT• PERSONIFICATION OF DIVISIONS
WITHIN AMERICA• HOOVER 58% OF POPULAR VOTE• DEMOCRATIC GAINS IN CITIES
SHOWS SHIFT IN ELECTORATE