Republicans in Power 1921-9 Flashcards
When did Harding become President?
1921
When did Coolidge take over?
After Harding’s death in 1923, re-elected in 1924
When did Hoover become President?
1929
What were the three scandals in Harding’s presidency and their associated people?
Harry Daugherty - accused of taking bribes from bootleggers
Albert Fall - Teapot Dome Scandal (symbol of 1920s corruption)
Charles Forbes - $250million embezzlement
Although Harding was not directly involved he had awareness of corruption, inquiries began before his death)
What was the ‘Coolidge prosperity’
50% increase in the economy between 1920-1924
Why were the Republicans forced to intervene in agriculture?
Value of farm products fell drastically:
1919- farm products worth $10billion
1921 - farm products work $4billion
Price of corn fell from $1.52/bushel to $0.52/bushel
Which three measures were passed to aid agriculture?
1921 Grain Futures Trading Act
1922 Copper-Valsted Act
1923 Intermediate Credit Act
What and when was the Grain Future Trading Act?
1921 - attempts to prevent ‘manipulation of the grain market’
What and when was the Copper-Valsted Act?
1922 - enabled farmers to form and work in co-operatives
What an when was the Intermediate Credit Act
1923 - enabled easier loans for farmers
Which agricultural measure did Coolidge veto?
The 1924 McNary-Haugen Bill, which would have sold corn and wheat abroad - seen as too far a departure from laissez-faire policy
When were the three tax cuts?
1921, 1924, 1925
1925 returned taxes to a maximum of 25%, the pre-war level
(Mellon)
Despite the tax cuts, what happened?
Government income increased due to the prosperity
What did the 1921 Budget and Accounting Act do?
Reduced the cost and improved the efficiency of government
What and when were the tariff acts?
1921 Emergency Tariff Act - tariffs on agriculture
1922 Fordney-McCumber Tariff Act - added industrial products
