Republican Harding Returns America to Normalcy Veterans Bureau 21 Hospitals Vocational Training Shell Shock RECALL Americas Open Door Announcement Sec of State John Hay Announced an Open Door Trade Policy w China in 1899 ID: 716783
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Slide1
26 – Republican Resurgence & DeclineSlide2
“Republican Harding Returns America to Normalcy”Slide3
Veterans’ Bureau ‘21
-Hospitals
-Vocational Training
(Shell Shock)Slide4
RECALL
America’s “Open Door” Announcement
Sec of State – John Hay Announced an “Open Door” Trade Policy w/ China in 1899Slide5
D.C. Naval Disarmament Conference
1921-22
United States, Japan, China, France, Britain, Italy, Belgium, Netherlands, and Portugal
No new battleships for 10 yearsSlide6
Isolationist Harding
Raised Import Tariff
27 to
38%Slide7
Early 1920s – From War to Peace
Economy Faltered due to Decreased
Production, Isolationism, and Increased Tariffs
Government Decreased
Taxes
People began buying & investing
Profits roseTax revenue roseJobs created; unemployment droppedEconomy began to
show signs of recovery in early 20sSlide8
Scandalous Harding
Veterans’ Bureau Director
Charles Forbes
$200 Million DollarsSlide9Slide10
Teapot Dome, Wy & Elk Hills, Ca Oil
Scandal
Dept. of Navy
Dept. of Interior
Sec of Interior
Albert FallSlide11
During the Harding administration, one major scandal rose above all the others. Teapot
Dome, like the Watergate break-in fifty years later, became the catchphrase for the climate of corruption surrounding the Harding administration. The Teapot Dome was a government-owned oil field in Wyoming. It had been set aside as an oil reserve for ensuring fuel for warships. Harding decided to move
administrative
control of Teapot Dome from the Department of Navy to the Department of Interior. Thereafter, his secretary of interior, Albert B. Fall, a former
Republican
senator from New Mexico, began signing sweetheart contracts with close friends who were executives of petroleum companies that wanted access to the oil field. It turned out that he had taken bribes of about $400,000
from an oil tycoon. Fall was convicted of conspiracy and bribery and sentenced to a year in prison, the first former cabinet official ever to serve time as a result of misconduct in
office.Slide12
$400,000.00
ALBERT FALLSlide13
R.I.P.Slide14
On August 2, 1923, Warren G. Harding died in office
, suffering an apparent
heart
attack
while holed up in San Francisco’s Palace Hotel. That June he had set out on an
intended 15,000-mile cross-country speaking tour labeled the Voyage of
Understanding, which included the first-ever presidential visit to Alaska. Upon returning to the Lower 48, he began suffering from cramps, indigestion, a fever and shortness of breath. His physician chalked it up mainly to food poisoning.
A few days later, just as he appeared to be improving, Harding suddenly shuddered
and slumped over in bed lifeless. His wife refused to allow an autopsy, precipitating
rumors of foul play. However, no evidence has ever emerged that his death was
anything but natural.Slide15
From Passive Harding to Silent Cal
W. “Heart Attack” Harding
Shy & Quiet Calvin Coolidge
1921
1923
1923
1929Slide16
Veterans’ Adjusted Compensation Act ‘24
~$500 Certificates to be paid in 20 years w/ InterestSlide17
Frustrated Over Producing FarmersSlide18
International Bank of the United StatesSlide19
Unraveling the Debt Knot
Financed by J.P. Morgan Investment Corp. … Not, J.P. M. (he died in 1912
)
Dawes & Young Financial Plan of 1924Slide20
Silent Cal Steps Down – Rep. Hoover Steps UpSlide21
Hoover’s Tariff was Bigge
r than Harding’s
!
27 to
38%
38 to
60%
Smoot-Hawley Tariff of 1930 Decreased TradeSlide22
OCT 29, 1929Slide23
Oct 29, 1929Slide24
18,224Slide25
Causes of the Great Depression
Agriculture and Industry Over Production
High Protective Tariffs
Stock Market Speculation & Margin Buying
Bank Failures
Federal Reserve Raised Interest RatesSlide26
HoovervillesSlide27Slide28Slide29Slide30
NYC Bread Line - 1932Slide31Slide32
Hoover’s Laissez faire Approach to the Depression
Reconstruction Finance Corporation
- Loans for government agencies, railroads, banks, etc.
Raised Top Tax Rate from 25 to 63%
Public Works ProjectsSlide33
The massive
Hoover Dam project
not only created good paying jobs on
the Arizona-Nevada
border, it also tamed
the Colorado River and
provided water and hydroelectric power for the developing Southwest. Slide34Slide35
Election of 1932
Roosevelt 472
Hoover 59Slide36Slide37
20,000 WW I VetsSlide38
“Bonus” Expeditionary Force
Marched on D.C. in 1932Slide39Slide40Slide41
300 CasualtiesSlide42Slide43