Francis E. Warren
Francis Emroy Warren was an American politician of the Republican Party best known for his years in the United States Senate representing Wyoming and being the first Governor of Wyoming. A soldier in the Union Army during the American Civil War, he was the last veteran of that conflict to serve in the U. S. Senate. Warren was born on June 20, 1844 in Hinsdale, Berkshire County and grew up attending common schools and his local Hinsdale Academy. During the civil war, Warren served in the 49th Regiment, Massachusetts Volunteer Infantry as a noncommissioned officer. At the age of nineteen at the siege of Port Hudson, Warren received the Medal of Honor for battlefield gallantry, his entire platoon was destroyed by Confederate bombardment and Warren, taking a serious scalp wound, disabled the artillery. Warren served as a captain in the Massachusetts Militia. Francis E. Warren married a woman from Massachusetts, although all of their married life until his first election to the United States Senate, in 1890, was spent in Wyoming.
They had two children, a daughter, Helen Frances, a son, Frederick Emory. Helen Warren was the wife of General John J. Pershing. Mrs. Warren was the president of church and charitable societies of Cheyenne, vice-president of the Foundling Hospital, Daughter of the American Revolution. Rank and Organization: Corporal, Company C, 49th Massachusetts Infantry. Place and Date: At Port Hudson, La. 27 May 1863. Entered Service At: Hinsdale, Mass. Birth: Hinsdale, Mass. Date Of Issue: 30 September 1893. Citation: Volunteered in response to a call, took part in the movement, made upon the enemy's works under a heavy fire therefrom in advance of the general assault. Following the civil war, Warren engaged in farming and stock-raising in Massachusetts before moving to Wyoming in 1868. Settling in Cheyenne, Warren engaged in real estate, mercantile business, livestock raising and the establishment of Cheyenne's first lighting system, becoming quite wealthy. Warren's political work included: Wyoming Territorial Senate, serving as senate president.
In February 1885, Warren was appointed Governor of the Territory of Wyoming by President Chester A. Arthur, although he was removed by Democratic President Grover Cleveland in November 1886, he was reappointed by President Benjamin Harrison in April, 1889, served until 1890, when he was elected first Governor of Wyoming. In November 1890, Warren resigned as governor, having been elected to the United States Senate as a Republican, serving until March 4, 1893, he resumed his former business pursuits before returning to the senate. During his long senate service, Mr. Warren was chairman of the several Senate Committees: - Committee on Irrigation and Reclamation of Arid Lands - Committee on Claims - Committee on Irrigation - Committee on Military Affairs - Committee on Public Buildings and Grounds - Committee on Agriculture and Forestry - Committee on Appropriations - Committee on Engrossed BillsSenator Warren died on November 24, 1929 in Washington, D. C, his funeral service was held in the United States Senate chamber.
At the time of his death, Warren had served longer than any other US Senator. F. E. Warren Air Force Base in Cheyenne, Wyoming is named after Warren. Additionally, Warren's daughter married then-Captain John J. Pershing in 1905. Several years President Theodore Roosevelt promoted Pershing from captain to brigadier general over 900 senior officers. Pershing's wife and three daughters were killed during a fire at the Presidio in San Francisco. Warren was the first senator to hire a female staffer and, as appropriations chairman during World War I, he was instrumental in funding the American efforts. Warren and his second wife, Clara LaBarron Morgan, bought the Nagle Warren Mansion in April, 1910, their dining room hosted people such as Presidents Teddy Roosevelt and William Howard Taft; this mansion is now listed on the National Register of Historic Places. List of Medal of Honor recipients List of American Civil War Medal of Honor recipients: T–Z National Irrigation Congress List of United States Congress members who died in office United States Congress.
"Francis E. Warren". Biographical Directory of the United States Congress. Retrieved on 2008-02-01 "Political Graveyard". Retrieved September 29, 2010. "Francis E. Warren". Claim to Fame: Medal of Honor recipients. Find a Grave. Retrieved 2008-02-01
Reed Smoot was a businessman and apostle of The Church of Jesus Christ of Latter-day Saints when he was elected by the state legislature to the United States Senate in 1902. From his time in the Senate, Smoot is remembered as the co-sponsor of the 1930 Smoot–Hawley Tariff Act, which increased 900 American import duties. Thomas Lamont, a partner at J. P. Morgan at the time said, "That Act intensified nationalism all over the world"; the Smoot-Hawley Tariff Act is regarded as one of the catalysts for the Great Depression. Smoot was a prominent leader of the LDS Church, chosen to serve as an apostle in the Quorum of the Twelve Apostles in 1900, his role in the LDS Church led to a lengthy controversy of four years after he was elected to the Senate in 1903. A Senate committee investigated his eligibility to serve, known as the Reed Smoot hearings, recommended against him, but the full Senate voted to seat him. Smoot continued to be re-elected to successive terms. Smoot returned to Utah in 1933. Retiring from politics and business, he devoted himself to the church.
