Ch. 33
Terms
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- causes of Great Depression
- overproduction by farm and factory, over expansion of credit; overstimulated production; technological unemployment; economic anemia abroad; little trade b/c of isolation
- Adjusted Compensation Act
- 1924; end of bonus debate; every soldier gets insurance policy due in 20 years
- Carrie Phillips Nan Britton
- Harding's mistresses; Britton has Elizabeth- Harding's daughter
- The Clark memorandum
- 1931, State dept. note that US will back off of L. Am.; beginning of Good Neighbor
- August 2, 1923
- Harding died of pneumonia and thrombosis in San. Fran. While on speech tour
- "rugged individualist"
- Hoover, wanted free enterprise, doesn't want to dole out stuff
- Charles Forber
- 1923; scandal, head of Veterans Bureau, found to be deserter from army; looted gov. of 200 million through veteran hospitals, got 2 years jail
- The Stimson Doctrine 1931
- Japan invades Manchuria; U.S. makes this nasty letter to Japan, to not recognize Jap's holdings, doesn't really do anything
- Washington Naval Conference
- 1921-22; all naval powers invited except Russia; they make the 5:5:3 deal
- Demobilizing from the war
- everything breaking down after war, hurts economy, progressive hopes gone
- The American Legion
- 1919 in Paris; for militant patriotism, conservatism, want benefits
- 5:5:3 deal
- ratio set by Sec. Hughes; size of navy's for U.S., Britain and then Japan with little end
- Kellog- Briand Pact
- 1928; Kellog - Sec. of State and French foreign minister; ultimately ratified 62 nations; parchment peace, allowed defensive wars only
- Hoover the "Good neighbor"
- pulled troops out of Nicaragua, made treaty with Haiti, no more big stick
- Hawley-Smoot Tariff mess
- acquired 1,000 amendments, highest protective tariff in nation's peace time history, make economy worse for whole world, increased isolationism
- Andrew Mellon
- Sec. of Treas. For Harding Aluminum king, multimillionaire
- Boulder Dam
- Hoover Dam in Arizona, built to create jobs and provide electricity, public project; makes Lake Mead
- Al Smith
- 4 time gov. of NY; democratic candidate against Hoover; very 'wet', Catholic, and urban
- The Reconstruction Finance Corp. (RFC)
- gov. lending bank; provide indirect relief to insurance companies, banks, ag, R.R. but no loans to individuals; "millionaire's dole" "billion-dollar soup kitchen"
- Horatio Alger
- writer 1870's, story of poor guy becoming a millionaire, basic story of Hoover
- Middle Eastern Oil
- big rivalry b/w U.S. and Britain for oil drilling concessions, both get in
- the Depression picture
- 4 million jobless in 1930, tripled in 2 years, 5,000 banks crashed in 3 weeks
- Taft
- Sup. Court chief justice, more liberal, good for businesses
- Dawes Plan 1924
- U.S. Investors give to Wall Street Bankers give private loans to German pays reparations to Britain and France who pay debts to US treas.
- Republican presidents
- Harding, Coolidge, Hoover; all conservative, laissez-faire, pro-business, pro-tariff, isolationist
- The 'Scottsboro nine"
- black teenagers, throw white teenagers off a train; arrested, accused of rape, all convicted, no one executed, very sad, famous racist trial of 30's, in Alabama
- Adkins-Muller Reversal
- 1923, Muller had given women special protection, Adkins reversed that b/c women could now vote; they're legal equals
- Teapot Dome Scandal
- 1921, Albert Fall gets sec. of Navy to transfer Wyoming naval oil reserves to his Interior dept. and the leases them to Sinclair and Doheny, big scandal
- Norris - La Guardia Anti Injunction Act 1932
- outlawed 'yellow-dog' contracts, no more injunctions against strikes, boycotts and picketing
- The "worst minds"
- crooks in Harding admin. - Albert Fall - New Mexico Sen. And Sec. of interior; Harry Daugherty - attorney general, big crook
- Harding and his "Ohio Gang"
- easy going, similar to Grant
- "silent Cal"
- homespun, New England honesty, very quiet, bad leader, new pres. keep status quo
- Charles Evans Hughes
- Harding cabinet, a good guy, Sec. of State
- Moratorium
- 1931, Hoover declares 1 year debt moratorium and all debtors but Finland default
- Esch-Cummings Trans. Act of 1920
- encouraged private consolidation of R.R.'s; "save the R.R's for the country"
- "Great Humanitarian"
- Hoover when he fed the Belgians but now he won't feed the Americans; got lots of criticism
- E.Y. Harburg
- wrote songs in 30's "Brother can you spare a dime" "Somewhere over the Rainbow"
- 1924 election candidates and results
- Calvin Coolidge for Rep. VS John w Davis for Dem. - a rich corporate lawyer; Fighting Bob LaFollette led a liberal progressive party; Coolidge won easily
- The "best minds"
- good guys on Harding cabinet, Andrew Mellon, Herbert Hoover, Charles Evans Hughes
- The Five Power Naval Treaty
- Hughes ship ratios plus Japanese compensation
- The Veterans Bureau
- 1921; they operate hospitals and vocation rehab for disabled
- The 'bonus' debate
- veterans want money for losing wages during military time, Harding disagrees
- Dwight Morrow
- ambassador to Mexico, wants oil and works out a deal for Mexico's oil
- "Yanqui imperialism"
- South American countries don't like U.S. because they meddle and send troops into S.Am. countries
- Uncle Shylock
- Uncle Sam in Europe, greedily whetting knife for last pound of Allied flesh
- "Black Tuesday"
- October 29, 1929. 16,410,030 shares of stock sold in scramble of panic, stock market crash
- Agricultural Marketing Act
- June 1929; help farmers help themselves through producer's cooperatives and new Federal Farm Board - lent lots of money to farmers
- Disarmament
- one international issue Harding takes up; discussed because U.S., Britain and Japan in a race to build boats
- Herbert Hoover
- Sec of Commerce for Harding
- Nine Power Treaty
- keep the Open Door policy in China nailed open
- New Old Guard
- McKinley style order again, great for big businesses, laissez-faire
- Fordney McLumber Tariff Law
- 1922, raised tariff to 38.5%, businesses don't want foreign competition in new home market; Pres. able to adjust tariff as much as 50%; leading into the Great Depression
- Four Power Treaty
- replaced Anglo-Japan alliance; bound Brit., France, U.S. and Japan to keep status quo in Pacific
- Muscle Shoals Bill
- designed to dam Tennessee River; Hoover doesn't like it, he didn't want gov. selling electricity alongside private companies; FDR does it when he's pres.