190719131914-
Aldrich-Vreeland ActWas brought into effect in 1907. Which allows banks to issue emergency currency to be
substituted instead of gold.
19151916-
1917-
Woodrow Wilson elected President
After the election of 1912, Woodrow Wilson became the 28th President of the United
States. He would lead our country throughout the First World War and also passed the
legislative that created income tax.
1919-
Assassination of Austrian Archduke Ferdinand- June 28th 1914
On June 28th Archduke Ferdinand of Austria was assassinated by a group of 6 Serbians in the
Austrian town of Sarajevo. In response to the assassination, Austria along with its allies
19201921-
Hungary declared war against Serbia and ultimately led to the start of the First World War.
British Blockade
The blockade of Germany was done by the British Navy during and after the First World War
from 1914-1919.
Germany Sinks British Ship- May 7th 1915
On May 7th 1915, German submarines sank the British ship, the Lusitania, which killed 1,200
people out of 1,900 people on board, including 128 Americans. This act became a key factor in
turning public opinion against Germany and enraged Americans because of the American
civilians that were killed in the attack. This would contribute as one of the factors for America
declaring war against Germany and its allies.
Federal Aid Road Act
Was an act that made the U.S. gov. to spend money to build roads.
The 1916 Minnesota Miner’s strike against US Steel
Strikers wanted a higher wage but because the employers didn’t meet their demands, they
continued to strike. Since the strikers failed, the employers just ended firing them.
Federal Farm Loan Act
Established 12 long-term land banks to provide to farmers on July 17th 1916
US Declares War
After the sinking of the British ship the Lusitania, American opinion about Germany turned
mostly negative and the thought of imminent war drew closer. Then on April 6th 1917, after two
and a half years of keeping neutral, the United States declared war on Germany and its allies and
entered itself into the First World War.
Lever Food and Fuel Control Act
Congress passed this act in 1917 and appointed Herbert Hoover as the food and fuel
Administrator. The purpose was to ensure an adequate food supply domestically and to our allied
countries while maintaining an equilibrium price-point.
U.S Draft
The Selective Service Act went to effect in May of 1917. The guidelines of the act included that
all males 21-30 were required to register for military service for the United States. By the end of
World War 1, more than 2.8 million men were drafted into the various branches of the military.
Prohibition Act
The act took place in 1917 where it prohibited alcohol.
War Revenue act
The war revenue act was passed on October 3rd 1917 and greatly increased income tax in
order to raise more money for the war effort.
18th Amendment proposed
The 18th amendment was used to prohibit the use/making/disrupting any kind of
intoxicating liquors.
Year of Strikes
In 1917, there was a total of about 4,450 strikes due to low wages and bad working
conditions.
War Industries Board
President Wilson reorganized the War Industries Board with Bernard Baruch as the head.
This board was established for the sake of the supply of goods necessary to fuel the war.
They used a system called bulk-line pricing to urge efficiency within the supplying
manufacturers and reduce cost of raw material.
Treaty of Versailles
The Treaty of Versailles was one of the first peace treaties that would end the First World
War. The Treaty was signed on June 28th 1919, exactly 5 years after the assassination of
Archduke Ferdinand, and ended the state of war between Germany and the Allied powers.
Volstead Act
Took place to tighten the enforcement of the prohibition act.
Ponzi Scheme
Ponzi was an Italian immigrant who made a statement that if people invested into him he
could find a way to make a stamp from Italy be able to be used in the U.S and be sold at a
higher price.
Recession
In 1937 things began to improve but then the process suddenly stopped when prices
reached a high and everything fell and deflation began again while unemployment
increased.
Electric appliances
In 1920 electric appliances such as ranges vacuum cleaners radios and refrigerators began to fill
the American home although only 8 percent of American families had mechanical refrigeration
by 1930 the days of the "ice man" were numbered
1st Commercial Radio Broadcast
In 1920 KDKA, a radio station in Pittsburgh became the first to broadcast commercially.
This is important because it was a building block to radio broadcasting today.
Assembly line
Before having some stiff competition with General Motors Henry ford introduced the first
moving assembly line which helped him with the mass production of low cost automobiles.
Soon leading to improved models that incorporated the self-starter, the windshield wiper,
and improved brakes.
Warren G. Harding elected President
In 1921, Warren G. Harding became the 29th President of the United States in the first
election after the 19th amendment was passed, which allowed women the right to vote.
