Hoover's Depression Measures Flashcards
Agricultural Marketing Act
1929.
Nine person federal farm board with $500 million to create farmers’ marketing co-operatives.
War Debts
1929 - 1930 value of crown trade falls by $500 million then $1.2 billion in 1931.
European countries repudiate and Hoover issues moratorium in June 1931.
Hoover’s central beliefs
Self-help and voluntary co-operation
Hawley-Smoot Tariff
June 1930.
Highest ever duties at 40% and leads to fall in exports. Bad for farmers.
Money oddity RFC
Of first $61 million $41 million was loaned to 3 institutions.
Veterans’ Administration
Annual expenditure on disabilities - $675.8 million
Bonus payment
Passed House of Representatives but vetoed by Senate.
Unemployment relief.
$500 million in 1932. Not nearly enough!
Drought of 1930-1 only $47 million given as loans.
15/6/1932
20,000 march on Washington demanding the bonus immediately.
RFC loan breakdown
90% - small/medium banks
70% - towns with less than 5000 people
50% - goes to 7% of largest banks
Emergency Relief and Construction Act
Summer 1932.
Up to $1.5 billion given to states to finance public works as long as they declared bankruptcy and paid it back.
Grain stabilisation corporation
Buys wheat for 82c a bushel when the world price was 40c
Central Republican National Bank and Trust Company
$90 million given - as much as was held in total deposits.
Veteran’s Bonus
Originally to be paid by 1945
National Credit Corporation
October 1931 - $500 million to help banks survive but spends only $10 million
