Those with money reluctant to mortgage money in order to fellow financial institutions
D. Roosevelt victories reelection during the 1904 Opted for „in the individual proper” because of the high electoral margin over Democrats. Eugene Debs ran toward Socialist citation; Prohibition group also into the vote. Made themselves good „lame duck” chairman
Postal Offers Banking system (1910)
X. Panic of 1907 A. Wall structure Road sustained an initial but raw stress during the 1907 1. „Runs” on banks, suicides, and criminal indictments https://paydayloanalabama.com/pinson/ 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. Business leadership assailed Roosevelt having causing the stress 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 today turned into appropriate (esp. lower tariff) c. Insurgent Republicans and Democrats took on Republican „Old Guard.” B. Results 1. Panic displayed the new intense importance of elastic money also provide. a. During panic, banks unable to increase volume of currency in circulation. b. c. That it visible weakness flat way for Federal Reserve Operate regarding 1913. 2. Labor and you will local reformers gathered extremely important center-group allies. 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 passivity toward Congress (insurgent Republicans and Democrats opposed him) c. Taft turned an ally of your own old protect 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 bought dissolution of Practical Petroleum Business 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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