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[[American History Lecture Eleven|Lecture]] - [[American_History_Homework_Eleven|Questions]] - [[American History Homework Eleven Answers|Student Answers]]
 
[[American History Lecture Eleven|Lecture]] - [[American_History_Homework_Eleven|Questions]] - [[American History Homework Eleven Answers|Student Answers]]
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This lecture we will cover through World War II.  In the next lecture we'll cover until the election of [[Ronald Reagan]] in 1980, and then the last lecture will be about the Reagan Administration and beyond.
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In this lecture we will cover through World War II.  In the next lecture we'll cover until the election of [[Ronald Reagan]] as president in 1980, and then the last lecture will be about the Reagan Administration and beyond.
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''Homework:  write an essay of about 800 words on any topic (or two topics) in this lecture''.
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''Homework:  write an essay of about 800 words on any topic (or two topics) related to this lecture''.
    
== The Roaring Twenties ==
 
== The Roaring Twenties ==
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The Roaring Twenties was the period from 1920 to 1929 when there was tremendous economic growth ''and'' remarkable cultural progress.  It was a period of great excitement and accomplishment in our nation's history on many levels:  in politics, business, literature and music.  From 1921 to 1929, the Dow Jones Industrial Average (a measure of stock market performance) rose from 60 to an astounding 400, an increase of more than six-fold.<ref>http://www.stock-market-crash.net/1929.htm</ref>  By comparison, the stock market today is ''lower'' than what it was in the year 2000.  Many new millionaires were created in the 1920s.  But the good times were not merely about money.  The culture (music, literature, festivals, etc.) was vibrant also, and it was a thrilling time to be an American.
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The Roaring Twenties was the period from 1920 to 1929, when there was tremendous economic growth ''and'' remarkable cultural progress.  It was a period of great excitement and accomplishment in our nation's history on many levels:  in politics, business, literature and music.  From 1921 to 1929, the Dow Jones Industrial Average (a measure of stock market performance) rose from 60 to an astounding 400, an increase of more than six-fold.<ref>http://www.stock-market-crash.net/1929.htm</ref>  By comparison, the stock market today is ''lower'' than what it was in the year 2000.  Many new millionaires were created in the 1920s.  But the good times were not merely about money.  The culture (music, literature, festivals, etc.) was vibrant also, and it was a thrilling time to be an American.
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Politically, the period started with the election of Warren Harding as president.  He was a conservative who nominated four (4) conservative Justices to the Supreme Court, some of whom later invalidated key parts of President Franklin Delano Roosevelt (FDR)'s liberal New Deal.  Harding also supported Prohibition, which was a conservative Christian women's movement.  Harding opposed the League of Nations, which was a form of "world government" that conservatives today still dislike.  Harding opposed immigration, and with his support the tightest restrictions on immigration in the nation's history became law.
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Politically, the period started with the election of Warren Harding as president.  He was a conservative who nominated four (4) conservative Justices to the Supreme Court, several of whom later blocked and invalidated key parts of President Franklin Delano Roosevelt (FDR)'s liberal New Deal.  Harding also supported Prohibition, which was a conservative Christian women's movement.  Harding opposed the League of Nations, which was a form of "world government" that conservatives today still dislike.  Harding opposed immigration, and with his support the tightest restrictions on immigration in the nation's history became law.
    
Harding and his wife were colorful characters, opening the White House up to the public again (Wilson had closed it during his illness) and throwing regular garden parties for veterans.
 
