unit 15 terms great depression

Farm Mortgage Refinancing Act

Created in 1934 to help farmers refinance their mortgages and avoid foreclosure. It created the Federal Farm Credit Corporation that then gave loans to farmers.

Muscle Shoals controversy

In regards to the Muscle Shoals Bill, whom Hoover deemed as socialistic and therefore fought against it. IT was designed to dam the Tennessee River and ultimately embraced by Franklin Roosevelt's Tennessee Valley Authority.. Hoover emphatically vetoed this measure, primarily because he opposed the government's selling electricity in competition with its own citizens in private companies

Bonneville Dam

consists of several run-of-the-river dam structures that together complete a span of the Columbia River between the U.S. states of Oregon and Washington at River Mile 146.1. The dam is located 40 miles (64 km) east of Portland, Oregon, in the Columbia River Gorge. The primary functions of it are electrical power generation and river navigation. The dam was built and is managed by the United States Army Corps of Engineers

Economy Act

this act gave the president the power to reorganize executive branch agencies to improve efficiency. It also repealed all federal laws regarding veterans' benefits. It cut down on many costs, but the government more than up for it in other areas.

Smoot-Hawley Tariff Act

was an act, sponsored by United States Senator Reed Smoot and Representative Willis C. Hawley, and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels. The overall level tariffs under the Tariff were the second-highest in US history

Bonus Army

was an assemblage of some 43,000 marchers—17,000 World War I veterans, their families, and affiliated groups—who protested in Washington, D.C., in the spring and summer of 1932. It was led by Walter W. Waters, a former Army sergeant. The veterans were encouraged in their demand for immediate cash-payment redemption of their service certificates by retired Marine Corps Major General Smedley Butler, one of the most popular military figures of the time.

Federal Deposit Insurance Corporation (FDIC)

): this was insurance for the money deposited into the bank. Bank users received a certain amount of insurance for each account should the bank fail. It encouraged many people to place more trust in the banks and the banks could reopen.

Grand Coulee Dam

: is a gravity dam on the Columbia River in the U.S. state of Washington built to produce hydroelectric power and provide irrigation. It was constructed between 1933 and 1942, originally with two powerplants. The Third Powerplant was built by 1974 to increase its electric potential. It is the largest electric power-producing facility in the United States[3] and one of the largest concrete structures in the world. The dam was the result of a bitter debate during the 1920s between two groups: one wanted to irrigate the ancient Grand Coulee with a gravity canal and the other supported a high dam and pumping scheme. Dam supporters won in 1933, but for fiscal reasons the initial design was for a dam 260 ft (79 m) shorter than envisioned and could not support irrigation.

Reconstruction Finance Corporation

: was an independent agency of the United States government chartered during the administration of Herbert Hoover in 1932. It was modeled after the War Finance Corporation of World War I. The agency gave $2 billion in aid to state and local governments and made loans to banks, railroads, mortgage associations, and other businesses. The loans were nearly all repaid. It was continued by the New Deal and played a major role in handling the Great Depression in the United States and setting up the relief programs that were taken over by the New Deal in 1933.

Commodity Credit Corporation (CCC)

A Federal organized and operated corporation that is responsible for ensuring that farm produce and other goods are readily available, that prices are stable, and that farms stay in business. It buys and sells produce, lends money and makes payment towards that effect.

Farm Mortgage Foreclosure Act

Act that allowed the government to make loans to farmers that had lost their land to foreclosures. It was intended to save the family farms of the MidWest during the depression and subsequent dust bowl.

Rural Electrification Administration

Also known as the Rural Utilities Service, it was created in 1935 to provide electricity to rural areas. As well as provide jobs and wages to many people, it was created chiefly to help out farmers

Agricultural Adjustment Act of 1933 (AAA

Called for the Federal Government to pay off farmers to not plant as many crops and to kill off their excess livestock. The strategy behind the law was to increase the price of grain while helping farmers simultaneously with direct money payments.

Veterans Administration Act

During the Hoover administration, an Administration was created that drew together the roles played previously by the Veterans Bureau, the Bureau of Pensions of the Interior Department, and the National Home for Disabled Volunteer Soldiers. Brigadier General Frank T. Hines, who had directed the Veterans Bureau since 1923, was named as the first Administrator of Veterans Affairs and continued in that position until 1945.

Henry Morgenthau, Jr.

He was Secretary of Treasury under FDR. He helped design and finance the New Deal. He also was involved in changing foreign policy, with his Morgenthau Plan to help prevent German from becoming a Military Power in the Allies ever again, and helping Jewish refugees and supporting China

Jesse H. Jones

He was the US Secretary of Commerce and headed the Reconstruction Finance Corporation, a federal agency originally created by Herbert Hoover that played a major role in combating the Great Depression and financing industrial expansion in World War II. He controlled the finance of railway and munition factories. He also established Houston Endowment Inc., which eventually became the largest private foundation in Texas.

