The United States In The 20th Century, 1920-1932 (1967)

[Music] 1919 a glorious year for many American families transport ships were bringing American troops home after their victories on the European continent they and their allies had won the world war and there was great rejoicing in cities like New York World War I was over and yet beneath the gayy was a mood of deep concern president woodro son returning from Allied peace conferences overseas embodied that concern even as the welcoming salutes were being fired President Wilson grappled with a grave problem how to convince the American people that they must continue to take part in international Affairs even though the actual fighting was over but Americans wildly Delirious with the war's end were in no mood to listen to their sober president he might concern himself with Europe but after years of austerity and sacrifice they desired little more than a return to the good old days they listened respectfully enough to their wartime president as he stumped the nation striving to Rally the people's support for the League of Nations the league was an ideal on which Wilson was willing to stake his own great popularity a plan he felt would guarantee peace yet the majority of Americans much to Wilson's disappointment withheld their support within a year the president's fight for the league was ended the grueling schedule of speeches in support of the league had taken their toll of the president's Health by 1920 the effect of his unsuccessful Crusade for United States support of the League of Nations was clearly written on the president's face why had the American people refused to support Wilson's foreign policy to simplify matters let's say that Americans wanted to forget forget the war and its restrictions they wanted to return to the good old pre-war days that Wilson's liberal Democrat Administration and a World War had seemingly interrupted in short they wanted a social and political change the Republican candidate in the presidential election of 1920 most Americans agreed was the right man to Institute such a change Warren G Harding was neither political theorist nor Crusader his promise to the people was simple and clear-cut a return to normaly to the way things had been before the war the public rallied to Harding's promise here at last was a candidate pledged to conservative government pledged to limited Federal controls in personal and business Affairs pledged to the American tradition of proud individualism elected by a resounding majority Harding set out for his inauguration this was a truly symbolic moment for here together were the Victorious Harding the determined dedicated conservative and the ailing retiring Wilson the intellectual liberal in front of the capital traditional site of presidential inaugurations Harding received the oath of office and sounded the keynote of his policies by saying that he wanted the best Minds to advise him true to his aims Harding recruited many distinguished private citizens to serve his administration and several did so ably Charles Evans Hughes secretary of state was one of the most capable in 1921 Hughes was responsible for an International Conference among several military Powers at which a treaty for voluntary curtailment of Naval construction was signed this treaty seemed a practical way to avoid another International war in domestic affairs Congress passed a national budget act putting the government on a unified budget for the first time such conservative measures were actively supported by Secretary of the Treasury Andrew melon who believed in cutting the federal budget reducing personal taxes and raising tariffs under President Harding's Administration then the tempo of American Life did return to the promised normaly at least for a while Americans returned to peacetime activities there was more time for leisure now and for entertainment signs of the new Prosperity could be seen in almost every segment of the economy employment levels climbed as manufacturing and other business business activities increased this increase was due in great part to technological advances perfected during the war and which were now being applied to the production of consumer goods from electric light bulbs to Automobiles and automobile parts mass production on assembly lines meant a greater flow of goods with the stepped up economy income for most Americans was reaching new highs under conservative government there was one group however not sharing in this Prosperity farmers were in economic trouble overproduction plummeting food prices and inflation had forced many farmers into poverty or bankruptcy here then was a hard core of discontent with conservative government further criticism of the Harding Administration was being voiced by political liberals like Al Smith governor of New York but all criticism was temporarily suspended in August 1923 as a shocked Nation heard of the sudden death of its president grief stricken the nation marked time as the flag draped coffin of President Harding was moved in stately procession down Pennsylvania Avenue to the capital yet even as Americans mourned they were learning details of shocking misconduct in Harding's Administration charges of graft were brought against Secretary of the Interior Albert B fall one of Harding's closest Associates he had secretly leased Naval oil reserves to private developers thus precipitating an incident newspapers vly exposed as The Teapot Dome scandal then there were the cases of attorney General Harry M Dy who had used his office for personal gain and alien property custodian Thomas W Miller who was to be accused and convicted for the misappropriation of certain stocks owned by aliens still several presidential appointees men like Secretary of State Hughes Secretary of the Treasury melon and Secretary of Commerce Herbert Hoover had proved honest and competent with such men it was difficult to condemn outright Harding's Administration few doubted the honesty and competency of Vice President Kelvin kulage who vigorously completed Harding's term of office and continued to pursue the cause of conservative government kulage so successfully restored Integrity in Washington that he easily won the presidency for himself in the election of 1924 kulage is in inauguration meant the continuation of golden Prosperity economic indicators such as rates of steel