Harding and his wife were colorful characters, opening the White House up to the public again (Wilson had closed it during his illness) and throwing regular garden parties for veterans.
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Harding has some immediate political achievements.  The Federal Highway Act in 1921 provided $75 million to States in matching funds (i.e., matching monies provided by the States) for State roads.  The Washington Naval Conference (1921-22) was an international treaty that limited arms in navies worldwide, delayed war in Pacific, and temporarily protected China against imperialistic Japan.  The Fordney McCumber Act of 1922 increased tariffs to very high levels, but this was later criticized by historians for creating hardship for Europe after World War I, which had ended just a few years earlier.
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Harding had some immediate political achievements.  The Federal Highway Act in 1921 provided $75 million to States in matching funds (i.e., matching monies provided by the States) for State roads.  The Washington Naval Conference (1921-22) was an international treaty that limited arms in navies worldwide, delayed war in the Pacific, and temporarily protected China against imperialistic Japan.  The Fordney McCumber Act of 1922 increased tariffs to very high levels, but this was later criticized by historians for creating hardship for Europe after World War I, which had ended just a few years earlier.
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Most of all, Harding laid the basis for a tremendous economic boom in America which lasted the entire decade of the 1920s.
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Most of all, Harding laid the basis for a tremendous economic boom in America, which lasted the entire decade of the 1920s.
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The Harding Administration was accused of scandals and corruption, such as the Teapot Dome Scandal.  It was observed that George Washington could never tell a lie, but Warren Harding could never tell (recognize) a liar!  On April 14, 1922, the Wall Street Journal reported an unprecedented secret arrangement in which the Secretary of the Interior, without competitive bidding, had leased the U.S. Naval Petroleum Reserve, located at Wyoming's Teapot Dome, to a private oil company.  Wisconsin Republican Senator Robert La Follette (remember this founder of the progressive movement) arranged for the Senate Committee on Public Lands to investigate the matter. After his announcement, his quarters were mysteriously ransacked in the Senate Office Building!
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The Harding Administration was accused of scandals and corruption, such as the Teapot Dome Scandal.  It was observed that George Washington could never tell a lie, but Warren Harding could never tell (recognize) a liar!  On April 14, 1922, the Wall Street Journal reported an unprecedented secret arrangement in which the Secretary of the Interior, without competitive bidding, had leased the U.S. Naval Petroleum Reserve, located at Wyoming's Teapot Dome, to a private oil company.  Wisconsin Republican Senator Robert La Follette (remember this founder of the progressive movement) arranged for the Senate Committee on Public Lands to investigate the matter. After his announcement, his office was mysteriously ransacked in the Senate Office Building!
    
The focus of the inquiry was this: "How did Interior Secretary Albert Fall get so rich so quickly?"  The result was that Fall became the first former cabinet officer to go to prison. The investigation resulted in the Supreme Court decision of ''McGrain v. Daugherty'' (1927) which held, for the first time, that Congress had the right to compel witnesses to testify before its committees.
 
The focus of the inquiry was this: "How did Interior Secretary Albert Fall get so rich so quickly?"  The result was that Fall became the first former cabinet officer to go to prison. The investigation resulted in the Supreme Court decision of ''McGrain v. Daugherty'' (1927) which held, for the first time, that Congress had the right to compel witnesses to testify before its committees.
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But this scandal did not detract from the continuing prosperity.  Just as the nation became very prosperous under the conservative president James Monroe, the 1920s (the "Roaring 20s") became a very prosperous time under Harding's initial leadership.  But unlike James Monroe, Harding did not live to enjoy it.  He died from a health problem while in office, leaving his Vice President (and former Massachusetts Governor) Calvin Coolidge to take over.  Coolidge was famous for breaking a strike in Massachusetts by public workers, declaring that "there is no right to strike against the public safety by anybody, anywhere, anytime."  Coolidge received the news that he was suddenly president at 2:30 am on Aug. 3, 1923. By the light of a kerosene lamp, his father (a notary public) administered the oath of office while Coolidge placed his hand on the family Bible.
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But this scandal did not detract from the continuing prosperity.  Just as the nation became very prosperous under the conservative president James Monroe, the 1920s (the "Roaring 20s") became a very prosperous time under Harding's initial leadership.  But unlike James Monroe, Harding did not live to enjoy it.  He died from a health problem while in office, leaving his Vice President (and former Massachusetts Governor) Calvin Coolidge to take over.  Coolidge was already famous for breaking a strike in Massachusetts by public workers, having declared that "there is no right to strike against the public safety by anybody, anywhere, anytime."   
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Coolidge was a character who became famous for saying and doing nothing.  He rejected regulations to control the economic boom, and denied funding for farmers to help their depressed conditions. His first message to Congress in late 1923 was to limit aid to farmers, isolate the nation in foreign policy, and cut taxes.  His popularity increased and he won reelection with 54% of the vote, taking credit for "Coolidge prosperity."
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Coolidge received the news that he was suddenly president, due to Harding's death, at 2:30 am on Aug. 3, 1923. By the light of a kerosene lamp, his father (a notary public) administered the oath of office while Coolidge placed his hand on the family Bible.
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He became famous for his laconic style of few words.  A young woman at a social event whispered to Coolidge's wife that the woman would start a conversation with Coolidge such that Coolidge would say at least three words.  Coolidge must have overheard the whisper, because he then said, "You lose." In 1928, Coolidge lived up to his reputation by giving the following statement to an anxious public, "I do not choose to run for President in 1928." That was it.  In the 1980s conservative President Ronald Reagan infuriated liberals by finding a portrait of Coolidge in the White House attic and prominently displaying it along with George Washington and other famous presidents.
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Coolidge was a character who became famous for saying and doing nothing.  He rejected regulations to control the economic boom, and denied funding for farmers to help their depressed conditions.  His first message to Congress in late 1923 was to limit aid to farmers, withdraw the nation from foreign issues, and cut taxes.  His popularity increased and he won reelection with 54% of the vote, taking credit for "Coolidge prosperity."
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Notwithstanding Coolidge's lack of words, the rest of the nation was saying and doing a great deal.  American authors wrote tragedies about wealth (by F. Scott Fitzgerald), business and religion (by Sinclair Lewis, and war (by Ernest Hemingway).  William Faulkner became one of America's most acclaimed novelists by writing during 1929-1932 the books "Sound & Fury," "As I Lay Dying," "Sanctuary," and "Light in August."  Liberals particularly liked Faulkner because he described the Christian South as poor and racist.  Eugene O'Neill was a playwright who became the second American to win the Nobel Prize for Literature for in 1936; he was praised for bringing psychological realism to his plays.
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Coolidge became known for his laconic style of few words.  A young woman at a social event whispered to Coolidge's wife that the woman would start a conversation with Coolidge such that Coolidge would say at least three words.  Coolidge must have overheard the whisper, because he then said, "You lose."  In 1928, Coolidge lived up to his reputation by giving the following statement to an anxious public, "I do not choose to run for President in 1928."  That was it.  In the 1980s conservative President Ronald Reagan infuriated liberals by finding a portrait of Coolidge in the White House attic and prominently displaying it along with George Washington and other famous presidents.
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Notwithstanding Coolidge's lack of words, the rest of the nation was saying and doing a great deal.  American authors wrote tragedies about wealth (by F. Scott Fitzgerald), business and religion (by Sinclair Lewis), and war (by Ernest Hemingway).  William Faulkner became one of America's most acclaimed novelists by writing during 1929-1932 the books "Sound & Fury," "As I Lay Dying," "Sanctuary," and "Light in August."  Liberals particularly liked Faulkner because he described the Christian South as poor and racist.  Eugene O'Neill was a playwright who became the second American to win the Nobel Prize for Literature for in 1936; he was praised for bringing psychological realism to his plays.
    