At the time of his death, he was third in the line of succession to lead the LDS Church. Smoot was born in 1862 in Utah Territory, he was the son of Mormon pioneer from Kentucky and Iowa, Abraham O. Smoot, who served as mayor of the city from 1856 to 1862, his mother was Anne Kristina Morrison Smoot known as Anne Kirstine Mauritzen before her marriage. Anne Kristina Morrison Smoot was Smoot's father's fifth wife of six plural marriages and 27 children, three of whom Abraham O. Smoot adopted; the family moved to Provo, when his father was called by Brigham Young to head the stake there. Smoot attended the University of Utah and graduated from Brigham Young Academy in Provo in 1879. Following which, Smoot served as a Mormon missionary in England. After returning to Utah, Smoot married Alpha M. Eldredge of Salt Lake City on September 17, 1884, they had six children together. Thereafter, Smoot became a successful businessman in the Salt Lake City area. In 1895, he became involved in the hierarchy of the LDS Church, advancing in authority.
On April 8, 1900, Smoot was ordained an LDS Church apostle and member of the church's Quorum of the Twelve Apostles. After becoming an apostle in 1900, Smoot received the approval of LDS Church president Joseph F. Smith to run for office in 1902, he had joined the Republican Party. Smoot was elected by the Utah legislature to the United States Senate on January 20, 1903, as a Republican Senator, representing the state. Smoot was introduced to the United States Senate by Utah's senior U. S. Senator, Republican Thomas Kearns, a Catholic, elected in 1901 over Smoot. Two years Smoot ran again and was elected to the Senate. Smoot's election sparked a bitter four-year battle in the Senate on whether Smoot was eligible and should be allowed to serve. Many senators were suspicious of the LDS Church because of its earlier polygamous practices. In addition, some thought Smoot's position as a Mormon apostle would disqualify him from representing all his constituents. Many were convinced that his association with the church disqualified him from serving in the United States Senate.
Only a few years earlier, another prominent Utah Mormon, B. H. Roberts, had been elected to the House of Representatives, he was denied his seat on the basis that he practiced plural marriage, illegal in Utah as well as all other states of the Union. The LDS Church had renounced future plural marriages in an 1890 Manifesto, before Utah was admitted as a state. However, the Salt Lake Tribune reported that church leaders continued to approve secretly of new, post-Manifesto plural marriages; because of the controversy, the Senate began an investigation into Smoot's eligibility. The Smoot Hearings began on January 16, 1904; the hearings included exhaustive questioning into the continuation of plural marriage within the state of Utah and the LDS Church, questions on church teachings and history. Although Smoot was not a polygamist, the charge by those opposed to his election to the Senate was that he could not swear to uphold the United States Constitution while serving in the highest echelons of an organization that sanctioned law breaking.
Some opponents claimed that temple-attending Latter-day Saints took an "oath of vengeance" against the United States for past grievances. As a leader of the LDS Church, Smoot was accused of taking this oath. Although the majority of the investigative committee recommended that Smoot be removed from office, on February 20, 1907, the two-thirds majority required to expel Smoot failed and he was allowed to keep his seat. Smoot was reelected in 1908 and continued to be re-elected to successive terms until 1932, serving in the Senate until March 1933. A constitutional amendment mandated the popular election of US Senators after 1913, he was defeated in the 1932 election. In 1916, William Kent was the lead sponsor in the House of Representatives of legislation to establish the National Park Service. Smoot sponsored the similar Senate bill; the legislation passed the House of Representatives on July 1, 1916, passed the Senate on August 5, was signed by U. S. President Woodrow Wilson on August 25, 1916.