Patman Bonus Bill

It was enacted when Congress overrode President Franklin D. Roosevelt's veto on January 27, 1936. Congress had sustained Roosevelt's previous veto of an earlier version of the bill in 1935. the President addressed a joint session of Congress to deliver his veto message. As he concluded his speech, he handed the unsigned bill to the Speaker of the House. Within an hour the House overrode the veto by a vote of 322 to 98. Even before the Senate sustained the veto, proponents were planning another attempt at passage. Roosevelt argued that the program would invite demands for similar treatment by other groups and that it was not a relief bill since it was not based on the demonstrated needs of the recipients.

Farm Credit Act

Law that was intended to help small time farmers survive the Great Depression, by allowing the Federal government to make short term loans to farmers. They were aided in paying the mortgage as well as operation costs

Federal Farm Bankruptcy Act (Frazier-Lemke Bankruptcy Act

Named for North Dakota's senator and representative that created the bill, it restricted the repossession of farms by banks. It was designed to help farmers survive the terrible economic climate with their farms intact

Farm Relief and Inflation Act

Similar to the 1933 Agricultural Adjustment Act, this actually expanded the amount of products that could be destroyed and then payed for under the original legislation. People found it ironic that the government was destroying food when people were starving.

US v. Butler:

Supreme Court case in which the court decided that elements of the AAA were unconstitutional. They held that the taxes were coercive and oppressive to certain businesses, but helpful to farmers.

"Hundred Days":

This congress worked on the New Deal plan set in motion by Franklin D. Roosevelt. In the time of the Great Depression Roosevelt summoned Congress into this special session where they hastily put out remedial legislation. Some ideas were form previous progressivism, and the new ones dealt with the immediate economic emergency

Panic of 1929

Together, the 1929 stock market crash and the Great Depression formed the biggest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The crash of 1929 caused fear mixed with a vertiginous disorientation, but shock was quickly cauterized with denial, both official and mass-delusional. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic debate, historical, economic and political, from its aftermath until the present day

Agricultural Marketing Act

Under the administration of Herbert Hoover, the this established the Federal Farm Board with a revolving fund of half a billion dollars. The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy, sell and store agricultural surpluses or by generously lending money to farm organizations. The Act was not beneficial; as the deflation ran deeper than could be cured by topical treatment. The funds appropriated were exhausted s and the losses of the farmers kept rising. The Act was the precursor to the Agricultural Adjustment Act.

Home Loan Bank Act

a United States federal law passed in 1932 under President Herbert Hoover in order to lower the cost of home ownership. It established the Federal Home Loan Bank Board to charter and supervise federal savings and loan institutions. It also created the banks which lend to S & Ls in order to finance home mortgages. The act was notably amended by Financial Institutions Reform, Recovery and Enforcement Act of 1989, which transferred regulation of thrifts to the Office of Thrift Supervision.

Federal Securities Act

also known as the "Truth in Securities Act", it required promoters to transmit to the investor sworn information about their stocks and bonds. It was to help protect the public against fraud, deception, and inside manipulation, but it did not do much because consumers did not look at the fine print.

Glass-Steagall Banking Act

also known as the Banking Act of 1933, this act ensured that the federal government would oversee the banks before they went back into business. Only the strong banks were allowed to reopen, and some that were slightly unstable were headed by an appointed official. It established the FDIC

Harold L. Ickes

he headed the Public Works Administration and was Secretary of the Interior. He was a former bull-moose and looked to achieve long-term recovery in supporting projects such as buildings, highways and parkways

Alfred E. Smith

he was an American statesman who was elected the 42nd Governor of New York four times, and was the Democratic U.S. presidential candidate in 1928. He was a leader of the efficiency-oriented Progressive Movement, and was noted for achieving a wide range of reforms as governor in the 1920s. He was also linked to the Tammany Hall machine that controlled Manhattan politics; he was a strong opponent of prohibition. he was the first Catholic to run for President, and attracted many thousands of ethnic voters. However he was especially unpopular among Southern Baptists and German Lutherans, who feared the Catholic Church and the Pope would dictate his policies. It was a time of national prosperity, and he lost to Republican Herbert Hoover. Smith tried for the 1932 nomination, but was defeated by his former ally Franklin D. Roosevelt. Smith entered business in New York City, and became an increasingly vocal opponent of Roosevelt's New Deal.

Henry A. Wallace

he was vice president under FDR. He had previously been secretary oof agriculture and later chairman of the Board of Economic Warfare. He delivered the famous speech "Century of the Common Man" which earned him enemies in democratic leaders, Winston Churchill and business leaders and conservatives

Bank Holiday (1933

in 1933 President Roosevelt officially signed a Proclamation declaring this . All the banks in the nation were closed. The Bank Holiday was to go from March 6, Monday, to Thursday. No bank could transact any banking business except by permission of the Secretary of the Treasury

Hoover Dam (Boulder Dam

is a concrete arch-gravity dam in the Black Canyon of the Colorado River, on the border between the US states of Arizona and Nevada. It was constructed between 1931 and 1936 during the Great Depression, and was dedicated on September 30, 1935, by President Franklin Roosevelt. Its construction was the result of a massive effort involving thousands of workers, and cost over one hundred lives.

