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Banks Inadequate banking system had plagued America

Banks Inadequate banking system had plagued America Glaring defects were apparent in the 1907 Panic-major reserves in NY and large cities only Congressional investigation uncovered a 3rd Bank of US needed

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Banks Inadequate banking system had plagued America

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  1. Banks Inadequate banking system had plagued America Glaring defects were apparent in the 1907 Panic-major reserves in NY and large cities only Congressional investigation uncovered a 3rd Bank of US needed June 1913 Wilson delivered a Joint Session speech again-asked for decentralized bank & not Republican private banks Wilson again turned to the people-Federal Reserve Act passed: Federal Reserve Board-apptd by the President to oversee 12 regional reserve districts Owned by member financial institutions-final authority rested w/Reserve Board Reserve Notes used and amount of $ in Circulation increased(backed by paper-promisory notes) Could now control the flow of $-Huge Success

  2. Trusts • Early in 1914 Wilson went before Congress again-passed the Federal Trade Commission Act-Presidential Apptd Committee to watch industry-crush monopoly by rooting out unfair practices, unlawful competition, false advertising, mislabeling, bribery • Clayton Anti-Trust Act-lengthened list of Illegal business practices-price discrimination, interlocking directorates • Exempted labor and agriculture organizations from anti-trust lawsuits-legalized strikes and picketing

  3. Wilsonian Progressivism • Federal Farm Loan Act of 1916-credit to farmers at low rates • Warehouse Act of 1916-loans on security of staple crops • Seamen’s Act of 1915-decent living wages on merchant ships • Workingmen’s Compensation Act of 1916-assistance to Federal Civil Service employees during disability-restricted child labor-invalidated by the SC • Adamson Act of 1916-8 hour workday for RR workers • Nominated Louis Brandeis to SC yet presided over segregation in the Federal Government • Made some conservative apptments. To the Federal Board yet stayed mostly progressive-needed to bring Progressives to Dems to be victorious in 1916

  4. Foreign Policy • Resisted TR and Taft Policies • No longer support to US investors • Repealed Panama Tolls Acts • Jones Act of 1916-Territorial status to Philippines & promised independence • Smoothed tensions with Japan • Sent troops to Haiti in 1915 & Dominican Republic to stop riots • Purchased Virgin Islands from Denmark in 1917

  5. Mexico • Much investment in Mexico-country was poor • Revolt in 1913 put new revolutionary president Huerta in control • Spurred on migration-hurt US owned lands in Mexico-many wanted US intervention • Wilson refused to recognize the government and allowed guns to flow freely to Huerta’s enemies • Further problems when American sailors arrested-Mexicans released and apologized • Wilson wanted to eliminate Huerta and asked for Congressional approval of force • Huerta regime collapsed and new government set up under Carranza • 16 men ruthlessly killed in Mexico and murdered another 19 US • John J. Pershing sent to lead an American contingent and fought successfully yet eventually pulled

  6. WW I Begins!!!!!!!!!! Neutrality • Neutral in thought and Deed-Both sides wooed the US • British enjoyed the advantage? • Germans counted on those of same heritage in the US(11 million) • Kaiser Wilhelm II seemed an arrogant autocrat-Ruthless strike at neutral Belgium-Further problems when agents attempted sabotage • Most Americans wanted to stay out!!

  7. Blood $ • When war started US was in recession-orders started coming in and prosperity returned-financed partially by JP Morgan and Co.-advanced $2.3 billion to allies during US neutrality • Germany protested yet they were free to trade w/US-prevented by geography and the British Navy-trade w/ Germany not allowed by British Navy • Feb, 1915 Germany declared a sub warfare area around British Isles-weak yet effective-Germany said it would try to not sink neutral vessels-Wilsom tried to keep US neutral even though incidents would be difficult to avoid • U-boats sank 90 vessels in first few months of 1915-Lusitania (128 US civilians)-Mass Murder? • Eastern US wanted war yet country divided-Wilson had no desire for war

  8. Wilson took strong stance(WJ Bryan resigned) • Mixed reaction • After British liner Arabic sunk in Aug, 1915(2 US lives lost) • Germany promised to not sink unarmed and unresisting passenger ships w/out warning • French liner Sussex torpedoed in March 1916-Wilson demanded they stop • Germany agreed to give warning yet attached to the agreement that Allies had to modify illegal blockade-Wilson agreed to first part

  9. 1916 Election • Bull Moose returned yet would not split party • Repubs nominated Charles Evans Hughes-SC justice-condemned tariffs & foreign affairs-Poor campaigner • Wilson avoided topic of his opponent • Hughes took east-Wilson thought he had lost • Wilson won 277-254/9.1 million to 8.5 • Wilson had kept the country out of war

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