The Republican Presidents of the 1920s 13.2 Harding and Coolidge

Republican Theme Less involved in economy = only get involved to help business Less involved in economy = only get involved to help business Trickle Down Effect – low taxes on the rich = they will invest more. – promote economic growth Trickle Down Effect – low taxes on the rich = they will invest more. – promote economic growth Business profit increased 60% Business profit increased 60% Worker income increased only 10% Worker income increased only 10%

Warren Harding’s Administration

Harding’s Cabinet and Goals Composed of many businessmen Composed of many businessmen Secretary of Treasury – Secretary of Treasury – Andrew Mellon Andrew Mellon Secretary of Commerce – Secretary of Commerce – Herbert Hoover Herbert Hoover Goals: 1. Reduce National Debt Goals: 1. Reduce National Debt 2. Promote Economic Growth 2. Promote Economic Growth - Both Work – Business Boomed - Both Work – Business Boomed

Scandals of the Harding Administration

Ohio Gang - Harding’s friends who came with him to D.C. Ohio Gang - Harding’s friends who came with him to D.C. Used their connection to make illegal financial gains Used their connection to make illegal financial gains Charles Forbes – Director of Veteran Affairs Charles Forbes – Director of Veteran Affairs Pocketed millions illegally Pocketed millions illegally Harry Daugherty – Attorney General Harry Daugherty – Attorney General Forced to resign after taking bribes Forced to resign after taking bribes

The Teapot Dome Scandal Albert Fall - Secretary of the Interior Albert Fall - Secretary of the Interior Persuaded Secretary of the Navy to transfer control of oil reserves to him Persuaded Secretary of the Navy to transfer control of oil reserves to him Gave control of these reserves away to private companies for bribes Gave control of these reserves away to private companies for bribes Convicted and jailed for accepting bribes Convicted and jailed for accepting bribes

Harding Dies August 1923 August 1923 Harding died of a heart attack in San Francisco Harding died of a heart attack in San Francisco Vice President Coolidge was immediately sworn in as president Vice President Coolidge was immediately sworn in as president

Calvin Coolidge’s Administration

Cal’s Actions as President Wanted to restore the reputation of the presidency Wanted to restore the reputation of the presidency Fired all people involved in Harding’s scandals Fired all people involved in Harding’s scandals Promoted pro-business policies since the economy was booming Promoted pro-business policies since the economy was booming Cut taxes for Wealthy Cut taxes for Wealthy Vetoed legislation to help workers Vetoed legislation to help workers

Coolidge as President Coolidge decided not to run for reelection in 1928 Coolidge decided not to run for reelection in 1928 Found being president burdensome Found being president burdensome Probably would have won Probably would have won

Election of 1928 Herbert Hoover- final Republican president of the decade Herbert Hoover- final Republican president of the decade He will be in office when the market crashes and prosperity comes to an end He will be in office when the market crashes and prosperity comes to an end