The agency was placed within the cabinet Department of Interior. Smoot was Chairman of the Senate Finance Committee from 1923 to 1933, served on the Senate Appropriations Committee, he became active in the national Republican Party and served as
North Carolina is a state in the southeastern region of the United States. It borders South Carolina and Georgia to the south, Tennessee to the west, Virginia to the north, the Atlantic Ocean to the east. North Carolina is the 28th-most extensive and the 9th-most populous of the U. S. states. The state is divided into 100 counties; the capital is Raleigh, which along with Durham and Chapel Hill is home to the largest research park in the United States. The most populous municipality is Charlotte, the second-largest banking center in the United States after New York City; the state has a wide range of elevations, from sea level on the coast to 6,684 feet at Mount Mitchell, the highest point in North America east of the Mississippi River. The climate of the coastal plains is influenced by the Atlantic Ocean. Most of the state falls in the humid subtropical climate zone. More than 300 miles from the coast, the western, mountainous part of the state has a subtropical highland climate. Woodland-culture Native Americans were in the area around 1000 BCE.
During this time, important buildings were constructed as flat-topped buildings. By 1550, many groups of American Indians lived in present-day North Carolina, including Chowanoke, Pamlico, Coree, Cape Fear Indians, Waxhaw and Catawba. Juan Pardo explored the area in 1566–1567, establishing Fort San Juan in 1567 at the site of the Native American community of Joara, a Mississippian culture regional chiefdom in the western interior, near the present-day city of Morganton; the fort lasted only 18 months. A expedition by Philip Amadas and Arthur Barlowe followed in 1584, at the direction of Sir Walter Raleigh. In June 1718, the pirate Blackbeard ran his flagship, the Queen Anne's Revenge, aground at Beaufort Inlet, North Carolina, in present-day Carteret County. After the grounding her crew and supplies were transferred to smaller ships. In November, after appealing to the governor of North Carolina, who promised safe-haven and a pardon, Blackbeard was killed in an ambush by troops from Virginia.
In 1996 Intersal, Inc. a private firm, discovered the remains of a vessel to be the Queen Anne's Revenge, added to the US National Register of Historic Places. North Carolina became one of the English Thirteen Colonies and with the territory of South Carolina was known as the Province of North-Carolina; the northern and southern parts of the original province separated in 1729. Settled by small farmers, sometimes having a few slaves, who were oriented toward subsistence agriculture, the colony lacked cities or towns. Pirates menaced the coastal settlements. Growth was strong in the middle of the 18th century, as the economy attracted Scots-Irish, Quaker and German immigrants. A majority of the colonists supported the American Revolution, a smaller number of Loyalists than in some other colonies such as Georgia, South Carolina, New York. During colonial times, Edenton served as the state capital beginning in 1722, New Bern was selected as the capital in 1766. Construction of Tryon Palace, which served as the residence and offices of the provincial governor William Tryon, began in 1767 and was completed in 1771.
In 1788 Raleigh was chosen as the site of the new capital, as its central location protected it from coastal attacks. Established in 1792 as both county seat and state capital, the city was named after Sir Walter Raleigh, sponsor of Roanoke, the "lost colony" on Roanoke Island; the population of the colony more than quadrupled from 52,000 in 1740 to 270,000 in 1780 from high immigration from Virginia and Pennsylvania plus immigrants from abroad. North Carolina made the smallest per-capita contribution to the war of any state, as only 7,800 men joined the Continental Army under General George Washington. There was some military action in 1780–81. Many Carolinian frontiersmen had moved west over the mountains, into the Washington District, but in 1789, following the Revolution, the state was persuaded to relinquish its claim to the western lands, it ceded them to the national government so that the Northwest Territory could be organized and managed nationally. After 1800, cotton and tobacco became important export crops.
The eastern half of the state the Tidewater region, developed a slave society based on a plantation system and slave labor. Many free people of color migrated to the frontier along with their European-American neighbors, where the social system was looser. By 1810, nearly 3 percent of the free population consisted of free people of color, who numbered more than 10,000; the western areas were dominated by white families Scots-Irish, who operated small subsistence farms. In the early national period, the state became a center of Jeffersonian and Jacksonian democracy, with a strong Whig presence in the West. After Nat Turner's slave uprising in 1831, North Carolina and other southern states reduced the rights of free blacks. In 1835 the legislature withdrew their right to vote. On May 20, 1861, North Carolina was the last of the Confederate states to declare secession from the Union, 13 days after the Tennessee legislature voted for secession; some 125,000 North Carolinians served in the military.
