Welcome to Part Twenty-Nine. It’s time for the president who oversaw the start of the Great Depression, the one with a dam named after him. Let’s dive into the administration of Herbert Hoover:
Inauguration- 4th March 1929
Herbert Hoover was inaugurated on the East Portico of the Capitol Building by Chief Justice William Howard Taft. The weather was poor and a heavy downpour saw Hoover and others get soaked. There was .40 inches of rain and it was 48F/9C at noon. Taft famously made an error when reciting the inaugural oath. It was the first inauguration to be recorded by sound newsreels. The inaugural address was 3,672 words, higher than average. His inaugural address was optimistic: ‘The United States fully accepts the profound truth that our own progress, prosperity, and peace are interlocked with the progress, prosperity, and peace of all humanity. The whole world is at peace.’
Signs Agricultural Marketing Act- 15th June 1929
Hoover signed the Agricultural Marketing Act on this day. The act was an attempt to stabilise farming prices. It approved a $500M low-cost loan for small cooperatives. Furthermore, the government bought surplus stock and loaned money to farming organisations. When farmers realised they could get more money, they just overproduced, and the money soon disappeared.
The Young Plan is settled- 31st August 1929
The Young Plan was settled. It reduced the German reparations to 36bn Reichsmarks (112bn including interest), allowed them fifty-nine years to pay, set up a bank to handle the funds and ended foreign control of the German economy. Germany continued interest payments until the outbreak of WWII.
Wall Street Crash/Black Thursday- 24th October 1929
The Wall Street Crash happened on this day. Perhaps one of the most important events in American history, numerous factors- increased speculation, overproduction and high borrowing being some. When trading opened on the 24th October, the Dow Jones fell by 11%. Nearly thirteen million shares were sold and banks such as J.P. Morgan attempted to circulate their own money into the system. It worked slightly and the day ended better, but more panic set in over the weekend.
News Conference- 25th October 1929
Hoover delivered a news conference on this day, following the Wall Street Crash. He famously said: ‘The fundamental business of the country, that is, the production and distribution of commodities, is on a very sound and prosperous basis.’ This would surely come back to haunt him.
Black Tuesday- 29th October 1929
Black Tuesday happened on this day. Any hope that the panic from five days before evaporated by one of the largest one-day drops in history, at 12%. A record-breaking sixteen million shares were sold in a panic. $30bn was wiped off the market between September and November, and the Great Depression had begun.
Charles Evans Hughes becomes Chief Justice of the Supreme Court- 24th February 1930
Charles Evans Hughes became Chief Justice of the Supreme Court on this day. He had previously been an Associate Justice between 1910 and 1916 but had quit to become the Republican nominee. He was then Secretary of State under Harding and Coolidge. When Chief Justice Taft resigned, an opening came up. Hughes would serve as Chief Justice until his retirement in 1941 and be known as being a centrist.
Construction on the Empire State Building begins- 17th March 1930
Construction on the Empire State Building began on this day (though not with the Daleks, as Doctor Who might have you believe). It took only a year to build and was opened on the 1st May 1931. The Empire State Building was the tallest in the world until 1970.
Economists’ petition presented to Hoover- 30th May 1930
A petition signed by over one thousand economists was presented to Hoover on this day. They were worried about the upcoming Smoot-Hawley Tariff and the effects it would have on the economy. One of the main signatories was Paul Douglas, a future Democratic senator.
Signs Smoot-Hawley Tariff Act- 17th June 1930
Hoover signed the Smoot-Hawley Tariff Act on this day. Whilst economists begged him not to, there was pressure from the Republicans to fulfill campaign promises. It increased the import duties on thousands of items and allowed the president to raise it by 50% if he wished. The act failed in its attempts to protect farmers and revitalise the economy, as other nations immediately put up retaliatory rates.
Signs Veterans Administration Act- 3rd July 1930
Hoover signed the Veterans Administration Act on this day. This created the Veterans Administration, active from the 21st July.
Bank of Tennessee fails- 7th November 1930
The Bank of Tennessee failed on this day. The collapse of the Caldwell and Company Financial Group triggered this event, which led to a domino effect that saw numerous banks in the region close.
Bank of the United States fails- 11th December 1930
The Bank of the United States failed on this day. As the fourth largest bank in New York, its failure triggered mass financial panic. Many more banks would fail in the next few years.
Signs Employment Stabilization Act of 1931- 10th February 1931
Hoover signed the Employment Stabilization Act of 1931 on this day. As sort of a precursor to the New Deal, it sought to use public works as a way to alleviate large scale unemployment.
Star Spangled Banner becomes the official US National Anthem- 4th March 1931
The Star Spangled Banner became the official national anthem of the United States on this day. First written during the War of 1812, it has been deeply associated with America since and is a staple at many events. ‘Say can you see…?’