Election of 1928

pitted Republican Herbert Hoover against Democrat Al Smith. The Republicans were identified with the booming economy of the 1920s, whereas Smith, a Roman Catholic, suffered politically from anti-Catholic prejudice, his anti-prohibitionist stance, and the legacy of corruption of Tammany Hall with which he was associated. Hoover won a landslide victory.

Eleanor Roosevelt

she was one of the most active first ladies n history. She was the neice of Theodore Roosevelt, and became the "conscience of the New Deal", a champion of the evicted. She traveled with her husband through most of his campaigns, and her speeches influenced policies of the national government. She was a very controversial public figure, due to the infidelity of her husband and her direct actions demoting segregation

Frances Perkins

she was the first woman cabinet member. She was secretary of labor under FDR and received a lot of criticism by males. She helped make the Social Security Act of 1935, federal laws involving child labor and unemployment insurance

Fireside Chats

these thirty famous speeches by FDR were given over the radio.. They were assurance of the safety in keeping money in Banks once again. People finally strated to regain trust in the Banks, and the Banks were able to open once again when the president gains control over the regulation of banking transactions

Silver Purchase Act (1934

this act caused the treasury to purchase silver in large quantities. FDR nationalized all private silver holdings. Its purpose was to increase the government's stockpiles of silver to be a quarter of the gold and silver reserves held in the national Treasury.

Adjusted Compensation Act (Bonus Act of 1936

this act granted a benefit to veterans of American military service in World War I. The veteran's "credit was based on his service to the military, and a deceased veteran's pay could be collected immediately if under $500, or it would be handed out in increments if it was above that.

Revenue Act of 1935

this act raised United States taxes on higher income levels, corporations, and gifts and estates. Also nicknamed the "soak the rich" tax, it raised tax rates on incomes above $50,000. It didn't raise tax revenue much or redistribute the income much. The wealthy saw FDR as a traitor of his own people

Gold Reserve Act

this act required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury. It outlawed most private possession of gold, forcing individuals to sell it to the Treasury and stored it in the United States Bullion Depository. It price the price of gold by more than 75%

. Securities Exchange Act

this act served as a protection in governing the secondary trading of securities, like bonds, stock and debentures. These statutes are the basic foundation of regulation of financial markets. It established the Securities and Exchange Commission

Emergency Banking Act

this act was given by Congress in a surprising eight hours. It gave the president power to regulate banking transactions and foreign exchange and to reopen solvent banks. After this, FDR sent out through radio his thirty "fireside chats" to bring business to the banks once more.

Reciprocity Trade Agreements Act

this act was passed by congress in 1934. It allowed the president to establish tariff-reduction agreements with foreign countries and without Congressional approval. It encouraged mutually beneficial negotiations and trade with foreign governments. It eventually led to the General Agreement on Tariffs and Trade of 1947

Export-Import Bank

this is the official export credit agency of the United States federal government. It made an independent agency in the Executive branch by Congress to finance and insure foreign purchases of United States goods for customers unable or unwilling to accept credit risk. It tried to create jobs by financing sales of US exports to international buyers.

Home Owners' Loan Corporation (HOLC)

this refinanced mortgages on non farmer homes. It bailed out mortgage holding banks and helped gain the loyalties of many middle class citizens over to the Democratic side.

"Brain Trust":

this was a small group of reform minded individuals who wrote many of Roosevelt's speeches. Mostly made of young college professors, it acted as a kitchen cabinet and helped with much of the New Deal legislation

Norris-LaGuardia Act

was a 1932 United States federal law that banned yellow-dog contracts, barred federal courts from issuing injunctions against nonviolent labor disputes, and creating a positive right of noninterference by employers against workers joining trade unions. The common title followed from the names of the sponsors of the legislation

Norman Thomas

was a leading American socialist, pacifist, and six-time presidential candidate for the Socialist Party of America. The 1928 campaign marked the first of six consecutive campaigns of his running as the Presidential nominee of the Socialist Party. As an articulate and engaging spokesman for democratic socialism, his influence was considerably greater than that of the typical perennial candidate. Although socialism was viewed as an unsavory form of political thought by most middle-class Americans, the well-educated Thomas looked like and talked like a president and gained grudging admiration. Thomas frequently spoke on the difference between socialism and Communism, explaining the differences between the movement he represented and that of revolutionary Marxism.

Herbert C. Hoover

was the 31st President of the United States (1929-1933). He was a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren G. Harding and Calvin Coolidge, he promoted partnerships between government and business under the rubric "economic modernization". In the presidential election of 1928, He easily won the Republican nomination, despite having no previous elected office experience. To date, he is the last cabinet secretary to be directly elected President of the United States, as well as one of only two Presidents (along with William Howard Taft) to have been elected President without electoral experience or high military rank. America was prosperous and optimistic at the time, leading to a landslide victory for him over Democrat Al Smith

John N. Garner

was the 44th Speaker of the United States House of Representatives and the 32nd Vice President of the United States. In 1932, Garner ran for the Democratic Presidential nomination against Governor of New York Franklin Roosevelt. When it became evident that Roosevelt was the strongest of several candidates, although he had not yet received a majority of delegates, Garner cut a deal with FDR, becoming Roosevelt's Vice-Presidential candidate