Samuel Johnston was an American planter and statesman from Chowan County, North Carolina. He represented North Carolina in both the Continental Congress and the United States Senate, was the sixth Governor of North Carolina. Johnston was born in Dundee, Scotland in the Kingdom of Great Britain, but came to America when his father moved to Onslow County, North Carolina in 1736. Samuel Sr. became surveyor-general of the colony where his uncle, Gabriel Johnston, was Royal Governor. Young Samuel was educated in New England read law in Carolina, he started his own plantation, known as Hayes near Edenton. Johnston began the practice of law in Edenton. In 1759 he was elected to the colony's general assembly and would serve in that body until it was displaced in 1775 as a part of the Revolution; as a strong supporter of independence, he was elected as a delegate to the first four provincial congresses and presided over the Third and Fourth congresses in 1775 and 1776. In the time after the Royal Governor Josiah Martin abdicated in 1775, he was the highest-ranking official in the state, until Richard Caswell was elected president of the Fifth Provincial Congress.
Johnston is cited as having served in the North Carolina Senate in 1779, but this is not confirmed by a careful perusal of the Senate Journals. He may have been elected but he did not attend. In Johnston's own words, after 1777 he "had nothing to do with public business" during the Revolution except for his service in the Continental Congress. Under the new state Government, Johnston was elected to the North Carolina Senate in 1783 and 1784. North Carolina sent Johnston as a delegate to the Continental Congress in 1780 and 1781. Johnston was elected the first President of the United States in Congress Assembled under the Articles of Confederation, but he declined the office, as reportedTemplate:USCA Journals, America's Four Republics: The More or Less United States. 2d Edition July 10, 1781: Mr. Johnston having declined to accept the office of President, offered such reasons as were satisfactory, the House proceeded to another election. Thomas McKean was elected. Thomas Rodney's letter to Caesar Rodney of Delaware, dated the same day, reported Johnston's decision to decline the U.
S. Presidency: Congress has been endeavouring some time past to elect a new President, Mr. Huntington having applied for leave to go Home on Account of his health and private affairs, Yesterday Mr. Johnston of N. Carolina was appointed but he declined it on Account of his Bad State of health, Today Mr. McKean was appointed and prevailed on to serve Till October next at Which Time he says he is determined To decline serving in Congress any longer; the reasons for Johnston's refusal to serve are unclear, but some historians claim the letter of July 30, 1781 indicated he was in no position to accept an office which offered no salary: Having no prospect of being relieved or supplied with money for my expenses and my disorder, which abated a little on the first approach of warm weather, returning so as to render me of little use in Congress I left Philadelphia the 14th, for which I hope I shall be held excusable by this state. Johnston's letter to James Iredell only one month earlier gives support to that conclusion with him writing: I thought about this time to be making preparations for leaving this place, but none of my colleagues appearing to relieve me, several States being unrepresented in Congress, affairs of the first magnitude being now on the tapis, I thought it inconsistent with my honor to leave the State unrepresented at so interesting a period.
Notwithstanding my anxious impatience to return to my family, I have determined to stay till I am relieved, or at least till the States are more represented in Congress. I don't doubt but you and my sister will offer such reasons to Mrs. Johnston as will reconcile her to this measure. I hope she will keep up her spirits and if I should not return before the sickly season, I wish you would prevail on her to take the children down to the sea-side, if it can be done with safety; the uncertainty of a letter's getting safe to you, lays me under great restraints. I can only mention in general that the King of France has given us under his own hand lately, the most unequivocal assurances of his friendship and support, is at this time exerting his interest and influence at the different courts in Europe to bring our affairs to a happy and speedy conclusion. We shall suffer much in this campaign. I may be disappointed, but was I at liberty to commit my reasons to writing, you would not hesitate to subscribe to my opinion.
Our prospects are fair in Europe, but it is necessary we should exert ourselves here, for every advantage we gain this summer will count as so much solid coin. We are in daily expectation of hearing from the General, at Connecticut to consult the officers of the French army and navy. My hopes and expectations of a favorable issue to our troubles are sanguine. Present my love to my sisters, the children, all friends. Let my brother see this and the newspapers, when you have an opportunity. I present my best wishes to him, his family. I wish much to
The Political Graveyard
The Political Graveyard is a website and database that catalogues information on more than 277,000 American political figures and political families, along with other information. The database attempts to capture basic biographical and office-holding data for its political figures. Besides where they are buried, it records dates and locations of birth and death, offices held and the applicable dates, organizational affiliations, cause of death, it reports their relation with other politicians listed, their political party, limited military history. The names are sorted and indexed by surname, positions held, religion, cause of death, final resting place, with each entry having fewer than five lines of text; the name comes from the website's inclusion of the burial locations of the deceased. The site was created in 1996 by Lawrence Kestenbaum an academic specialist at Michigan State University, on staff at the University of Michigan. Kestenbaum was a county commissioner, in 2004 was elected to be County Clerk/Register of Deeds of Washtenaw County, Michigan.