Contracts are given out for what would become the Hoover Dam- 11th March 1931
Contracts are awarded for the Boulder Dam on this day. Hoover had been involved in planning the dam since his time as Commerce Secretary, and it was renamed for him in 1947.
Scottsboro Boys incident- 25th March 1931
The Scottsboro Boys incident happened on this day. There was a confrontation between black and white youths on a train in Northern Alabama. The white boys left the train and when some white girls were arrested, nine black teenagers were accused of raping them. All white juries sentenced eight of the nine to death, whilst the thirteen year-old Eugene Williams was given a mistrial due to his age. After two more trials, four men were acquitted and the other five saw harsh sentences that included the death penalty. Alabama granted posthumous pardons to the remaining three in 2013, twenty-four years after the last accused died.
Hunger Marchers clash in DC- 7th December 1931
The Hungers Marchers clashed with security in DC on this day. The marchers were made up of two thousand workers from across the country, supported by the Communist Party, arrived at the White House and Capitol Building in hopes of delivering a petition for unemployment insurance. They were prevented from entering by armed police.
Signs the Glass-Steagall Act- 27th February 1932
Hoover signed the Glass-Steagall Act on this day. Officially known as the Banking Act of 1932, it separated commercial and investment banking, prevented banks from using customer deposits in speculative investments and established the Federal Deposit Insurance Corporation. The act was repealed in 1999, but there were calls for it to return following the financial crash in 2008.
Bonus Army arrives in DC- 29th March 1932
The Bonus Army arrived in DC on this day. The Bonus Army was a group of tens of thousands of veterans and supporters who wanted their service bonus certificates redeemed. These certificates were not due to be redeemed until 1945, but many were desperate due to the Great Depression. They remained camped in the Anacostia for months.
Lindbergh baby kidnapping- 1st March 1932
Charles Lindbergh’s son Charles Junior was kidnapped on this day. The baby had been seemingly snatched from his crib and a ransom note left in his place. A massive law enforcement effort to find him began, helped by the fact Lindbergh was such a huge figure in the country. For over two months, law enforcement worked with organised crime and other public figures. A ransom was paid but on the 12th May, a body was sadly found. A German carpenter named Bruno Hauptmann was eventually arrested, tried, convicted and executed. To this day, many believe Hauptmann was innocent and a number of theories exist, including that Lindbergh was involved in his son’s kidnapping and murder. Hauptmann’s widow campaigned to clear his name until her own death in 1994.
Signs Emergency Relief and Construction Act of 1932- 21st July 1932
Hoover signed the Emergency Relief and Construction Act of 1932 on this day. Another precursor to the New Deal, it provided federal relief loans to states and new public works constructions. The unemployed received loans also.
Bonus Army clash- 28th July 1932
The Bonus Army clashed with the military and police on this day. After several months’ peaceful encampment, the peace was broken when two veterans were shot dead by cops. General Douglas MacArthur and Major George S. Patton were among the leaders of troops who charged the camp and evicted the residents. Dwight D. Eisenhower, then a major, disagreed with the course of action. The camp in Anacostia was then cleared. Hoover’s credibility was further destroyed.
Loses reelection- 8th November 1932
Hoover lost reelection on this day. Considering the economy and other factors, one can imagine this was a foregone conclusion. Hoover won six of forty-eight states and this was the last time a Republican won the African-American vote. Twelve years of a Republican in the White House were finished, leading to twenty years of a Democratic resident.
Leaves office- 4th March 1933
Hoover handed the keys to the office over to Franklin D. Roosevelt (who he outlived by nearly twenty years) on this day. Over the next thirty years, Hoover enjoyed a very active post-presidency. This included advocating for Republican and conservative issues. Hoover met Hitler, opposed intervention in WW2 but also continued his humanitarian work by helping Finnish refugees during the Winter War. Following WW2, Hoover was brought in by Harry S. Truman to do humanitarian work in Europe and head up a government waste programme. He supported Republican politicians and when a presidential pension bill was passed, Hoover took it even though he didn’t need it, as he knew that Truman was in desperate need. His beloved wife Lou died in 1944. Herbert Hoover died on the 20th October 1964 aged ninety of an internal hemorrhage. He was only the second president to reach that age. Hoover is often seen as a bad president, though not the absolute worst, usually floating above the lower end of the presidential rankings. He is nevertheless regarded as an excellent humanitarian and one of the most personally moral presidents.
That’s it for Herbert Hoover. Tune in next time for Part One of Franklin D. Roosevelt, in which we’ll see him deal with the New Deal, fireside chats and the beginning of WW2.
