1. TENSION BETWEEN CITY & COUNTRY SHAPED COURSE OF POLITICS IN THE 1920’S
REPUBLICAN LEADERSHIP OF THE 1920’S How 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
RETURN TO STABILITY & NORMALCY
POWERFUL CABINET BECAUSE HE WASN’T
STATE – CHARLES EVANS HUGHES
TREASURY – ANDREW MELLON
COMMERCE – HERBERT HOOVER
ALL REPUBLICAN PRESIDENTS WISH TO RETURN TO PRE- WWI POLICIES:
LAISSEZ FAIRE, REDUCED TAXES ON BB & WEALTHY
PRO-BUSINESS APPOINTEES TO FRC ALA ICC

2. THE OHIO GANG ATTORNEY GENERAL: H. DAUGHERTY
INTERIOR: ALBERT FALL
VETERANS BUREAU: CHARLES FORBES (WWI DRAFT DODGER)

3. DOMESTIC AFFAIRS – MELLON AT THE HELM
*INDUSTRIAL WORKERS ONLY MARGINAL BENEFITS *WHITE WOMEN’S RIGHTS 19TH AMENDMENT 1920 LEAGUE OF WOMEN VOTERS SHEPPARD TOWNER ACT WOMEN ELECTED TO HOUSE OF REPRESENTATIVES AFRICAN AMERICAN WOMEN FORMED OWN ORGS. *DECLINING VOTER PARTICIPATION AMONG ALL VOTERS PROSPERITY, CONSERVATISM
ECONOMIC NATIONALISM
4 WAYS GOVERNMENT SUPPORTED BIG BUSINESS:
1) FORDNEY-McCUMBER TARIFF 1922 HIGHEST IN HISTORY AVG. 40%
2) DEBT REDUCTION: TAX CUTS, ↓ GOV’T SPENDING
3) CUTBACKS AT FTC & PRO-BUSINESS APPOINTMENTS
4) HERBERT HOOVER

4. FOREIGN AFFAIRS – INDEPENDENT INTERNATIONALISM INVOLVED IN FOREIGN AFFAIRS WHEN IT SERVED OUR INTEREST & HOW IS THIS ISOLATIONIST? IT’S NOT
WASHINGTON NAVAL CONFERENCE 1921
a. US, GB, FR, ITALY, JAPAN, BELGIUM, PORTUGAL, UK & NETHERLANDS
b. 5 POWER TREATY:US, UK, FR, J, IT: SPECIFIC RATIO OF BATTLESHIPS – 1ST ATTEMPT AT NAVAL REDUCTION
c. 4 POWER TREATY: US, FR, UK, J CONSULT W/ EA. OTHER BEFORE TAKING ACTION IN E. ASIA – JAPAN #1 THREAT TO U.S. INTERESTS
d. 9 POWER TREATY: INTERNATION-ALIZATION OF OPEN DOOR; RESPECT TERRITORIAL RIGHTS IN CHINA

5. 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

6. COOLIDGE TAKES OFFICE AT HOME IN VERMONT BY HIS FATHER’S SIDE
CHOICE FOR VP SIGN OF RETURN TO CONSERVATISM
PHILOSOHY WAS TO PRESIDE BENIGNLY NOT GOVERN
RAISED ETHICAL TONE IN D.C.
EPITOMIZED MYTH OF AMERICAN SELF MADE MAN
“THE BUSINESS OF AMERICA IS BUSINESS” –EPIGRAMS NOT ACTION
MORE CONSERVATIVE: SC UNDER TAFT OVERTURNS FED CHILD LABOR LAW, HIGHER TARIFFS, PROMOTED BUSINESS INTERESTS BUT NOT OTHER GROUPS (WOMEN, BLACKS, WORKERS)

7. DOMESTIC AFFAIRS
MELLON STILL TREASURY SECRETARY, TRICKLE DOWN CONTINUES
BIG BUSINESS & GOVERNMENT AS PARTNERS & LESS ADVERSARIAL
REGULATORY BODIES, ICC & FTC, PRO-BUSINESS AGENCIES
ECONOMY CONTINUED TO RISE SO COOLIDGE DIDN’T HAVE TO DO MUCH
MCNARY HAUGEN ACT 1924: 2X VETOED ’27 & 28 - UNSUCCESSFUL
Purchase surplus wheat at avg. price & 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

8. FOREIGN AFFAIRS: WAR DEBT & REPARATIONS
LACK OF AWARENESS OF CONNECTION BETWEEN TARIFF & REPARATIONS
DAWES PLAN 1924: $200M LOAN TO GERMANY TO HELP STABILIZE DM
YOUNG PLAN 1929: FURTHER REDUCTIONS BUT TOO LATE
LOANS FROM U.S. TO GERMANY CEASE, ALLIED PAYMENTS STOP, GERMANY DEFAULTS DUE TO ECONOMIC CRISIS
KELLOGG-BRIAND PACT 1928: 62 NATIONS OUTLAW WAR
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”

