The Harding Presidency - 20.2

Ohio gang

a group of close friends (cronies) and political supporters whom President Warren Harding appointed to his cabinet; they used their power to gain money for themselves; they were involved in scandals that ruined Harding's reputation and caused him a great deal of embarrassment

Charles G. Dawes

an American banker sent to negotiate repayment of Germany's reparations by organizing other American bankers to loan Germany $2.5 billion to pay back Great Britain and France with annual fixed payments, then those countries repaid U.S.; known as the Dawes Plan

Charles Evans Hughes

as Secretary of State under Harding, proposed a 10-year moratorium on the construction of new warships and scrap many battleships, cruisers, and aircraft carriers at a Washington Conference with 5 nations: US, Great Britain, France, Japan, and Italy (Russia not included)

Teapot Dome scandal

corruption during the Harding administration involving Secretary of the Interior Albert B. Fall's secret leasing of oil-rich public land to private companies in return for money and land

William G. Harding

elected 29th president; republican; served 1921-1923; promised a "return to normalcy" - words of peace and calm comforted nation, but considered one of the least successful presidents

Defaulted

failed to make payment

Reparations

payments demanded from a defeated enemy

Fordney McCumber Tarriff

raised taxes on some U.S. imports to 60%-the highest level ever; it protected U.S. businesses (especially in metal and chemical industries) but made it impossible for Britain and France to sell enough goods in the U.S. to repay debts they owed U.S.

Albert B. Fall

was Secretery of the Interior during Harding's administration, and was a close friend of oil executives; was convicted of leasing naval oil reserves and collecting bribes ($400,000 in loans, bonds, and cash), which was called the Teapot Dome scandal; became the first American to be convicted of a felony while holding a cabinet post