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XII. Three Progressive Presidents. A. 1901 Teddy Roosevelt & Monopolies 1. Carnegie Steel & 8 others form 1st billion dollar corporation 2. Progressives argued capitalism only works with competition 3. Roosevelt argued mergers unavoidable & natural development

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xii three progressive presidents
XII. Three Progressive Presidents

A. 1901 Teddy Roosevelt & Monopolies

1. Carnegie Steel & 8 others form 1st billion dollar corporation

2. Progressives argued capitalism only works with competition

3. Roosevelt argued mergers unavoidable & natural development

a. big business not bad but greedy businessmen are

b. trusts should be regulated by strong fed. government

4. Roosevelt took aggressive role against some companies

a. filed suit against Northern Securities Company

ii. J.P. Morgan tried to convince president against but failed

b. American Tobacco Co. & Standard Oil of NJ

c. U.S. Steel diversified to prevent antitrust suits

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5. Elkins Act of 1903 & Hepburn Act of 1906

i. build up power of Interstate Commerce Commission

ii. ended rebates ICC power to investigate &enforce rates

6. Roosevelt saw need for labor leaders and Unions

a. 1901 John Mitchell led United Mine Workers on strike

b. over 500 coal miners killed by owners and strikebreakers

c. price of coal tripled country suffered shortages

d. Roosevelt invited both sides to the white house

i. appointed a commission

a. settled in a few weeks

ii. workers received a 10% wage hike

B. Roosevelt & National Conservation

1. outdoorsman, traveled & hunted across world

2. traveled with John Muir in the California Sierras

a. 1892 Muir starts Sierra Club

b. A purest Muir wanted to preserve in pristine condition forever

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3. Chief Forester, Gifford Pinchot

a. a futurist wants to manage

resources for future exploitation

4. Roosevelt listened to both

a. tried to take middle ground

5.4/18/1906 San Francisco earthquake and fire changed everything

a. earthquake destroyed buildings and broke gas and water lines

i. city burnt for three days and two nights

ii. 452 people died and majority of city destroyed

b. Reformers questioned the failing public services

i. city government accused of graft and corruption

ii. several high city official indicted

c. Reformers want better public services, especially water

i. engineers look to Sierras & Hetch Hetchy

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C. William Howard Taft, Roosevelt's hand picked successor

1. U.S. 1st civil governor of Philippines, sec. of war & federal judge

2. Broke up more monopolies in one term then Roosevelt in two

3. Mann-Elkins Act of 1910,

a. strengthened ICC,

b. telegraph and telephone under jurisdiction

4. supported 8 hr. day

5. authorized first corporate profits tax

6. helped pass first federal income tax

a. ruled unconstitutional

b. 16th amendment 1913

7. reversed some of Roosevelt's more conservative policies

8. fired Pinchot over criticism of selling coal reserves in Alaska

9. Roosevelt outraged & wanted national prestige again

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D. The Election of 1912

1. Roosevelt sweeps the Republican primaries

2. Taft refuses to relinquish claim and picks up non-primary states

3. Taft wins nomination at National Convention

a. tries to run on record but ignored by press

4. Roosevelt furious starts Progressive Party (Bull Moose)

a. far more progressive platform than his presidency

b. endorsed tight regulation of trusts

c. abolish child labor under 16 years old

d. old age pensions

e. woman's suffrage

e. tariff commission

f. national presidential primaries

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5. Eugene Debs ran for Socialist Party - 6% of popular vote

6. Woodrow Wilson selected by Democrats after 46 ballots

a. born in Virginia an intellectual and gold Democrat

i. president of Princeton & Governor of New Jersey 1910

b. Started progressive reforms in New Jersey

i. instituted direct primary

ii. anti-trust laws

a. argued against trusts,

i. claimed competition healthy

b. claimed government in danger of becoming too large

iii. workman's comprehensive act

iv. public utilities commissions

v. permitted cities to adopt commission forms of government

7. Republicans control over 50% of vote but split, Wilson wins

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E. Wilson as a Progressive

1. 1913 passed the Underwood Tariff

a. reduced the tariff he claimed favored certain businesses

b. replace tariff with a graduated income tax attached to bill

i. only taxed income over 4,000 from 1-6%

ii. not an attempt to redistribute the wealth

2. helped pass the Federal Reserve Act

a. Congress established the Federal Reserve

i. twelve Federal Banks that issued Federal Reserve Notes

ii. Federal Reserve Board would be appointed by president

iii. could loosen the money supply at their discretion

iv. generally they maintain conservative money policy

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3. 1914 sponsored the Clayton Act

a. prohibited some unfair business practices

b. prohibited buying stock of competition

c.protect unions from Sherman Anti-Trust Act

4. established the Federal Trade Commission

a. strong regulatory agency investigates unfair stock manipulation

b. modeled after the ICC it had more power

5. Major shortcomings as a progressive

a. southerner, believed states should decide about women's vote

b. opposed anti-child labor legislation

c. ordered segregation of blacks in several federal departments

i. succumbed to southern concerns of Blacks in authority

ii. he argued it was in best interests of Blacks