TRUST BUSTING TO BANKING REFORM FROM TAFT TO WILSON TRUST BUSTING TO BANKING REFORM

William Howard Taft Attorney and Judge More of a conservative then a Progressive Lacked dynamic force of TR Brought 90 suits against monopolies to Roosevelt’s 44

Taft and the Trusts 1911 Standard Oil ordered dissolved under the Sherman Anti-trust Act 1911 antitrust suit filed against U.S. Steel Corporation Roosevelt is outraged

Election of 1912 William Howard Taft – Republican Theodore Roosevelt – Progressive Republican “Bull Moose Party” and New Nationalism Woodrow Wilson – Democrat New Freedom Eugene V. Debs - Socialist

Republican Party Platform High import tariffs. Put limitations on female and child labor. Workman’s Compensation Laws. Against initiative, referendum, and recall. Against “bad” trusts. Creation of a Federal Trade Commission. Stay on the gold standard. Conservation of natural resources because they are finite.

Taft and Dollar Diplomacy U.S. invokes the Monroe Doctrine to keep European investors out of the Caribbean and Latin America Taft persuades Wall Street bankers to pump American dollars into both Areas 1912 Marines will go to Nicaragua to restore peace remaining for 12 years

The Republican Party Splits Roosevelt is angry over Taft’s trust busting Payne Aldrich Tariff will not lower tariff’s as had been promised – this angers Progressives Ballinger-Pinchot incident ends in Pinchot firing for insubordination Roosevelt and New Nationalism ends in loss of Congressional seats to Democrats

The Progressive Party & Former President Theodore Roosevelt People should rise above their sectarian interests to promote the general good.

Progressive Party Platform Women’s suffrage. Graduated income tax. Inheritance tax for the rich. Lower tariffs. Limits on campaign spending. Currency reform. Minimum wage laws. Social insurance. Abolition of child labor. Workmen’s compensation. N e w N a t i o n a l i s m

“The Working Class Candidates” Eugene V. Debs Emil Seigel for President for Vice-President

Socialist Party Platform Government ownership of railroads and utilities. Guaranteed income tax. No tariffs. 8-hour work day. Better housing. Government inspection of factories. Women’s suffrage.

Woodrow Wilson Democrat reformer Former Princeton University President Began late in politics 1910 New Freedom Platform - stronger antitrust legislation, banking reform and tariff reduction

Woodrow Wilson - Democrat

Democratic Party Platform Government control of the monopolies  trusts in general were bad  eliminate them!! Tariff reduction. One-term President. Direct election of Senators. Create a Department of Labor. Strengthen the Sherman Anti-Trust Act. Did NOT support women’s suffrage. Opposed to a central bank. Ne w F r e e d o m

An Actual 1912 Ballot

Outcome of Election of 1912 Woodrow Wilson – 435 electoral votes Roosevelt – 88 electoral votes William H. Taft (incumbent) – 8 electoral votes Eugene V. Debs 900,672 votes

Why Wilson over Roosevelt? Political fighting between Roosevelt and Taft The Progressive Republicans (Bull Moose) split the Republican party Voters given differing visions on role of federal government in the Modern era

Woodrow Wilson as President First President since Jefferson to appear before joint session of Congress Underwood Tariff Bill – reduced import fees, tax legislation which will lead to 16th Amendment and the graduated income tax

Wilson takes on the Banks National Banking Act (Civil War) was the major financial problem when Wilson took office because the currency was inelastic Blamed for the Panic of 1907

Federal Reserve Act 1913 Guaranteed public control over banking system Gave the government authority to increase money in circulation Final authority given to the Federal Reserve Board 12 regional banks – owned by Private Banks

Clayton Antitrust Act Substantial win for labor Legalized strikes and peaceful picketing Gave “teeth” to the Sherman Anti-trust Act

Federal Trade Commission Worked with business to ensure their practices met government regulation