9. RISE OF HOOVER & 1928 ELECTION
AS SECRETARY ENCOURAGED VOLUNTARY COOPERATION IN PRIVATE SECTOR – CREATES STABILITY IN ECON
PROMOTED TRADE ASSOCIATIONS W/I INDUSTRIES TO PROMOTE EFFICIENCY IN PRODUCTION & MARKETING
AL SMITH DEMOCRATIC CANDIDATE
WET, CATHOLIC, URBAN, VS. HOOVER’S DRY, PROTESTANT, RURAL UPBRINGING
HOOVER 58% OF VOTE; VICTORY APPEARED TO SIGNAL DEMS WERE DOOMED FOR EXTINCTION
BUT! GREAT DEM GAINS IN THE CITIES SHOWED SHIFT IN THE ELECTORATE – 12 LGST IN 24 VOTED REP. & IN 28 VOTED DEM.
PROSPERITY MORE WIDELY SHARED THAN AT ANY OTHER TIME BUT MORE THAN ½ AMERICAN POPULATION FAILED TO ACHIEVE ANY REAL BENEFITS

10. HE’S NOT YOUR FATHER’S REPUBLICAN
OPPOSED CUT-THROAT COMPETITION
CORPORATE COOPERATION
WELCOMED WELFARE CAPITALISM
ADVOCATED VOLUNTARISM
WASHINGTON BUSINESS CONFERENCES (CONTINUED AS DEPRESSION HIT TO HELP AMELIORATE SITUATION)
TRADE ASSOCIATIONS
8 HOUR WORK DAY
DIVISION OF CO. RIVER H2O

11. BLACK THURSDAY 10/24/29 & THE ONSET OF THE DEPRESSION
UNDER COOLIDGE 5 YR ARTIFICIAL RISE
MELLON TAX BILL CONTRIBUTED TO RAMPANT CONSUMER SPENDING: SPECULATION MAJOR MARKET CHARACTERISTIC
CAUSES: UNDERCONSUMPTION & OVERPRODUCTION OF MFG GOODS; INADEQUATE PROTECTION OF STOCK MARKET
HOOVER CLOSES MARKET FRIDAY & MONDAY “BUSINESS OF U.S. IS ON A SOUND & PROSPEROUS BASIS”
CONSTRUCTION INDUSTRY TANKED ‘28
FRB INCREASED IR BUT BANKS KEPT MAKING LOANS
TIGHT $ POLICY IN ‘30’S REDUCED $ AVAILABLE FOR INVESTMENT & GROWTH & HURT RECOVERY EFFORTS
13 MILLION SHARES SOLD THURSDAY & BLACK TUESDAY ANOTHER 16 MILLION

12. HOOVER’S RESPONSE – THOUGHT OUTSIDE THE BOX
RUGGED INDIVIDUALISM
*LOCAL GOV’T & CHARITIES RESPONSIBLE
*PUBLIC WORKS: HOOVER DAM
*WASHINGTON BUSINESS CONFERENCES
*DEPRESSION MASSIVE, 9K BANKS GONE
*SMOOT HAWLEY TARIFF: PROTECTIONIST *FEDERAL FARM BOARD – RAISE FARM PRICES BUT TOO LATE
*REJECTED LAISSEZ FAIRE APPROACH
*RECONSTRUCTION FINANCE CORP – AID TO BUSINESSES STILL IN OPERATION BUT NO INDIVIDUAL OR FAILED BUS. RELIEF

13. THE BONUS MARCH 1932 OF THE BONUS ARMY
demand for immediate cash-payment redemption of their service certificates
World War Adjustment Act of 1924 had awarded them bonuses in the form of certificates redeemable in Each Service Certificate bore a face value equal to the soldier's promised payment plus compound interest
AG Wm Mitchell ordered to clear vets from gov’t property – 2 vets killed
D. MacArthur with cavalry & tanks forcibly moved vets & families off of property & burned their makeshift houses

14. FOREIGN POLICY!
Clark Memorandum The primary point was that the Monroe Doctrine was based on conflicts of interest between the United States and European nations, rather than between the United States and Latin American nations.
STIMSON DOCTRINE 1932 as a result of Japan’s invasion of Manchuria in Letters sent to China & Japan that US will NOT recognize legality of seizures made in violation of treaties. HH “We’re not the world’s policeman”
No impact on Japan & they bomb Shanghai in 1932 & withdraw from League