Chapter 24
Merriam Report
1928, prepared by the Institute for Government Research, had offered a scathing and widely publicized critique of BIA mismanagement.
Fireside chats
President Roosevelt delivered these weekly radio addresses to inform and soothe an American public that was still weary from the pain of unemployment and poverty.
John Collier
1933, appointed by FDR to bring change to the BIA. Collier had deep roots in progressive-era social work and community organizing in eastern big city slums. Became the driving force behind the Indian Reorganization Act (IRA) of 1934.
Fathers Charles Coughlin
A Catholic priest in suburban Detroit at first supported FDR and the new deal, and tried to build a close personal relationship with him. But by 1934, was frustrated by his limited influence on the administration and began attacking FDR.
Bank Holiday
A four day "bank holiday" starting March 5, 1933, to shore up the country's ailing financial system. More than 1,300 banks failed in 1930, more than 2,000 in 1931.
Francis Townsend
Advocated a federal tax that would provide $200 a month for every retired American over the age of 60. FDR decided that he would opt for a much less radical plan, which became the Social Security Act.
AAA
Agricultural Adjustment Act- This act was deemed unconstitutional by the Supreme Court in 1935, but not before aiding many of America's farmers. The act paid farmers subsidies to destroy or plow under fields so as to create artificial scarcity, thereby increasing the price of foodstuffs.
Federal Project No.1
An umbrella agency covering writing, theater, music, and the visual arts, proved to be one of the most innovative and successful New Deal programs. Offered work to desperate artists and intellectuals
Buying on margin
Brought new customers to the stock market. Investment trusts, similar to today's mutual funds, attracted many new investors with promises of high returns based on their manager's expert knowledge of the market.
CCC
Civilian Conservation Corps- employed young college and high-school aged young men to reforest America.
John L Lewis
Congress of Industrial organizations- Led by John L. Lewis, of the US Mine Workers. This organization focused on unskilled laborers in America's heavy industrial sector such as steel, automobiles, and mines
Boulder/Hoover Dam
Designed to harness the Colorado River to help prevent flood.
Roosevelt Recession
Economy improved by 1937. Unemployment declined to 14%, farm prices improved to 1930 levels, and industrial production was slightly higher than the 1929 mark. Large reductions in federal spending.
FDIC
Federal Deposit Insurance Corporation- a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in failed banks.
FERA
Federal Emergency Relief Administration- direct federal money for relief, funneled through state and local governments.
Schecter vs. US
Found the NRA unconstitutional in its entirety.
Election of 1932
Franklin Delano Roosevelt (D) vs. Herbert Hoover (R) ...FDR wins by over 7 million popular votes and over 300 electoral votes.
Share Our Wealth Society
Huey Long's theory
IRA
Indian Reorganization Act-The new legislation permitted the restoration of surplus reservation lands to tribal ownership and allocated funds for the purchase of additional lands and for economic development.
The New Deal
It began with a banking holiday. President Roosevelt ordered financial institutions to close for two days; only those banks that were solvent could reopen their doors. The other banks' assets were seized by the federal government. FDR began his "Fireside chats" during this time. Several acts designed to assist in the relief effort were also passed.
Harry Hopkins
Leader of the WPA, driven by a deep moral passion to help the less fortunate and impatient with bureaucracy.
Huey Long
Long advocated a "robin hood" plan to take from the rich and give to the poor called "Share Our Wealth." His plan would impose heavy taxes on inheritance and estates to fund a minimum salary of $5,000 a year for every American.
Eleanor Roosevelt
Most active First Lady in history. She powerfully influenced the policies of the national government, battling for the impoverished and oppressed. Also, she worked vigorously for anti-lynching legislation, compulsory health insurance, child labor reform, and fought against racial discrimination.
NIRA
National Industrial Recovery Information- Prevented the abuse of labor and capital by big business. The administration was comprised of a board of trustees responsible for setting policy for industry in the US. The board set maximum work hours, minimum wages, and price floors. It was also responsible for setting production quotas and inventories to prevent overproduction or price gouging.