In the 1920s Americans invented the music of jazz, and "Tin Pan Alley" became a portion of New York City known for its music culture.  There was a Harlem Renaissance that became a center of black culture, and the New Negro Movement emphasized learning and pride for African Americans.
 
In the 1920s Americans invented the music of jazz, and "Tin Pan Alley" became a portion of New York City known for its music culture.  There was a Harlem Renaissance that became a center of black culture, and the New Negro Movement emphasized learning and pride for African Americans.
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Some jazz clubs and silent movies began to have the same undesirable influence on morality that Hollywood brings to culture today.  The "flapper" was a new lifestyle for young ladies that encouraged smoking, shorter dresses, drinking alcohol (which was illegal), taking cocaine (deadly but legal then, illegal now), and overall immorality.  The name comes from a silent movie called "The Flapper" that was produced in 1920, and today the name is often associated with the type of dress.  But an immoral lifestyle came along with it, and tobacco companies promoted it in order to profit from an increase in smoking by women.  A musical appeared mocking how women were beginning to act so much like men that all men needed to grow a mustache, because that was one thing women could not do!
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Some jazz clubs and silent movies began to have the same undesirable influence on morality that Hollywood brings to culture today.  The "flapper" was a new lifestyle for young ladies that encouraged smoking, shorter dresses, drinking alcohol (which was illegal), taking cocaine (deadly but legal then, illegal now), and overall immorality.  The name "flapper" comes from a silent movie called "The Flapper" that was produced in 1920, and today the name is often associated with the type of dress.  But an immoral lifestyle came along with it, and tobacco companies promoted it in order to profit from an increase in smoking by women.  A musical appeared mocking how women were beginning to act so much like men that all men should grow mustaches, because that was one thing women could not do!
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The first commercial radio broadcast was in 1920.  The "talking" movies came in 1927, with the first successful one being "The Jazz Singer."  Also in 1927 Charles Lindbergh completed the first solo airplane flight from New York City to Paris in competition for a prize.  He named his small airplane the "Spirit of St. Louis."  On his takeoff he narrowly avoided crashing, and he encountered problems like ice on his wings and getting slightly lost along the way.  He was greeted by a huge crowd and a hero's welcome when he landed in Paris, and thrilled many Americans.
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The first commercial radio broadcast was in 1920.  The "talking" movies came in 1927, with the first successful one being "The Jazz Singer."  Also in 1927 Charles Lindbergh completed the first solo airplane flight from New York City to Paris, in competition for a prize.  He named his small airplane the "Spirit of St. Louis."  On his takeoff he narrowly avoided crashing, and he encountered problems like ice on his wings and getting slightly lost along the way.  He was greeted by a huge crowd and a hero's welcome when he landed in Paris, and thrilled many Americans.
    
