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

2. 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

3. 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

4. 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

6. 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.

7. 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

8. 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

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

10. 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

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

12. 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.

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

14. Woodrow Wilson - Democrat

15. 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

17. An Actual 1912 Ballot

18. 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

19. 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

20. 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

21. 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

22. 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

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

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