People who have money reluctant to loan money in order to other financial institutions
D. Roosevelt gains reelection into the 1904 Chose “in his own correct” because of the higher electoral margin more Democrats. Eugene Debs went on Socialist admission; Prohibition cluster and with the vote. Generated themselves a “lame duck” chairman
Postal Coupons Bank operating system (1910)
X. Panic of 1907 A. Wall Roadway suffered a preliminary however, intense stress when you look at the 1907 1. “Runs” on banks, suicides, and criminal indictments against speculators. a. TR cooperated with Morgan banks and other large banks to prevent a banking collapse by transferring millions of Treasury funds from one bank to another. b. 2. Providers leaders assailed Roosevelt to possess resulting in the panic due to his anti-business tactics and called the financial setback the “Roosevelt Panic” 3. Roosevelt felt wounded by criticism, accused Wall Street of engineering the panic, and now sought to further reduce power of trusts. a. Embarked on a second wave of trustbusting. b. Reform now became acceptable (esp. lower tariff) c. Insurgent Republicans and Democrats took on Republican “Old Guard.” B. Results 1. Panic displayed brand new intense importance of elastic currency also have. a. During panic, banks unable to increase volume of currency in circulation. b. c. Which apparent exhaustion smooth means for Federal Set aside Operate out-of 1913. 2. Work and you will local reformers achieved essential center-classification partners. a. TR began incorporating Bryan’s ideas. b. Progressives finally embraced reforms put forth reformers of early 1900s, Socialists, strikers and marchers of 1894, People’s party, Knights of Labor, Farmers’ Alliancemen, and Greenbackers.
XI. President William H. Taft A. Election of 1908 1. Taft d. Bryan 321-162 — Third time Bryan defeated in 12 years. 2. Socialist party under Eugene Debs and Prohibition party under garnered just a fraction of the popular vote. B. Style 1. Taft lacked the fire or guts that possessed TR. a. Content to keep status quo rather than rocking the boat. b. Adopted attitude of click this link here now passivity toward Congress (insurgent Republicans and Democrats opposed him) c. Taft became an ally of your own old guard Republicans by default. 2. Cabinet did not contain one member of TR’s reformist wing. C. Dollar Diplomacy (see Imperialism notes) D. Taft as trustbuster 1. Brought 90 suits against the trusts during his four years in office; 2X compared to TR a. 1911, United States v. American Tobacco Company i. Supreme Court ordered the company to reorganize on the basis of the “rule of reason” but did not order its dissolution. ii. “Rule of reason” meant only reasonable restraints of trade were authorized. — Severely impaired government’s anti-trust activities. b. 1911, Courtroom purchased dissolution from Standard Oil Organization i. Judged to be a combination in restraint of trade in violation of the Sherman Anti-Trust Act of 1890. E. Progressive Legislation under taft 1. Conservation: Taft a dedicated conservationist; contributions equaled or out-did TR’s. a. Bureau of Mines established to control mineral resources — Rescued millions of acres of western coal lands from exploitation b. Protected water-power sites from private development. 2. Mann-Elkins Act (1910) Telegraph, telephone, & cable corporations put under ICC jurisdiction 3. Post Office Department was authorized to receive savings deposits from individuals and pay interest of 2% per year on such deposits. — This had been a major Populist idea.
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