One more key event happened in 1927: the Great Mississippi Flood was massive flooding of the river that displaced 700,000 persons.  This caused many African Americans to migrate from South to northern cities.  Oh, there was one other thing that happened that year:  Babe Ruth hit 60 home runs in one season!
 
One more key event happened in 1927: the Great Mississippi Flood was massive flooding of the river that displaced 700,000 persons.  This caused many African Americans to migrate from South to northern cities.  Oh, there was one other thing that happened that year:  Babe Ruth hit 60 home runs in one season!
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If you like the excitement and mystery of court trials, the anarchists Sacco and Vanzetti were executed in 1927 despite having political support by liberals.  Their crime was to commit murder in 1920 during a bank robbery, and to this day some doubt their real guilt.  But reconsideration of their case by independent reviewers has concluded that, yes, they really committed the crime.
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If you like the excitement and mystery of court trials, the anarchists Sacco and Vanzetti were executed in 1927 despite having political support by liberals.  Their crime was to commit murder in 1920 during a bank robbery, and to this day some have doubts about their real guilt.  But reconsideration of their case by independent reviewers has concluded that, yes, they really committed the crime.
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In 1928 the Kellogg-Briand Pact (or Treaty) was a silly international attempt to outlaw war.  It proved to be ineffective because only a war can force a nation to do something!  A country would have to start a war to make another country obey the treaty, and that would defeat the purpose of the treaty.
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In 1928 the Kellogg-Briand Pact (or Treaty) was a silly international attempt to outlaw war.  It proved to be ineffective because only a war can force a nation to stop doing something!  A country would have to start a war to make another country obey the treaty, and that would defeat the purpose of the treaty.
    
== The Great Depression ==
 
== The Great Depression ==
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Herbert Hoover won the presidency in 1928 as a Republican who was more liberal than Coolidge and Harding.  Hoover liked big business and sought its cooperation.  He opposed trust-busting and unions.  Hoover did cut taxes.
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Herbert Hoover won the presidency in 1928 as a Republican who was more liberal than Coolidge and Harding.  Hoover liked big business and sought its cooperation.  He opposed trust-busting and unions.
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Economic misfortune then greeted him.  In 1929, the stock market suddenly crashed.  The era of prosperity was over.  The Great Depression had begun.  Historians blame this partly on speculators driving up stock prices to ridiculously high levels, but no one really knows what the real cause of the Great Depression was, and people still debate it to this day.  Unemployment increased until it exceeded 20% in 1933, meaning that one out of every five families was out of work and likely without money also.
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Economic misfortune then greeted him.  In 1929, the stock market suddenly crashed.  The era of prosperity was over.  The Great Depression had begun.  Historians blame this partly on speculators driving up stock prices to ridiculously high levels, but no one really knows what the real cause of the Great Depression was, and people still debate it to this day.  Unemployment increased until it exceeded 20% in 1933, meaning that one out of every five families was out of work and likely without money too.
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Many historians blame tariffs as a greater cause of the Great Depression than the stock market crash was.  In 1930, Congress passed the Hawley-Smoot Tariff which increased tariffs, setting off a worldwide round of tariff increases in 1931, which worsened the worldwide Depression.  Historians also blame the Great Depression on the gold standard, a concentration of wealth among the relatively few, and unregulated speculation in the financial markets.  There is probably political bias in claiming that these were the causes of the Great Depression.
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Many historians blame tariffs as a greater cause of the Great Depression than the stock market crash was.  In 1930, Congress passed the Hawley-Smoot Tariff to increase tariffs, setting off a worldwide round of tariff increases in 1931, which worsened the worldwide Depression.  Historians also blame the Great Depression on the gold standard, a concentration of wealth among the relatively few, and unregulated speculation in the financial markets.  There is probably a political motivation (bias) in those claims about the causes of the Great Depression.
    
'''Debate:  What do you think caused the Great Depression?'''
 