Emergency banking act
Passed on March 9, 1933, reopened solvent banks. It was mentioned in the first of FDR's "fireside chats"
Court-Packing Bill
President Franklin D. Roosevelt tried to increase the number of justices on the Supreme Court that would place one new justice on the Court for each sitting justice over the age of 70.5, up to a maximum of six new justices. Roosevelt's intent was to stop the Court from overturning New Deal legislation, an action that would give the President excessive influence over the Supreme Court. Congress stripped Roosevelt's plan from the Judiciary bill.
POUR
President's Organization for Unemployment Relief- created by Hoover in 1931, did little more than encourage local groups to raise money to help the unemployed.
PWA
Public Works Administration- This program was designed to employ thousands of Americans to rebuild the country's infrastructure.
SCS
Soil Conservation Service- conducted research into controlling wind and water erosion, set up demonstration projects, and offered technical assistance, supplies, and equipment to farmers engaged in conservation work on farms and ranches.
TVA
Tennessee Value Authority- This program worked to electrify the impoverished Tennessee Valley by hydroelectric power.
Frances Perkins
The US Secretary of Labor from 1933 to 1945, and the first woman appointed to the US Cabinet. She helped pull the labor movement into the New Deal coalition. Perkins championed many aspects of the New Deal, including the Civilian Conservation Corps, the Public Works Administration and its successor the Federal Works Agency, and the labor portion of the National Industrial Recovery Act. With The Social Security Act she established unemployment benefits, pensions for the many uncovered elderly Americans, and welfare for the poorest Americans.
Social Security Act
This act passed in 1935 guaranteed benefits for retirees, the disabled, and the unemployed.
Glass-Steagall act
This act paved the way for the Federal Deposit Insurance Corporation which would protect American's banking deposits up to $5,000 per deposit.
Bonus Army
This group of World War I veterans marched on Washington in 1932 to demand early release of bonuses promised by Congress. They set up a makeshift encampment around the Capitol.. Demands were not met, and a clash ensued with police that resulted in the deaths of two marchers. President Hoover called in the US army to quash the riot, which used tear gas and tanks on the unarmed protestors. The army burned the encampment, driving the veterans from Washington D.C.
Black Tuesday
This is the name given to October 29th, 1929. This date signaled a selling frenzy on Wall Street, days before, stock prices had plunged to desperate levels. Investors were willing to sell their shares for pennies on the dollar or were simply holding on to the worthless certificates.
The First Hundred Days
This is the term applied to president Roosevelt's first three months in taking office. During this time, FDR had managed to get congress to pass an unprecedented amount of new legislation that would revolutionize the role of the federal government from that point on.
Dust Bowl
This is the term given to the Great Plaines where a severe drought hit, killing all of the crops of the region. The topsoil turned into a fine, powdery dust that blew away with the severe, hot winds that wreaked havoc on the farmers who remained. The area earned this name because Plains farmers saw their land literally blow away.
Second Hundred Days
This period focused more on relief and reform. Another round of congressional acts continued to increase the federal government's role in the lives of the Americans. To encourage more public works projects and the employment of "nontraditional" workers such as artists and young people, the WPA employed Americans to build bridges, refurbish parks, and write plays. The new Social Security act guaranteed benefits for retirees, the disabled, and the unemployed.
Brain Trusters
This term refers to the group of economists, professors, and politicians appointed by President Roosevelt to advise him on matters of economic and political policy.
WPA
Works Progress Administration- To encourage more public works projects and the employment of "nontraditional" workers, this program employed Americans to build bridges, refurbish parks, write plays, and paint murals.
Bull market
describes a situation in which the value of stocks is rising quickly. 1929, the New York Stock Exchange had reached an all time high, with stocks selling for more than 16 times their actual worth. Unfortunately, it was not a true bull market and led to a crash.
