The Reign of T.R.

 

A.     Teddy Roosevelt becomes President

a.       McKinley is the 3rd President to be assassinated in 40 years

b.      T.R. becomes Pres. He was chosen by Rep. Leaders to be V.P. to keep him from reforming N.Y. too much.

B.     The Square Deal

a.       T.R. wanted to control the trusts – needed the courts to back up this new role for government.

                                                                           i.      TR chose to attack JP Morgan head on – his trust was broken up and upheld by Supreme Court.  Put other trusts on notice – if Morgan could lose, anyone could.

                                                                         ii.      TR broke up 44 other trusts he thought were hurting the country

b.      Threat of antitrust action kept business “in line” they were willing to sit with an arbitrator to settle disputes.

c.       TR was first Pres to intervene on behalf of strikers during the United Mine Workers strike (p. 571).

d.      TR’s policies led him to an easy re-election in 1904

                                                                           i.      Big business supported TR because he was one of them and a Republican

                                                                         ii.      Labor supported him due to labor stance

                                                                        iii.      Imperialists liked his wartime experience

                                                                       iv.      Farmers liked his attacks on the trusts (especially the RR)

C.     TR’s second term

a.       RR reform

                                                                           i.      Compromised on tariff reform to get Interstate Commerce Commission (ICC) strengthened.

                                                                         ii.      Hepburn Act is passed – gave ICC right to set RR rates aside and give new ones.

b.      Pure Food and Drug act – response to The Jungle by Upton Sinclair and the patent medicines on the market (most were 90%+ alcohol)

c.       TR proposed but did not get:  end to child labor, and worker’s compensation.  TR encouraged Republicans to be kinder to labor

D.     Panic of 1907 – US factories produced more than the economy could buy, in response to tariffs, Europe cut back on purchases

a.       Runs on banks started as people were told that some banks could collapse

b.      JP Morgan and other bankers put their personal fortunes behind the bank system to stop the panic.

c.       TR called for greater Federal regulation of business, labor, and the stock market, as well as an income tax on the wealthy.  He warned that revolution might occur if the worker’s life was not made better.

E.      TR and the rest of the world

a.       Role of the US – US must be involved in world affairs.

                                                                           i.      TR strengthened the Army and continued to build the Navy

                                                                         ii.      TR called for US to impose civilization on the rest of the world

                                                                        iii.      US did not give citizenship to people in our territories from Spanish-American war

                                                                       iv.      TR continued to use the Monroe Doctrine to control Central America

b.      Panama Canal

                                                                           i.      Land used to build canal belonged to Colombia – Colombia refused to sell at a price the US would pay

                                                                         ii.      TR let Panamanians know that if they rebelled, they could count on US help

                                                                        iii.      Panama revolted from Colombia – US warships happened to be outside of Colombia – US recognizes Panama and Panama sells canal zone to US

c.       Japan

                                                                           i.      Japan was gaining in strength in the Pacific – US was worried that the Philippines might be lost

                                                                         ii.      Russo-Japanese war breaks out in 1904, to the world’s surprise, Japan wins. 

                                                                        iii.      TR negotiates the peace between Japan and Russia – earns the Nobel Peace Prize.  Plan is unfair to Japan, but does give Japan Korean peninsula

                                                                       iv.      Japanese-Americans on the west coast face prejudice and unfair laws.  Japan complains formally, TR apologizes, but also moves naval ships into Pacific.

F.      Election of 1908

a.       TR chose not to run again despite public clamor for him to do so

b.      TR picks William Howard Taft to succeed him – Taft had done well in the Philippines as Governor during the insurrection

c.       Taft easily defeats William Jennings Bryan due to TR’s backing

d.      TR goes to Africa for 2 years to go hunting

G.     Taft’s presidency

a.       Taft was a more standard Republican – he did not favor many of TR’s reforms

b.      Taft did want to reduce the tariff, but did nothing when the Senate changed the tariff bill to actually increase the number of tariffs

c.       Progressives in both parties complained about Taft – RR reform was stopped in return for the addition of Arizona and New Mexico as states (there are now 48).

d.      Taft was accused of selling National parkland to JP Morgan – TR returns from Africa and complains about Taft’s actions

e.       “Dollar Diplomacy” – Taft’s foreign policy – the US should be involved in foreign affairs so that business can make money. 

f.        Republicans lose seats in Congress in the election of 1910

g.       Taft does not appear able to win in 1912, but is too stubborn to step down

H.     Election of 1912

a.       Teddy Roosevelt and Taft fight for the Republican nomination.  Taft is able to control the party and is given the nomination.  TR supporters storm out in protest.

b.      TR forms a third party the “Progressive Party” which is nicknamed the “Bull Moose Party” after TR says he is strong as a bull moose.

c.       Woodrow Wilson – Governor of New York is the Democratic nominee.  He is a progressive who shares many of TR’s ideas.

d.      Eugene Debs is the Socialist candidate – the start of a labor party in the US – he is the most progressive of all the candidates.

e.       Wilson wins the election.  Republicans are split between Taft and TR, most Democratic reformers stay in the party and vote for Wilson, only the most extreme defect and vote for Debs.

f.        Results:  Wilson 41.9 % and 435 electoral votes

Roosevelt 27.4% and 88 electoral votes

                 Taft 23.2% and 8 electoral votes

                  Debs 6% and 0 electoral votes

g.       As President Wilson passes most of the reforms favored by the Democrats and the Bull Moose party

                                                                           i.      Passes Federal Farm Loan Act

                                                                         ii.      Passes Child labor act

                                                                        iii.      Establishes the 8 hour day for RR workers

                                                                       iv.      Creates the Federal Reserve Bank, which created the first national federal government controlled bank since Andrew Jackson.  This bank was able to provide short-term credit to banks to help offset any panic, and decrease the dependence on rich bankers such as JP Morgan.