'''Debate:  What do you think caused the Great Depression?'''
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Hoover's reaction to the Great Depression was to seek sought voluntary wage and price controls.  He opposed new federal programs sought by the Democrats.
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Hoover's reaction to the Great Depression was to seek voluntary wage and price controls.  He opposed new federal programs sought by the Democrats.
    
In 1932, Hoover did create the Reconstruction Finance Corporation, which was a federal agency that lent money to banks, and later lent money to businesses also.
 
In 1932, Hoover did create the Reconstruction Finance Corporation, which was a federal agency that lent money to banks, and later lent money to businesses also.
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Hoover had to face a [[pathetic]] march in D.C. by poor soldiers from World War I, who demanded a bonus.  Called the "Bonus March," this ended in riots and was a political disaster for Hoover.  Future generals George Patton, Dwight Eisenhower and Douglas MacArthur put down the riots using tanks and troops, fearing that the nation was on the verge of a communist revolution.<ref>http://www.spartacus.schoolnet.co.uk/2WWpatton.htm</ref>  Today troops are almost never used to deal with domestic violence, because it causes such terrible emotions and turns Americans against fellow Americans.
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Hoover had to face a [[pathetic]] march in D.C. by poor soldiers from World War I, who demanded a bonus.  Called the "Bonus March," this ended in riots and was a political disaster for Hoover.  Future generals George Patton, Dwight Eisenhower and Douglas MacArthur put down the riots using tanks and troops, fearing that the nation was on the verge of a communist revolution.<ref>http://www.spartacus.schoolnet.co.uk/2WWpatton.htm</ref>  Today troops are almost never used to deal with domestic violence, because it leads to such hurtful emotions and turns Americans against fellow Americans.
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The Great Depression caused many voters to switch to the Democratic Party, which took control of the Presidency (through FDR) and Congress in 1932.  After winning control of Congress and the White House, the Democrats ended Prohibition by passing an amendment to repeal it.  They began enacting many new laws and programs to try to generate jobs.
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The Great Depression caused many voters to switch to the Democratic Party, which took control of the Presidency (through FDR) and Congress in 1932.  After winning control of Congress and the White House, the Democrats ended Prohibition by passing a constitutional amendment to repeal it.  They began enacting many new laws and programs supposedly to try to generate jobs.
    
'''Debate:  Do you think we are entering another depression now?'''
 
'''Debate:  Do you think we are entering another depression now?'''
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== FDR, the New Deal, and Preparing for War ==
 
== FDR, the New Deal, and Preparing for War ==
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We have learned that failures in the economy often determine the outcome in the presidential election, as in 2008.  The presidential election in 1932 was no different:  the Great Depression resulted in a transfer from the Republican Party to the Democratic Party, and Democratic Party candidate Franklin Delano Roosevelt won the election.  The Democratic Party also won a huge number of seats in Congress:  90 seats in the House and 13 seats in the Senate.  FDR took his victory as a "mandate" to enact sweeping new legislation in order to lift the country out of the depression.  In a nutshell, President Roosevelt (who is often called simply "FDR") started massive federal works and relief programs, and refused to retire from the presidency after two terms as every other president did (beginning with George Washington).
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We have learned that failures in the economy often determine the outcome in the presidential election, as in 2008.  The presidential election in 1932 was no different:  the Great Depression resulted in a transfer from the Republican Party to the Democratic Party, and Democratic Party candidate Franklin Delano Roosevelt won the election.  The Democratic Party also won a huge number of seats in Congress:  90 seats in the House and 13 seats in the Senate (which ws smaller then).  FDR took his victory as a "mandate" to enact sweeping new legislation, ostensibly to try to lift the country out of the depression.  In a nutshell, President Roosevelt (who is often called simply "FDR") started massive federal works and relief programs, and refused to retire from the presidency after two terms as every other president had done since George Washington.
    
President Roosevelt had been previously paralyzed as an adult by contracting polio (probably while swimming), but his physical handicap was hidden from the public.  The media heavily promoted President Roosevelt and boosted his popularity above what it would have been otherwise during the hard times.  The media also praised FDR's liberal wife, Eleanor Roosevelt, who played an aggressive political role much as Hillary Clinton did when her husband Bill Clinton was president in the 1990s.
 
