People with money unwilling to loan money to fellow finance companies
D. Roosevelt wins reelection inside the 1904 Decided to go with «inside the very own proper» because of the higher electoral margin over Democrats. Eugene Debs ran to the Socialist ticket; Prohibition class plus to the ballot. Made himself an excellent «lame duck» president
Postal Savings Bank system (1910)
X. Panic of 1907 A. Wall Highway sustained an initial but brutal worry in the 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 https://paydayloanalabama.com/ray/ millions of Treasury funds from one bank to another. b. 2. Organization leadership assailed Roosevelt for inducing the worry 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 turned into appropriate (esp. lower tariff) c. Insurgent Republicans and Democrats took on Republican «Old Guard.» B. Results 1. Worry exhibited new acute importance of elastic money supply. a. During panic, banks unable to increase volume of currency in circulation. b. c. It noticeable fatigue flat way for Government Set-aside Work out of 1913. 2. Labor and you will regional reformers gathered extremely important middle-category allies. 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 a friend of your 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 compared to 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, Courtroom bought dissolution regarding Standard Oils Company 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.
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