Progressive PresidentsProgressive Presidents

Unit 2: Notes #7Unit 2: Notes #7

Mrs. WillisMrs. Willis

10/18/1210/18/12

Theodore RooseveltTheodore Roosevelt He believed that big He believed that big

business was essential to business was essential to the nation’s growth, but the nation’s growth, but he also believed that he also believed that companies should companies should behave responsibly behave responsibly He focused on regulating He focused on regulating

large corporationslarge corporations In 1901, J.P. Morgan, In 1901, J.P. Morgan,

James Hill, and E.H. James Hill, and E.H. Harriman joined their Harriman joined their railroads together to railroads together to eliminate competitioneliminate competition They created the Northern They created the Northern

Securities CompanySecurities Company

Trust-bustingTrust-busting In 1902, President Roosevelt had the U.S. Attorney In 1902, President Roosevelt had the U.S. Attorney

General sue the Northern Securities Company for General sue the Northern Securities Company for violating the Sherman Anti-Trust Actviolating the Sherman Anti-Trust Act In 1904 the Supreme Court ruled that the company did In 1904 the Supreme Court ruled that the company did

violate the Sherman Anti-Trust Act and ordered the violate the Sherman Anti-Trust Act and ordered the company to be dissolved company to be dissolved

Roosevelt then launched a trust-busting campaign Roosevelt then launched a trust-busting campaign His administration filed dozen of lawsuits against trusts His administration filed dozen of lawsuits against trusts

that sold inferior products, competed unfairly, or that sold inferior products, competed unfairly, or corrupted officialscorrupted officials

Their goal was to protect the interests of the consumerTheir goal was to protect the interests of the consumer

Square DealSquare Deal

The Square Deal was Roosevelt’s The Square Deal was Roosevelt’s campaign slogan in 1904 and the campaign slogan in 1904 and the framework for his entire presidencyframework for his entire presidency He believed that the needs of workers, He believed that the needs of workers,

business, and consumers should be balancedbusiness, and consumers should be balanced Roosevelt called for limiting the power of Roosevelt called for limiting the power of

trusts, promoting public health and safety, trusts, promoting public health and safety, and improving working conditionsand improving working conditions

Roosevelt easily defeated his opponent in Roosevelt easily defeated his opponent in the 1904 Presidential electionthe 1904 Presidential election

William Howard TaftWilliam Howard Taft

In 1908 Roosevelt did In 1908 Roosevelt did not seek re-election not seek re-election instead he supported instead he supported the candidacy of William the candidacy of William Howard TaftHoward Taft Believing that he would Believing that he would

carry on his progressive carry on his progressive workwork

With Roosevelt’s strong With Roosevelt’s strong backing he won, and backing he won, and pledged to continue with pledged to continue with TR’s programsTR’s programs

Taft’s AccomplishmentsTaft’s Accomplishments The The 1616thth Amendment Amendment was passed in was passed in

19131913 This granted Congress the power to levy This granted Congress the power to levy

taxes based on an individual’s incometaxes based on an individual’s income Progressives supported a nationwide income Progressives supported a nationwide income

tax as a way to pay for government programstax as a way to pay for government programs Taft actively prosecuted monopolies Taft actively prosecuted monopolies

and trusts throughout his presidencyand trusts throughout his presidency Almost twice the number of antitrust cases Almost twice the number of antitrust cases

were brought up in Taft’s 4-year term, than were brought up in Taft’s 4-year term, than Roosevelt 7 years as presidentRoosevelt 7 years as president

Woodrow WilsonWoodrow Wilson Wilson came to office Wilson came to office

with a reputation as a with a reputation as a reformerreformer

During the 1912 During the 1912 Presidential Election, Presidential Election, Woodrow Wilson Woodrow Wilson proposed his plan for proposed his plan for reform known as the reform known as the New FreedomNew Freedom

This called for tariff This called for tariff reductions, banking reductions, banking reform, and stronger reform, and stronger antitrust legislationantitrust legislation

Wilson’s ReformsWilson’s Reforms Wilson established the Federal Reserve Wilson established the Federal Reserve

Act in 1913, which created a central Act in 1913, which created a central fund from which banks could borrow to fund from which banks could borrow to prevent collapse during a financial panicprevent collapse during a financial panic

This created a 3-tiered banking systemThis created a 3-tiered banking system Top Level: Federal Reserve Board (Officials Top Level: Federal Reserve Board (Officials

appointed to run the system)appointed to run the system) Second Level: 12 Federal Reserve banks Second Level: 12 Federal Reserve banks

(Serve other banks)(Serve other banks) Third Level: Private banks (Could borrow Third Level: Private banks (Could borrow

from Federal banks)from Federal banks)

Stronger Anti-trust LawsStronger Anti-trust Laws

In 1914, Congress passed the Clayton In 1914, Congress passed the Clayton Anti-trust ActAnti-trust Act This clarified and extended the Sherman This clarified and extended the Sherman

Anti-trust ActAnti-trust Act It prohibited companies from buying It prohibited companies from buying

stock of competing companies in order stock of competing companies in order to form a monopoly.to form a monopoly.

It also supported workers by making It also supported workers by making strikes, boycotts, and peaceful strikes, boycotts, and peaceful picketing legal for the first timepicketing legal for the first time