Chapter 29 1912-1916 Standards 20 and 26

1912 Election:Teddy and his Bull Moose=3rd party! TR ran as a progressive Republican in the Bull Moose Party TR was “fit as a bull moose”

Election 1912: Republican Taft President Taft

President of Princeton: 1902-1910 Governor of New Jersey: 1910-1912 25 President of Princeton: 1902-1910 Governor of New Jersey: 1910-1912 Wilson’s Moral Diplomacy: Moral diplomacy is the system in which support is given only to countries whose moral beliefs are analogous to that of the nation (democratic nations)

1912 Election: Democrat Woodrow Wilson 20 Platform: “New Freedom” program Called for: 1. stronger antitrust legislation 2. banking reform 3. tariff reductions His “triple wall of privilege”: the tariff, the banks, the trusts

DO NOW In your own words, what is a tariff? What is one positive of a tariff? What is one negative?

What’s a tariff???? a tax or duty to be paid on a particular class of imports or exports.

Arguments for and against tariffs For: protects American workers and wages Against: Products cost more, thus driving down jobs (less demand). Less product choice. Trade wars.

Underwood Tariff Pg 682 Substantial reduction of rates With this & 16th Amendment, revenue from income tax shot ahead of revenue from tariffs

Federal Reserve Act 1913 Pg 683 Problem in America: financial structure still under Civil War Natnl Banking Actbanking reserves heavily concentrated in New York and a few other large cities and couldn’t be mobilized in times of financial stress (as in panic of 1907) Solution: Federal Reserve Act established the Federal Reserve System (The Fed) as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system. Who was for it: Democrats Who was against it: Republicans

Clayton Anti-Trust Act 1914 Pg 684 amendment passed by U.S. Congress in 1914 that provides further clarification and substance to the Sherman Antitrust Act of 1890 on topics such as price discrimination, price fixing and unfair business practices