1 / 9

Start of the Great Depression

Start of the Great Depression. Gov. Ross Sterling: “Hot Oil” & the “Cotton Holiday” Gov. Miriam A. Ferguson, Part II. Ross Sterling. Wealthy TX oil man Ran for Gov. in 1930 Defeated Ma Ferguson Soon inherited the Great Depression. East Texas Oil Boom.

benito
Télécharger la présentation

Start of the Great Depression

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Start of the Great Depression Gov. Ross Sterling: “Hot Oil” & the “Cotton Holiday” Gov. Miriam A. Ferguson, Part II

  2. Ross Sterling • Wealthy TX oil man • Ran for Gov. in 1930 • Defeated Ma Ferguson • Soon inherited the Great Depression

  3. East Texas Oil Boom • Resulted from “wildcatting” efforts of Columbus “Dad” Joiner • Massive field discovered near Kilgore – 5 counties wide • Massive rush led to prosperity in one of the state’s poorest areas

  4. Ross Sterling & “Hot Oil” • Massive production led to 95% drop in crude oil prices • Sterling OK’d efforts sought by large oil cos. to limit production • TX RR Commission sought to set quotas

  5. Ross Sterling & “Hot Oil” • Many small producers ignored the quotas • Continued to produce illegal “hot oil” • Sterling declared martial law to enforce the quotas • Very unpopular in East TX base of the Fergusons

  6. Huey Long’s “Cotton Holiday Plan” • Sought by LA Gov. • If no cotton raised in 1932, prices should rise greatly in 1931 • Only to take effect if 75%+ of South’s cotton acreage pledged to be taken out of prod.

  7. Huey Long’s “Cotton Holiday Plan” • Ball placed in Texas’s court, since TX produced over 1/3 of US cotton • No TX approval = no holiday • Sterling & the Legis. vs. the plan (rejected) • Sterling’s popularity sinks w/ many cotton farmers

  8. Miriam A. “Ma” Ferguson • Took advantage of discontent w/ the Depression (& Sterling) • Won 1932 Dem. Party runoff vs. Sterling; also won general election • Supported the “New Deal” • Accused of favoritism w/ gov’t relief $$ & jobs

  9. Franklin D. Roosevelt & the “New Deal”

More Related