Joint Commission of Agriculture Inquiry
An inquiry performed by congressing resulting in the discovery that the farming troubles
occurring stemmed from the general business decline and decrease in exports during this
time. Possible solutions to the problem involved improving the credit available to farmers
and research findings provided by the Department of Agriculture.
Enforcement of Prohibition
In 1920, the 18th amendment was passed and the sale, transportation and importation of
alcohol became illegal in the United States. Although actual consumption of alcohol
decreased in the country, homicide and crime went up because of gang’s illegal activity of
“bootlegging” alcohol. Alcohol remained illegal until the passing of the 21st amendment in
1933 that repealed the 18th amendment.
Federal Highway Act of 1921
The act amended the original law by requiring the secretary of agriculture to give preference
to states that had designated a system of highways to receive federal aid.
Emergency Immigration Act of 1921
Restricted the number of people to be ad- mitted each year from any country to 3 percent of
the number of people of that nationality residing in the United States in 1910.
1922-
1923-
1926-
Herbert Hoover appointed Secretary of Commerce
In 1921, Herbert Hoover was appointed Secretary of Commerce under President Harding
and eventually President Calvin Coolidge. During his time as Secretary, he created many
sub-departments such as census, radio and air travel and also reached to forge
partnerships between government and business, which created the philosophy of
“associationalism”.
Joint Commission of Agricultural Inquiry created
In 1921, Congress created the Joint Commission of Agricultural Inquiry which reported and
tried to fix farm troubles that were caused by general business depression and decline in
exports. Throughout the 1920’s, these bills aimed to secure “parity prices” and sought to
determine a fair exchange value for farm products.
Capper-Volstead law
Exempted farmers’ cooperatives from the threat of prosecution for violation of antitrust laws.
National Agriculture Conference
The National Agriculture Conference was convened by Henry C. Wallace, in order to
produce a new approach to address the problems concerning agriculture. The idea of
“parity”, meaning agriculture was to be entitled to its fair share of the net income if the ratio
of prices farmers received to the prices they paid was consistent with the ratio that occurred
from 1910 to 1914, was the chosen angle by the deciding parties of the conference.
High school movement
During the 1920’s, a modern American standard of living that arrived was the American high
school. Complete with 45- minute periods, a diverse curricula, and athletic teams. A rapid
increase of enrollment would occur during the 1920’s and 1930’s and by 1938, almost half
of American boys would graduate from high school.
The Automobile Industry Boom
During the 1920’s, The Automobile became the economic symbol. Between the years 19211929, annual production of automobiles rose from 1.5 million to 4.8 million. By 1960, 60% of
American families owned an automobile.
France & Belgium occupy Germany
In Response to the failure of payments of reparations by Germany to France following WWl,
France and Belgium took back the Ruhr area that they previous had prior to the war. Beginning
in 1923, the occupation took 2 years with pretty mild conflict and little to no response by outside
countries.
Florida Land Boom
Real estate boomed in Florida when land that was sold for thousands of dollars was being
cut into lot and sold for millions. Although the climate and low cost; over building was clearly
obvious. Florida was the earthly paradise until 1926 when a hurricane destroyed most of
Miami which was the heart of the boom.
President Harding’s death
On August 2nd, 1923, President Warren G. Harding died suddenly of what is believed to be
a heart attack in San Francisco while on a tour of the west coast. He was succeeded by
Vice President Calvin Coolidge.
Calvin Coolidge becomes president
In 1923, Calvin Coolidge becomes the 30th President of the United States, succeeding
President Harding after his death. Coolidge spent a prosperous time in if office during the
“roaring twenties”, a period of rapid economic growth in the U.S.
Dawes Plan
Germany was given more time to pay its reparations, and a large loan, mostly from the
United States, was floated to help Germany restore its economy and make its debt
payments.
McNary–Haugen Bills
Which sought to determine the fair-exchange value of each farm product. The fair value was
to be a price that would have preserved pre–World War I purchasing power and was to be
maintained in two ways: first, a tariff was to protect the home market from imports, and
second, a private corporation chartered by the federal government (modeled on the War
Finance Corporation) was to buy a sufficient amount of each commodity to force its price up
to the computed fair value.
Federal Intermediate Credit Act
This act provided 12 intermediate credit banks that would rediscount agriculture paper for
commercial lending banks and other lending agencies. This act occurred under the
President Coolidge, who, vetoed the McNary-Haugen bills just before this time period.
