Detailed Study Notes on the Government of the 1920s

The Government of the 1920s

Overview of the 1920s Presidency

  • Focus on the presidencies of Warren Harding and Calvin Coolidge

  • Herbert Hoover acknowledged but discussed later

Warren Harding's Election

  • Harding's 1920 election characterized by the slogan: "Return to normalcy."

  • Definition of "Return to normalcy":

    • Aimed to reassure Americans yearning for stability after the upheaval of the previous decade (war, pandemic, progressivism).

    • Emphasized a desire to revert to traditional values reminiscent of earlier times.

    • Viewed as a conservative push promoting conservatism and resistance to progressivism.

Understanding Conservatism

  • Definition of conservative:

    • Originates from the word "conserve," meaning to keep, guard, or protect traditional concepts.

    • Conservatives believe in maintaining traditional values and methods; they are cautious about change and progress.

  • Comparison with liberals:

    • Liberals are typically associated with the Democratic Party, advocating for new reforms and progressive changes.

    • Example: Donald Trump's slogan "Make America Great Again" implies a return to past greatness akin to Harding's campaign.

Harding's Economic Policies

  • Harding appointed Andrew Mellon, a millionaire, as Secretary of the Treasury.

  • Three core principles of Harding's Republican economic policy:

    1. Deregulation: Stop regulating businesses to promote growth; businesses need freedom from government oversight.

    • Historical context: Progressive reforms imposed regulations perceived as restrictive by businesses.

    1. Raising Tariffs: Implement high tariffs to protect American products from foreign competition, encouraging local purchases.

    2. Tax Cuts: Advocate for lowering taxes, especially for the wealthy, on the premise that it stimulates economic growth:

    • Rationale: Wealthy individuals will invest their money in businesses, leading to job creation and increased consumer spending.

  • Consequent implications of decreased government revenue:

    • Reduction in government spending, leading to a smaller government.

Comparison with Modern Political Ideologies

  • Discussion of consistent patterns in Republican policies from the 1920s to contemporary times.

  • Overview of Democratic alternatives proposed in the 1930s under Franklin Roosevelt, emphasizing tax increases on the wealthy to provide for the poor.

  • Conclusion: Economic philosophies diverge significantly between Republicans and Democrats regarding wealth distribution.

Warren Harding's Administration and Scandals

  • Harding's administration marred by corruption, referred to as the "Ohio Gang."

  • Notable scandal:

    • Teapot Dome Scandal:

    • Secretary of the Interior Albert B. Fall secretly leased federal oil reserves to private oil companies in exchange for bribes.

  • Harding's demise:

    • Harding died of a heart attack before the scandal fully broke, noted as "Harding heart attack."

Calvin Coolidge's Presidency

  • Upon Harding's death, Vice President Calvin Coolidge assumed the presidency.

  • Coolidge characterized as quiet, reserved, leading to the nickname "Silent Cal."

    • Urban myth illustrates his reticence with a humorous anecdote involving two young women betting they could elicit more than two words from him.

  • Continuation of Harding's policies:

    • Emphasis on laissez-faire economics, high tariffs, and tax cuts for the wealthy.

  • Coolidge's campaign slogan: "Stay Cool with Coolidge," resonated positively with Americans, leading to his election.

  • Decision not to run for a third term in 1928, avoiding potential blame for the upcoming Great Depression.

Economic Disparities during Coolidge's Presidency

  • Not all segments of society benefited:

    • Farmers struggled due to retaliatory tariffs from abroad that reduced foreign markets for their goods.

    • Ongoing issues of racial violence (lynching) and gender roles (women relegated to domestic spheres).

International Agreements in the 1920s

  • Washington Naval Disarmament Conference:

    • Collaboration among nations aimed at limiting military capabilities to promote global peace.

  • Kellogg-Briand Pact:

    • International treaty that sought to make war illegal, identified as more of a symbolic gesture than enforceable law against warring nations.

The Dawes Plan

  • Involvement of three nations: Germany, France, and Britain:

    • Mechanism for reparations payment and financial flow:

    • The U.S. loans Germany money that it does not have.

    • Germany repays reparations to France and Britain, which in turn repay their loans to the U.S.

    • Highlights how American banks profited from interest on loans amidst a cyclical monetary flow.

  • Consequences and criticisms regarding exploitative nature, predicted to create future economic troubles leading to the Great Depression.

Conclusion of Section

  • Transition into the next chapter on the subsequent developments in the 1930s and the implications of these policies on American society.