Smoot Hawley Tariff Act Of 1930 Research Paper

The Hepburn Act was used to help improve the Elkins Act and to strengthen the Interstate Commerce Commission (ICC)

“It increased 900 import tariffs by an average of 40 to 48 percent.” On the face of the Smoot-Hawley tariff, it protected the farmers in US. Rather than helping, with the high-tariff, the food prices must be raised for the Americans in the depression. In the other hand, international trade in capitalism has shrunk dramatically. Also, “The Smoot-Hawley tariff compelled other countries to retaliate with their own tariffs.

The Gilded age is an American History term meaning covered with glitter and gold and was applied to this period because of political corruption. President Grant was elected as president because of his war experience not his political background. He relied on his staff to help him make decisions. His staff was very corrupt and found themselves involved in many political scandals. Some of the issues that grant faced during his time in office was printing money, cheaper currency, and inflation.

When understanding the significance of William McKinley and his developments in the economic maintenance of US society we come to appreciate the great advancements made by him in regards to the uplifting of American economy at the time. Once he had presumed the responsibilities of office, McKinley immediately turned his attention to measures for assuring economic recovery. McKinley was particularly passionate about keeping American investment within the country. It led to the Dingley Tariff Act of 1897 that protected manufacturers and factory workers from foreign competition and gave stability to the economy through the idea of ‘Protectionism’. The tariff continued for up to twelve years and became the highest tariff in American history.

Theodore Roosevelt, the former governor of New York, became president in 1901 and served until he left office in 1909, but due to a very odd set of circumstances. He was put on the ballot as incumbent President McKinley’s running mate. This was done so he could stay in politics an important member of the Republican party, but it also gave him as little power as possible, so he could be unable to exercise his unorthodox methods. However, President McKinley was shot and killed, so Roosevelt was sworn in. As shown in Appendix 1, President Roosevelt’s foreign policy was based upon regulating two entirely different groups of people; the developed, rich countries, and the undeveloped, poorer countries.

Then when the crop prices were declined,led to farmers losing their land. The uneven distribution of income was bad for the economy because wages hardly increased compared to the large increases in productivity and corporate profits. Wealth was not being shared equally.

Between 1876 and 1896 Congress had to deal with four major issues, along with other issues. The four major issues included tariffs, currency, civil service, and government regulation of railroads. While dealing with these issues they had to put into consideration their needs, the peoples needs, and what makes a healthy government. The issue of tariffs made Congress decide wether to raise or lower tariffs. The two parties, Democrats and Republicans, did not see eye to eye on this issue.

In result of the great depression, president Herbert Hoover fabricated the theory of “rugged individualism”, which is the idea that people succeed through their own efforts. During Hoover’s presidency he rejected the proposal of government action and relied on private charities and the local government to help feed and clothe those in need, he also did not want the government to create new jobs because that would increase government spending. Furthermore, congress passed the Hawley-smooth tariff which raised the average tariff rate to the highest it has ever been in American history. Moreover, the tariff aimed to protect American manufactures from foreign competition, however it also damaged American sales, this resulted in imports to cost

His version of free market economy, however, included antitrust views, and did not perceive labor unions as a hindrance to the “market freedom”, allowing for the right to create such unions and fight for laborers’ rights (Foner 720). Among notable documents adopted during his presidency are the Underwood Tariff Act, which lowered import duties and “imposed a graduated income tax on the richest 5 percent of Americans”, and the Clayton Anti-Trust Act, which gave workers more rights to protect themselves (Foner

The Commerce clause refers to Article 1, Section 8, Clause 3 of the United States Constitution, which gives Congress the power “to regulate commerce with foregin nations, and among the several states, and with the Indian tribes”. This clause is one of the most fundamental powers delegated to congress by the founders. It has helped to seprate the powers between the federal governemtn and the states, along with the branches of governemtn and Judiciary. In simpler terms the commerce clause was to help regulate commerce among navigable waters.

During this time period the outstanding debt of the national government decreased as a whole, which showcases that despite how the government was centering more attention on nonmilitary activities and likely interfering with laissez faire, the economy of the country improved as a whole. Government interference through the interstate commerce act also proved to be beneficial to both the party it was interfering on behalf of and the railroad systems. The act was seen as necessary in order to “conserve and protect” without harming the interests of the enterprises. It was in this same point of view that John Sherman created the Sherman Antitrust Act, for the sake of aiming at unlawful combinations and not harming any innocent enterprises. However, congress did follow in accordance to laissez faire when they resolved to no longer grant subsidies to corporations or private

Calls for increased protection came in from industrial sector special interest groups, and a bill meant to provide relief for farmers became the reason to raise tariffs in all sectors of the economy. Congress had agreed to tariff levels that exceeded the high rates established by the Fordney-McCumber Act in 1922 and represented among the most protectionist tariffs in the United States history. The Hawley-Smoot Tariff is connected to the film because it was passed while the Great Depression took

William McKinley was the 25th President of The United States of America, from 1897 to September 14th 1901, the day of his unforgettable assassination. William McKinley was definitely a family man, and most importantly an outstanding politician. President McKinley was successful not only in Domestic Affairs and Foreign Affairs, but also in his Campaigns and Elections. Unlike past unsuccessful Presidents, President William McKinley was extremely successful in his Presidential Administration. William was a natural-born politician and was outstandingly successful in Foreign Affairs.

In September of 1901 President William McKinley was assassinated and Theodore Roosevelt became president. President Roosevelt invoked the Sherman Antitrust Act, which went against the Northern Securities Company, which was a railroad company, and the Supreme Court ordered the company to dissolve. Many of his actions showed his independence from big business. Roosevelt was reelected on the “square deal”. Many of the Progressive reforms came from the Populist program, but populism failed because it was a rural protest.

The Act was made in efforts to increase U.S. Tariffs on agriculture imports and food to relieve the stress on the farmers suffering from the Great Depression. Instead of relieving stress for farmers, the Act only increased the deprivation of the Great Depression. Furthermore, the Act raised around 900 import tariffs by an average of 40% to 60% (CFI, 2023). In addition, the government created the Securities and Exchange Commision (SEC) in 1934 to restore the publics positive view on the financial market and regulate commerce in stocks and