HIST 1312 1st Edition Lecture 17 Outline of Last Lecture I Roosevelt s Foreign Affairs Continued A Gentleman s Agreement B Taft Katsura Agreement C Great White Fleet II Roosevelt s Domestic Policies Control of Corporations A Anthracite Coal Strike B Trustbusting Northern Securities Case III Consumerism A Upton Sinclair The Jungle B Food Acts IV Conservationism A National Parks B Water and Wildlife Outline of Current Lecture I President Taft A Dollar Diplomacy II Taft s Domestic Policies A Trustbusting Ida Tarbell B Postal Savings Bank Act C Payne Aldrich Tariff D Pinchot Ballinger Affair III Election of 1912 IV Wilson s Domestic Policies A Federal Reserve Act B 16th and 17th Amendments C Underwood Simmons Act Current Lecture l A In 1908 Roosevelt doesn t run for re election so he hand picks Taft for the Republican Party Taft s foreign policy was dollar diplomacy Because Panama was prospering so well These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute we decided to have businesses go into other countries to help them prosper as well so they wouldn t get mad at Panama Businessmen set up Banana Republics where they sold bananas Bananas because of the high spoiler rate became a poor man s fruit If a country was to pass a bill we didn t approve we could threaten to pull out of that country and then they would be in disarray So we used dollars as an economic power ll A During Taft s term in 4 years he broke up 90 trusts after Taft s term there were no more trusts Ida Tarbell was an investigative reporter who wanted to get back at Rockefeller s oil company for putting her father out of business She researches so well that they use her writings to break up Rockefeller s oil trust B The Postal Savings Bank Act was a Populist Party idea that got passed during the progressive agenda of President Taft in 1911 Another Populist Party idea was a graduated income tax C Taft calls Congress into a special session to address the tariff Payne who is from the House of Representatives introduces a bill that will lower the tariff However Aldrich from the Senate passed a bill that made the tariff higher So Aldrich arranges a deal that the House will agree to raise the tariff if they both pass an act that would authorize the government to put taxes on income D Ballinger was the Secretary of Interior who was caught in a scandal by Department of Forestry s Pinchot Pinchot goes to Taft about the scandal with Ballinger but Taft doesn t do anything about it so Pinchot accidently tells a reporter and Taft fires Pinchot lll During this election Roosevelt is very angry at Taft for taxing income and firing Pinchot so he runs against Taft so there is the Republican Party which supports Taft and the Bull Moose Party which supports Roosevelt However the Democratic candidate Woodrow Wilson was nominated because everybody thought he wouldn t win but he does lV A In 1913 Wilson passes the Federal Reserve Act The government needed a new banking system and this Federal Reserve Bank will have 12 equal branches in different geographic regions The bank had to do 3 things 1 They had to provide elasticity in the money supply they did this by controlling interest rates 2 They had to be able to move large sums of money during an economic emergency 3 They had to be a lender of last resort to banks B The 16th Amendment created in 1913 allowed Congress to have the power to lay income on whatever sources they derive which could be houses heritance or the lotto The 17 th Amendment created in 1913 allowed the direct election of senators C The Underwood Simmons Act took the tariff from 68 69 down to 20 If you had 4 000 in income or larger you had to pay 4 income tax In 1919 the income tax was 65 and the tariff rate was raised to 65 again
View Full Document
Unlocking...