Financing Companies
after the high demand for consumer durables went up the development of consumer credit also
known as "buy now, pay later'' Rather than saving up cash or interest-earning assets to buy a
consumer durable, a consumer could make a down payment, take immediate possession of the
durable, and pay for it on the installment plan. The finance company that made the loan was
protected because it had a claim on the durable and could repossess it if the buyer failed to make
the requisite payments.
National Broadcasting Company
In 1926 the national broadcasting company (NBC) was formed as a medium for advertising
particularly towards women.
Columbia Broadcasting System
In 1927 the Columbia broadcasting system (CBS) was another medium formed as well.
Ford Model T discontinued
On May 27, 1927, Ford announces the end of the Model T. The Model T would be known
most for being America’s first Affordable car and helped the country into the automobile
revolution.
Polling Systems
Polling systems by telephone were used to determine program ratings, and programs with low
rating were canceled. Certain goods became tied to particular programs as producers sought any
and all means to address the desires, fads, and fancies of the American public.
Herbert Hoover elected President
In 1929, Herbert Hoover is elected the 31st President of the United States. Months into
office, the stock market crashed, which began the Great Depression and lasted throughout
his presidency.
Bank closure peak
The Great Bull Market
A financial market in which prices are expected to rise. Characterized by optimism, investor
confidence and expectations that strong results will continue.
Stock Market Crash
By 1929 the cost of the New York Times index of 25 industrial stocks had risen to 338 from
110 in 1924 and investors began to see a huge return on investment. President Hoover
attributed this to the readily available credit at low interest rate and in August of 1929 the
Federal Reserve raised the discount rate to 6 percent in fear of a crash. The market still
persisted through this attempt to curb the increase making the crash imminent. Sharply a
break occurred on October 23 and 24 and by the time November came the prices had
decreased to half of what they had cost in August. Almost overnight the previous optimism
of the future transferred to severe pessimism.
rd
th
Agricultural Marketing Act of 1929
This pre-depression law committed the government to a policy of farm price stabilization
and established the Federal Farm Board to encourage the formation of cooperative
marketing associations.
The paycheck rises
Annual earnings rose between 1919-1929 by 23% Because of consumer revolution which
produced a strong demand in industrial labor which rose hours to 48 as standard and higher
wages.
Federal Reserve raises its discount rate
Young Plan
Germany’s reparation payments were scaled back. During the early 1930s further attempts
were made to relieve Germany’s reparations burden, but the deteriorating economic
situation and the rise of Hitler soon made these efforts irrelevant.
1930-
19321933-
Smoot-Hawley Tariff Act
It rose tariffs on a wide array of goods, especially agricultural products. It was one of the
reasons why the U.S went into the great depression.
1935-
1941New York's Bank of United States collapses
In Dec.11 1930 the New York bank collapsed although it was just a common bank many
others had collapses before; the New York bank was the largest failed measured. The
name of the bank represent certain importance to the people because it had the United
1944-
States. When people viewed the downfall they thought that meant the financial system was
in danger.
Start of Unprecedented Depression
Al Capone
In the 1930’s Al Capone was an American gangster who bootlegged alcohol.
Jack "Legs" Diamond
In the 1930’s Jack Diamond was another major American gangster who also bootlegged
alcohol.
Harlem Renaissance
After the large migration of African Americans to the urban center of Harlem that would
follow World War 1, a cultural movement began that emphasized a remarkable flowering of
literature and arts in the African American community. Beginning in the 1920’s, the Harlem
Renaissance spanned into the 1930’s with many of its ideas living much longer.
More Bank Failures
People viewed the banking system in danger and quickly wanted to remove their money
causing more bank failure and forced to close.
Glass-Steagall Act of 1932
Commercial banking, taking deposits from the public and making short-term loans was
separated from investment banking.
Franklin D. Roosevelt elected President
In 1933, Franklin D. Roosevelt becomes the United States 33rd President. Roosevelt would
eventually usher the U.S out of the Great Depression and lead during World War ll.
First New Deal
The First New Deal in 1933-1934 was Franklin D. Roosevelt’s administration’s response of
The Great Depression through a passage of a wide range of legislation designed to both
provide immediate relief and to promote recovery of the economy. All passed in a span of
100 days, the first achievements of the First New Deal were the Civilian Conservation Corps
in March of 1933 and the Agricultural Adjustment Act in May of 1933.