production number of construction starts levels of employment all pointed upwards there were plenty of factors that kept the economy booming in the mid 1920s radio was fast developing as a means of communication and entertainment and as a medium of advertising the prosperous American public was exhorted on all sides to buy not only the necessities of everyday life but fashionable clothing as well then too there was a whole new array of improved appliances on the market as time went on increasing numbers of products were sold on credit as wages failed to keep up with prices installment buying became more common in the purchase of automobiles the motorc car industry boomed production increased from 1 and A2 million cars in 1921 to More Than 3 million in 1924 mass production was lowering the cost of automobiles making them available to more Americans here was the beginning of the automobile industry which was to be a key factor in the American economy more cars led to the start of a paved highway system that would eventually span the country country another Transportation industry still in its infancy was Air transport here was a further example of how science Industry and commerce were joining hands to strengthen and build the economy to most Americans the sky seemed the only limit to their prosperity as industrial profits increased the stock market attracted much public interest month after month stock prices Rose reflecting the people's confidence in a continuing Prosperity by 1928 Americans had become expert at interpreting the cryptic symbols of stock tickers stock could also be purchased on credit or margin for a fraction of their cash value in the hope that they could be sold later at higher prices even people of average means read stock market reports hoping to build small sums into fortunes if the boom continued but there were dangers signs not reflected in the rising stock quotations continuing overproduction of food stuffs was one sign that all was not right with the economy Farmers grew larger crops in an effort to keep Pace with the rising prices they paid and the falling prices they received even so the conservative administration of president kulage had a wide base of popular support kulage did not choose to run for another term so the delegates to the republ Republican Convention of 1928 nominated Herbert Hoover well-known administrator and planner with a fine record in public office Hoover launched a vigorous campaign across the country and the sizes of the crowds that came to cheer him indicated the people's satisfaction with conservative government the nation Hoover declared was close to abolishing poverty and continuing conservative government might well mean achieving that goal most people seem to agree of quite another opinion was liberal Democratic candidate Al Smith this popular governor of New York showed surprising political strength but in 1928 Herbert Hoover was elected to succeed president kulage the philosophy of conservative government would continue for at least four more years under President Hoover for a time after Hoover's inauguration the economic news continued to look promising stock prices continued to rise and many investors happily awaited the day when stock prices reached their High Point the day they'd sell their paper fortunes for real wealth but from the financial district along Wall Street in New York City Signs of economic instability began to appear in October October 1929 as the market started to Sag by the end of October a continuous wave of selling had plunged the market into a decline of value estimated at $15 billion Panic set in on the floor of the stock exchanges as the slump in prices wiped out the savings of countless Americans the actual causes behind the market crash are difficult to determine even today but one thing is certain it set off the greatest depression the country had ever known as business activity dwindled in the months after the crash more and more factories cut production or shut down unemployment soared people's confidence in conservative government was badly shaken as the ranks of the jobless increased the burden of nearly a decade of uncontrolled economic boom and inflation had fallen upon president Hoover's shoulders the president counseled that the effects of the crash would be only temporary if public concern could be kept from deteriorating into hysteria to do this he proposed to Congress certain Aid measures including loans to Industry and a federal Farm program but the situation had already deteriorated crowds of unemployed milled about aimlessly on the streets others without the price of a meal waited in missionary soup and bread lines and still others clamored outside banks for their savings the banks too had been caught in the plummeting economy and could not pay their depositors the 1931 bank failures together with chronic unemployment had shaken the faith of the people in conservative government this way of life was certainly not the prosperous life they believed had been promis them hopelessness gave way to desperation early in 1932 thousands of militant unemployed singing shouting and chanting protest slogans descended upon Washington to present personally their demands for economic relief to the government fearful that the crowd's emotions might erupt into violence a presidential order kept the protesters under armed surveillance this incident was symbolic of the way the people were now turning away from the conservative philosophy of government they had favored so long once again they desired a change in the Democratic party a new liberal leader was emerging as presidential candidate in 1932 Franklin D Roosevelt Roosevelt promised recovery through new methods of priming the economy to many people he was a warm magnetic person personality genuinely concerned with their problems to others he was a crowd pleaser a skilled politician seeking power in his campaign Roosevelt promised new expanded powers for the federal government these Powers would include new tax measures new social reforms New Economic controls in short a new deal and the public responded overwhelmingly the election of Roosevelt to succeed President Hoover meant that the public had temporarily rejected the conservative philosophy of [Music] government 12 years of conservative government from 1920 to 1932 a conservative era had come to an [Applause] man