1. Return of the Republican Guard
AIM: How did the policies of three Republican president’s effect the economy and foreign policy of the 1920’s?

2. 1920’s Economic and Foreign Policy

3. I. Warren G. Harding A. “Return to Normalcy”
1. “Smoke-Filled Room” nomination
2. Sec. of Treasury: Andrew Mellon
3. Sec. of Commerce: Herbert Hoover
4. Sec. of State: Charles Evans Hughes
5. Pardon’s Eugene Debs

4. B. Economic Policy under Mellon
1. Goals/Tactics:
Lower taxes of wealthy Revenue Act of 1921 “trickle down theory”

7. b. Fordney-McCumber Tariff Act 1922 – increase tariff on foreign goods
1) Impact: Makes it more difficult for European nations to pay back war debts

8. c. Reduce national debt and balance the budget
d. Cut government spending
e. Raise taxes on lower income

9. 2. Laissez Faire Government
a. Rolls back Progressive safeguards
1) ICC, FTC, Federal Reserve all headed by pro business men

10. C. Scandal!!
"If Fall isn't an honest man, then I'm not fit to be President."
1. Sec. of Interior Albert Fall and Att. General Harry Daugherty accepted bribes for granting oil leases in WY.

11. II. Calvin Coolidge “Silent Cal”
The business of America is business.”
A. Coolidge Prosperity
1. Pro business, anti-Labor
2. Keeps Andrew Mellon
3. Millionaires increase
# of homes with electricity increases 465%

12. 5. Chair Stores
6. Installment plans
7. Planned Obsolescence of goods
8. Advertising and psychology

13. 9. Introduction of automobile
a. urban sprawl
b. filling stations, roads

15. B. Inaction in the White House
1. Vetoed most acts of Congress
2. Vetoed Bonuses for WWI veterans
Vetoed McNary-Haugen Bill of 1928
a. Would have aided farmers with buying up surplus food

16. III. Herbert Hoover, 1928

17. A. Alfred E. Smith KKK attacks Smith’s Catholicism
Calls for repeal of 18th
Current Republican prosperity

18. B.Signs of Economic Slowdown

19. B. Signs of Economic Slowdown
Railroads face competition from trucks, buses, private cars.
Textile industry faces competition from Asia and Latin America
a. Women’s style require less cloth
Coal demand decreases
a. Replaced with hydroelectric, oil, gas

20. C. Farmer Problems Overproduction a. War ends
b. Can’t pay off mortgages
c. Switch to rayon from cotton

21. 2. McNary-Haugan Bill Would have helped farmers – buy surplus
Vetoed by Coolidge

22. D. Uneven distribution of wealth
3/5 of wealth owned by 2% population
Get rich fever
a. Stock speculation
b. Florida Land Boom

23. Foreign Policy of 1920’s
Was American foreign policy during the 1920’s isolationist or internationalist?
A. Disarmament and Peace
1. Rejection of League of Nations

24. Post war disillusionment

26. C. The Quest for Peace Senator William Borah - “outlawing war”
Emergence of many peace organizations

27. New York Peace Society
Carnegie Endowment for International peace
Pacifists in the Fellowship of Reconciliation
War Resisters League
Women’s Peace Union
Committee on the Cause and Cure of War
Women’s International League for Peace and Freedom

28. D. Washington Naval Conference 1921-1922
5 Power Treaty: Maintain the following ratio for warships in their navies.
US 5, GB 5, Japan 3, France 1.67, Italy 1.67
2. 4 Power Treaty: U.S. France, GB and Japan agree to respect each’s territory in Pacific
Power Treaty: all agree to respect Open Door Note

29. E. Kellogg Briand Pact, 1928 Signed by most nations of the world
Renounced aggressive force to achieve national ends.
Ineffective:
a. permitted defensive war
b. no way to punish violators of agreement

30. E. Dawes Plan

31. Only Finland paid off its debt
Unpaid debt left bad feelings on both sides.
Reinforced some Americans view towards isolationism.

32. II. Summary
Was American foreign policy in the 1920’s “isolationist” or “internationalist”?

33. The Roaring Twenties!!