Harding electedReturn to normalcy"America's present need is not heroics but healing; not nostrums but normalcy; not revolution but restoration...."

Ranked as one of the worst presidents due to scandal and ineffectivenessCabinet ran presidencyExtramarital affairs and corruption in cabinet

Good for businesses bad for womenSelf-regulation of businessesHarding appoints 4 conservative supreme court justicesAdkins v. Childrens HospitalMinimum Wage 19th amendment no special treatment for women

Esch-Cummins Transportation Act of 1920Railroads PrivateMerchant Marine Act of 1920Sold war fleet at low costAdjusted Compensation ActCompensation for WWI vets

Resolution passed in 1921 that formally declared WWI over3 years after war ended

Back to isolationismException: drilling rights in Middle EastWashington Conference 1921-19221st international conference in USRussia not invited5 Power Naval Treaty (US, GB, FR, ITA, JAP)Reduce naval armamentsLargely ignored4 Power TreatyStatus Quo in Pacific (US, GB, FR, and JAP)9 Power TreatyOpen Door in China

Outlaw of WarExempted defensive war62 nations signed

Fordney-McCumber Tariff Law Raised tariffs from 27%-35%What was the problem?

End of war lessened need for goodsIncreased supply -> Lowered pricesVolstead ActFarmers exempt from Anti-trust lawsMcNary-Haugen BillGvt purchase and sale of cropsVetoed 2x by Coolidge (Effect ?)

Oil field reserve in WYAlbert Fall (Sec. of Interior) leased land to in exchange for cash ($404,000)Exposed by Wall Street JournalGiven back to Navy in 1927Fall fined $100,000 and spent 1yr in prisonLack of trust in big business republicans

Harding dies of pneumonia and thrombosis in August 1923Very quite and blandReduce taxes and debtsEconomy Prospers

Republicans nominate CoolidgeKeep Cool with CoolidgeDemocrats heavily divided and with no strong candidate chose John W. DavisRobert Lafollette Progressive Party

#1support for tax reductions and the limitation on government's role in American society; tariff protection for American industry, as provided in the recently enacted Forney-McCumber TariffU.S. participation in international arms reduction program and membership in the World Court.

#2a graduated income tax; tough enforcement of antitrust laws; public works projects to alleviate unemployment; farm relief with more accessible credit and crop price subsidies; a tariff reduction; Philippine Island Independence a referendum on the League of Nations

#3public management and conservation of natural resourcesgovernment ownership of the railroads and power-generating resourcesacknowledgement of workers' right to unionize and bargain collectivelyelimination of child labordissolution of monopolies

Americas desire for $$ from Great Britain and France...led to GB and FRAs desire for $$ from GermanyDawes PlanFrance and Belgium would leave Ruhr areaManageable reparation scheduleRelied on U.S Private loans (failed)Replaced by Young Plan (failed)Reducing the German obligation from the original $32.3 billion to $713 million

Republican HooverIndividualism, free enterprise, and small governmentWell likedDemocrats Alfred E. SmithCatholicism and being anti-prohibition hurt him

Agricultural Marketing ActFederal Farm Board$500 millionLow cost loans to farmersGrain and Cotton Stabilization CorpsRaise prices by buying surplusfailedHawley-Smoot Tariff Raised tariffs 60% Deepened worldwide depression

Government programs failed because of inflationsubstantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency

October 29th, 1929Overproduction and Overexpansion