Return of Gold
On April 5 , 1933 the Roosevelt Administration prohibited transactions of gold and required
all holders of gold to return their stockpiles to the Federal Reserve. This occurred for 2 main
reasons. The first was that it was becoming popular to transfer your assets to gold, and
second to break the direct line from gold to currency to devalue it compared to other foreign
markets to increase exports.
th
President Roosevelt announces bank holiday
Beginning March 6th 1933, President Roosevelt announced a bank holiday meaning that all of the
banking system would be shut down for four days. The hope was that the holiday would help
stabilize the economy and create a newfound confidence in the banking system.
Civilian Conservation Corps (CCC) is established
March 1933 operated under the army’s control program was intended to promote
environmental conservation. The work focused on soil conservation and reforestation.
Establishment of the SEC
Also in 1934, due to the crash, people were suspicious of the activities of investors in on
Wall Street. The result of this was the establishment of the Securities and Exchange
Commission. This body was created to regulate and defraud to stock market.
Federal Emergency Relief Administration
The first relief operation under the New Deal in 1933. The main goal was to alleiviate household
unemployment during the Great Depression. In its time, FERA gave up to 20 million jobs during
a time period of America’s worst unemployment rate in history.
Agricultural Adjustment Act
The Agriculture Adjustment Administration decreased the amount of acreage allotted to
each farm. The land was subdivided and allotted based on previous crop history. The land
was then paid for by the taxes paid by the first processor of any product, yet still the tax was
directed at the consumer rather than the producer.
National Industrial Recovery Act
Were to raise prices and wages, spread work by reducing hours, and prevent price cutting
by competitors trying to maintain volume
Federal Deposit Insurance Corporation was established
A corporation created under the Banking Act of 1933. Guarantees the safety of the depositor’s
account under insurance policies.
The Second New Deal
The Second New Deal (1935-1938) followed the successful First New Deal and Roosevelt called
for three goals: improved use of resources, security against old age, as well as a national welfare
program. Social Security was started following the start of the Second New Deal.
Social Security Act
In 1935, Federal old-age and survivors’ insurance program based on workers’ payments of
1 percent of earnings up to $3,600. It further provided for assistance to the needy aged,
dependent children, and the blind. Subsequent amendments have added other groups.
Empire of Japan attacks Pearl Harbor
On December 7th, 1941, The United States naval base Pearl Harbor was attacked by a
Japanese surprise air strike. The attack killed over 2,400 Americans and sunk or damaged
8 Navy battleships. In result, America declared war on Japan and entered itself into World
War ll.
US declares War
Following the attack on Pearl Harbor, the United States declared war on Japan. In result the
other countries in the Axis Powers, Germany and Italy, declared war on the United States,
entering itself fully into World War ll. The war would last until August of 1945, when America
dropped the atomic bomb on Japan, forcing them to surrender and end the war.
Roosevelt established OPA
The OPA was established to police and enforce black markets. This was because the
existence of a black market prices would take over that specific market and drive the prices
down. Fraud was occurring very frequently in car dealerships by report the cost sold at the
OPA but cash payments would be coming in under the radar.
Smith–Connally Act
Allowed the U.S government to take over mines and factories in essential war industries
that were being hampered by strikes.
Servicemen's Readjustment Act
It is also known as the G.I Bill of Rights. The GI Bill provided a wide range of benefits,
including mustering-out pay; health care; assistance with job placement; low-interest loans
to buy a home, farm, or business; unemployment benefits; reemployment rights;
employment preferences; and education benefits.
Women in the workforce
After men were called for war women were encouraged to join the labor force. About
200,000 women joined the military services including the Women’s Army Corps (WAC) and
Women Accepted for Volunteer Emergency Services (WAVES). While others joined the
civilian labor force symbolized by “Rosie the Riveter,” entered jobs traditionally filled by
men. Women became toolmakers, crane operators, lumberjacks, and stevedores. Paving
the way for women in the workforce.
Taft–Hartley Act
Individual workers should be protected by public policy not only in their right to join a labor
organization but also in their right to refrain from joining
1945-
Roosevelt death, Truman becomes president
After battling a very long fight with polio, which he kept secret about from the public mostly,
Franklin D. Roosevelt passes away. Succeeding him was Vice-President Harry Truman, who
would famously make the decision to drop the atomic bomb on and Japan and help end World
War II.
World War Two ends
In the months of April and May of 1945, the allied forces capture more than 1.5 million axis
prisoners in the final battles of Europe forcing the axis powers to surrender to the allies and
ending the war in Europe. Following the dropping of the atomic bomb on Japan, The Empire of
Japan is forced to surrender thus ending the war in the Pacific and World War ll in August of
1945.