People who have money reluctant to loan currency in order to fellow finance companies

D. Roosevelt victories reelection into the 1904 Chose “in his own right” of the high electoral margin more than Democrats. Eugene Debs ran toward Socialist solution; Prohibition group in addition to with the vote. Made themselves a great “lame duck” president

Postal Coupons Banking system (1910)

X. Panic of 1907 A. Wall Road suffered an initial however, brutal worry in 1907 1. “Runs” on banks, suicides, and criminal indictments against speculators. a. TR cooperated with Morgan banks and other large banks to prevent a banking collapse by transferring millions of Treasury funds from one bank to another. b. 2. Company management assailed Roosevelt getting evoking the stress due to his anti-business tactics and called the financial setback the “Roosevelt Panic” 3. Roosevelt felt wounded by criticism, accused Wall Street of engineering the panic, and now sought to further reduce power of trusts. a. Embarked on a second wave of trustbusting. b. Reform today became appropriate (esp. lower tariff) c. Insurgent Republicans and Democrats took on Republican “Old Guard.” B. Results 1. Panic shown the latest serious importance of flexible currency supply. a. During panic, banks unable to increase volume of currency in circulation. b. c. That it noticeable tiredness paved way for Federal Set-aside Work from 1913. 2. Work and you can local reformers micro loans Shiloh no credit check achieved important center-group partners. a. TR began incorporating Bryan’s ideas. b. Progressives finally embraced reforms put forth reformers of early 1900s, Socialists, strikers and marchers of 1894, People’s party, Knights of Labor, Farmers’ Alliancemen, and Greenbackers.

XI. President William H. Taft A. Election of 1908 1. Taft d. Bryan 321-162 — Third time Bryan defeated in 12 years. 2. Socialist party under Eugene Debs and Prohibition party under garnered just a fraction of the popular vote. B. Style 1. Taft lacked the fire or guts that possessed TR. a. Content to keep status quo rather than rocking the boat. b. Adopted attitude of passivity toward Congress (insurgent Republicans and Democrats opposed him) c. Taft turned into a friend of the dated guard Republicans automatically. 2. Cabinet did not contain one member of TR’s reformist wing. C. Dollar Diplomacy (see Imperialism notes) D. Taft as trustbuster 1. Brought 90 suits against the trusts during his four years in office; 2X that of TR a. 1911, United States v. American Tobacco Company i. Supreme Court ordered the company to reorganize on the basis of the “rule of reason” but did not order its dissolution. ii. “Rule of reason” meant only reasonable restraints of trade were authorized. — Severely impaired government’s anti-trust activities. b. 1911, Legal ordered dissolution out-of Important Petroleum Team i. Judged to be a combination in restraint of trade in violation of the Sherman Anti-Trust Act of 1890. E. Progressive Legislation under taft 1. Conservation: Taft a dedicated conservationist; contributions equaled or out-did TR’s. a. Bureau of Mines established to control mineral resources — Rescued millions of acres of western coal lands from exploitation b. Protected water-power sites from private development. 2. Mann-Elkins Act (1910) Telegraph, telephone, & cable corporations put under ICC jurisdiction 3. Post Office Department was authorized to receive savings deposits from individuals and pay interest of 2% per year on such deposits. — This had been a major Populist idea.

During the Ny Given, the mission should be to make the U.S. savings more powerful and the financial system even more stable for everybody areas regarding neighborhood. I do this by the carrying out financial rules, delivering economic features, managing banking companies and you may conducting search and you can taking options toward problems that impact the nation and you can teams i serve.