President Roosevelt had been previously paralyzed as an adult by contracting polio (probably while swimming), but his physical handicap was hidden from the public.  The media heavily promoted President Roosevelt and boosted his popularity above what it would have been otherwise during the hard times.  The media also praised FDR's liberal wife, Eleanor Roosevelt, who played an aggressive political role much as Hillary Clinton did when her husband Bill Clinton was president in the 1990s.
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The above series of laws constituted the most sweeping change in the nature of government in America since the passage of the Constitution.  President Roosevelt quickly gave the federal (national) government vast new powers, and established an "administrative" form of government that continues to rule many industries to this day.  Gone forever with this legislation was the free enterprise of the "Era of Good Feelings," the Gilded Age, and the "Roaring Twenties."
 
The above series of laws constituted the most sweeping change in the nature of government in America since the passage of the Constitution.  President Roosevelt quickly gave the federal (national) government vast new powers, and established an "administrative" form of government that continues to rule many industries to this day.  Gone forever with this legislation was the free enterprise of the "Era of Good Feelings," the Gilded Age, and the "Roaring Twenties."
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As you can see above, the U.S. Supreme Court invalidated a few key aspects of the New Deal, and this infuriated President Roosevelt.  We'll mention this again later.  Conservatives also opposed the New Deal, and many others were vocal critics of it.  Charismatic Louisiana Governor Huey Long, also known as "Kingfish", supported FDR in 1932 but began opposing him in 1933 as a U.S. Senator, and planned to run for president himself until he was assassinated in 1935 at the peak of his popularity.
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As you can see above, the U.S. Supreme Court invalidated a few key aspects of the New Deal, and this infuriated President Roosevelt.  We'll mention this again later.  Conservatives opposed the New Deal, and many others were vocal critics of it.  Charismatic Louisiana Governor Huey Long, also known as "Kingfish", supported FDR in 1932 but began opposing him in 1933 as a U.S. Senator, and planned to run for president himself until he was assassinated in 1935 at the peak of his popularity.
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More big things happened in 1933.  The Democrats quickly ratified the 21st Amendment in order to repeal Prohibition and return to the States the power to regulate, allow or prohibit alcohol.  This amendment was the only one to use ratifying conventions (rather than votes by the State legislatures) in each State in order to obtain the necessary 3/4 number of States for it to become part of the Constitution.  Note that this process is different from holding a ''national'' constitutional convention to amend the Constitution, which has never occurred.
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More big things happened in 1933.  The Democrats quickly ratified the 21st Amendment in order to repeal Prohibition and return to the States the power to regulate, allow or prohibit alcohol.  This amendment was the only one to use ratifying conventions (rather than votes by the State legislatures) in each State ''after Congress passed the proposed amendment'', in order to obtain the necessary 3/4 number of States for it to become part of the Constitution.  Note that this process is different from holding a ''national'' constitutional convention to amend the Constitution, which has never occurred and would likely rewrite the Constitution in an undesirable manner, and is also different from state conventions proposing constitutional amendments.
    
President Roosevelt changed foreign policy towards Latin America.  In 1933 he implemented the "Good Neighbor Policy," which was more permissive towards Latin America and was in contrast with Teddy Roosevelt's "Big Stick" and Taft's "Dollar Diplomacy."  Instead, FDR reduced the United States' involvement in Latin America.
 
President Roosevelt changed foreign policy towards Latin America.  In 1933 he implemented the "Good Neighbor Policy," which was more permissive towards Latin America and was in contrast with Teddy Roosevelt's "Big Stick" and Taft's "Dollar Diplomacy."  Instead, FDR reduced the United States' involvement in Latin America.
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Also in 1934, the Gold Reserve Act passed, which nationalized the ownership of all gold.  The U.S. treasury took title to all gold, and stored most of it at Fort Knox, Kentucky.
 
Also in 1934, the Gold Reserve Act passed, which nationalized the ownership of all gold.  The U.S. treasury took title to all gold, and stored most of it at Fort Knox, Kentucky.
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To regulate the financial markets, Congress passed the Securities and Exchange Act in 1934.  This established the Securities Exchange Commission to regulate stock exchanges
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To regulate the financial markets, Congress passed the Securities and Exchange Act in 1934.  This established the Securities Exchange Commission to regulate stock exchanges.
    
The Trade Agreements Act became law in 1934.  It amended the Tariff Act of 1930 (Smoot-Hawley Tariff Act) to give authority to negotiate mutual tariff reductions.  Many felt that high tariffs were interfering with attempts to recover economically from the Great Depression.
 
The Trade Agreements Act became law in 1934.  It amended the Tariff Act of 1930 (Smoot-Hawley Tariff Act) to give authority to negotiate mutual tariff reductions.  Many felt that high tariffs were interfering with attempts to recover economically from the Great Depression.
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