1.  NOTICE  augment These slides are provided to augment the lectures presented in Dr. Hatley’s History 2493-US Since 1877 course. If you miss class, you should not assume that merely perusing these will provide you with sufficient information to do well on examinations.

2. Presidential Election of 1920 Warren G. Harding (R) (1865-1923) (1921-1923) Warren G. Harding (R) (1865-1923) (1921-1923)

3. Presidential Election of 1920 First presidential election in which all women at least 21 years of age and US citizens were allowed to vote (XIX Amendment 1920). First presidential election in which all women at least 21 years of age and US citizens were allowed to vote (XIX Amendment 1920). End of the Progressive Movement End of the Progressive Movement Middle class lost interest in politics Middle class lost interest in politics

4. Harding Administration (1921-23) “a return to normalcy” Drank bootleg liquor during Prohibition Outstanding appointments: Sec. of State—Charles Evans Hughes Sec. of Treasury—Andrew Mellon

5. Sec. of Commerce—Herbert Hoover Sec. of Commerce—Herbert Hoover Questionable Appointments: Questionable Appointments: Sec. of Interior—Albert B. Fall Sec. of Interior—Albert B. Fall Veterans’ Bureau—Charles R. Forbes Veterans’ Bureau—Charles R. Forbes Attorney General—Harry M. Daugherty Attorney General—Harry M. Daugherty

6. Harding Administration (1921-23) Teapot Dome Scandal Teapot Dome Scandal Tax reductions: income, gift, and inheritance. Tax reductions: income, gift, and inheritance. Federal regulatory commissions Federal regulatory commissions Fordney-McCumber Tariff (1922) Fordney-McCumber Tariff (1922) Federal budget balanced Federal budget balanced

7. Harding Administration (1921-23) Tremendous economic growth — Planes, Trains, and Automobiles

8. Real Estate Boom Real Estate Boom Harding died 2 August 1923 from a coronary thrombosis Harding died 2 August 1923 from a coronary thrombosis

9. Harding Administration (1921-23) Harding’s wife, Florence, refused to permit an autopsy Harding’s wife, Florence, refused to permit an autopsy

10. Coolidge Administration (1923-29) Calvin Coolidge (R) (1872-1933) Calvin Coolidge (R) (1872-1933)

11. Coolidge Administration (1923-29) Grace Goodhue Coolidge (1879-1957) Grace Goodhue Coolidge (1879-1957) Grace Coolidge and Rebecca

12. Coolidge Administration (1923-29) Everyone talks of the restlessness of women since the war.... Of course they are restless. Soon there will not be an intelligent woman who is content to do nothing but live a social life. — Grace Coolidge (1921) Everyone talks of the restlessness of women since the war.... Of course they are restless. Soon there will not be an intelligent woman who is content to do nothing but live a social life. — Grace Coolidge (1921)

13. Presidential Election of 1928 New York Governor Alfred E. Smith (D) (1873-1944)

14. Herbert C. Hoover (R) (1874-1964) (1929-1933) Herbert C. Hoover (R) (1874-1964) (1929-1933)

15. Presidential Election of 1928 Campaign Issues: Campaign Issues: The Economy The Economy Religion — Hoover (Quaker) Smith (Roman Catholic) Religion — Hoover (Quaker) Smith (Roman Catholic) Prohibition Prohibition

16. The Great Depression Stock Market Crash (October 1929) Stock Market Crash (October 1929) Average American’s income down 50% by 1932 Average American’s income down 50% by 1932 By 1932, the unemployment rate reached 25% By 1932, the unemployment rate reached 25%

17. The Great Depression Factories closed, family farms and home mortgages foreclosed, and small businesses went bankrupt Factories closed, family farms and home mortgages foreclosed, and small businesses went bankrupt Over 9,000 banks closed Over 9,000 banks closed So what caused the Great Depression? So what caused the Great Depression?

18. Causes of the Great Depression Historians and Economists agree: Unregulated speculation or speculative madness Theories: Mal-distribution of wealth and overproduction of goods put 50% of nation’s wealth under the control of 200 corporations

19. Monetarist theory Monetarist theory Economist Milton Friedman (1912-2006) Economist Milton Friedman (1912-2006)

20. Causes of the Great Depression Federal Reserve mismanaged the money supply. How? Federal Reserve mismanaged the money supply. How? Federal Reserve regulated the amount of money in circulation by controlling the prime rate Federal Reserve regulated the amount of money in circulation by controlling the prime rate Prime rate reduced throughout the late 1920s Prime rate reduced throughout the late 1920s

21. Causes of the Great Depression Federal involvement in the economy such as the Fordney- McCumber Tariff (1922) and the Smoot-Hawley Tariff (1930) enacted during the Great Depression, contributed to the problem. Federal involvement in the economy such as the Fordney- McCumber Tariff (1922) and the Smoot-Hawley Tariff (1930) enacted during the Great Depression, contributed to the problem.

22. Hoover and the Great Depression Attempted to restore confidence in the nation’s financial structure. Challenged businesses to keep their doors open, maintain wage levels, and spread the work to avoid layoffs.

23. Secretary of the Treasury Andrew Mellon (1855-1937) (1921-1932) Secretary of the Treasury Andrew Mellon (1855-1937) (1921-1932)

24. Hoover and the Great Depression Reconstruction Finance Corporation (1932) Reconstruction Finance Corporation (1932) Funded $2.5 billion in Federal loans to: Funded $2.5 billion in Federal loans to: banks, agricultural credit corporations, railroads, life insurance companies, land banks, et cetera. banks, agricultural credit corporations, railroads, life insurance companies, land banks, et cetera.

25. Hoover and the Great Depression Emergency Relief and Construction Act (1932) Emergency Relief and Construction Act (1932) Authorized the RFC over $2 billion in loans to the states for: Authorized the RFC over $2 billion in loans to the states for: emergency relief emergency relief creation of jobs for public works creation of jobs for public works Bonus Marchers or Bonus Army Bonus Marchers or Bonus Army

26. Presidential Election of 1932 Franklin Delano Roosevelt (D) (1882-1945) (1933-1945) Franklin Delano Roosevelt (D) (1882-1945) (1933-1945) FDR FDR

27. Roosevelt in 1917 Harvard Columbia Law School

28. The New Deal Emergency Banking Relief Act (1933) stipulated that only solvent banks could reopen Emergency Banking Relief Act (1933) stipulated that only solvent banks could reopen Farm Credit Administration Farm Credit Administration Federal Deposit Insurance Corporation (FDIC) Federal Deposit Insurance Corporation (FDIC) Guaranteed all bank deposits up to $2,500.00 Guaranteed all bank deposits up to $2,500.00

29. The New Deal Securities and Exchange Commission (SEC) Securities and Exchange Commission (SEC) Civilian Conservation Corps (CCC) Civilian Conservation Corps (CCC)

30. The New Deal Works Progress Administration (WPA) Agricultural Adjustment Act (AAA) National Recovery Administration (NRA)

31. Roosevelt’s Challengers Louisiana Senator Huey Long Dr. Francis F. Townsend Fr. Charles E. Coughlin

32. Second New Deal 1935 Social Security Act (1935) Social Security Act (1935) Roosevelt convened a special session of Congress in an attempt to pass “must legislation” (1937) Roosevelt convened a special session of Congress in an attempt to pass “must legislation” (1937)

33. Second New Deal FDR attempted to “pack” the US Supreme Court (1937) FDR attempted to “pack” the US Supreme Court (1937)

34. “Ring Around a Roosevelt, Pockets Full of Dough!”

35. Evaluating the New Deal Roosevelt’s efforts failed to pull the US out of the Great Depression Roosevelt’s efforts failed to pull the US out of the Great Depression National Debt increased from $22.5 Billion in 1933 to $40.5 Billion by 1939 National Debt increased from $22.5 Billion in 1933 to $40.5 Billion by 1939 Employment opportunities probably prevented civil unrest Employment opportunities probably prevented civil unrest