The site and its underlying database were developed from a personal interest triggered by the Biographical Directory of the U. S. Congress, its original data source. Since his personal research, the information contributions of hundreds of volunteers have expanded the information available, it is licensed under the "Attribution-NonCommercial-ShareAlike 1.0" Creative Commons License. Over the years the definition of "eligible political figure" has been expanded, it now includes most high federal officials, all elected and some appointed statewide officeholders, many mayors. It lists unsuccessful candidates, presidential electors, delegates to U. S. presidential nominating conventions of the major political parties. Politicians are listed alphabetically, by office held or sought, by location of birth and death; some are listed in categories, including occupations, ethnicity and organizational affiliation and awards. Politicians accused of crimes or touched by scandal are listed by the nature of the accusation, as well as by decade and by state.
Cause of death is broken down into dozens of categories. The site lists political families. Individuals listed on the site are linked together if their relationship meets the Rule of 1/1000 common ancestry; each cluster of three or more linked politicians is treated as a family, with family name and location assigned by an algorithm. The site's largest cluster, with 2,134 members, is called "Two Thousand Related Politicians"; the largest subset family is the Huntington-Chapin-Waterman family of Connecticut, with 229 members
North Carolina Democratic Party
The North Carolina Democratic Party is the North Carolina affiliate of the national Democratic Party in the United States. It is headquartered in the historic Goodwin house, located in the downtown area of Raleigh at 220 Hillsborough Street; the second party system emerged from a divide in the Democratic-Republican party in 1828. They split off into two groups, the Democrats, led by Andrew Jackson, the Whigs. In North Carolina, people from the west and northeast supported the Whigs because they wanted education and internal improvements to help with the economy. Meanwhile, Eastern North Carolina was dominated by wealthy planters who tended to oppose activist government. Over time, the Democrats came to support many of the Whig policies on internal improvements. For the first time in history voters were splitting off into one of the two parties. In the 1850s the Whigs were split by the issue of slavery. Former Confederates and Whigs formed the Conservative Party and opposed the reconstruction policies enacted by the U.
S. Congress following the Civil War. By 1870, the two main parties were the Conservatives, the Republicans. Before the 1960s many of the white leaders of the NCDP, as was the case with most state parties in the one-party South, supported racial segregation, but beginning with the Republicans' 1964 Presidential campaign and Richard Nixon's "Southern Strategy" in 1968, many with such views – such as TV commentator Jesse Helms, who went on to serve several terms in the U. S. Senate – flocked to the Republican party. Since the majority of minority voters have joined moderate and progressive white voters to make NCDP values consistent with those of the national Democratic party. Jimmy Carter carried North Carolina in the Presidential campaign of 1976, but from 1980 to 2004, the Republican nominee for the presidency won the state. In spite of the conservative bent of North Carolina's politics, a number of liberal Democrats, such as Terry Sanford and John Edwards, have been elected to represent the state at the federal level.
Edwards was the Democratic nominee for Vice President in 2004. Sen. Elizabeth Dole, the wife of Republican Senator and Presidential candidate Bob Dole - and a one-time presidential candidate herself - was defeated for reelection in 2008 by Kay Hagan, the same year Barack Obama carried the state in his victory over Republican John McCain by a margin of less than one half of a percentage point. North Carolina Democrats scored impressive victories in the 2006 general elections, increasing their majorities in both houses of the North Carolina General Assembly and defeating incumbent Republican Congressman Charles H. Taylor. In addition, most candidates backed by Democrats in the non-partisan races for the North Carolina Supreme Court and the North Carolina Court of Appeals were elected; these victories came despite controversies surrounding Jim Black, a Democrat and former Speaker of the North Carolina House of Representatives. The State Board of Elections ruled that Black's campaign illegally accepted corporate contributions and checks with the payee line left blank.
He pleaded guilty to a federal corruption charge, after denying charges through the November 2006 election. He won re-election by just seven votes in a Democratic district, but resigned from office in 2007. In 2008, the North Carolina Democratic Party once again earned major victories in state and federal elections. For the first time since 1976, the Democratic nominee carried North Carolina in the presidential election. Meanwhile, Kay Hagan was elected to the U. S. Senate over incumbent Elizabeth Dole, Beverly Perdue was elected governor to succeed fellow Democrat Mike Easley. In 2010, Republicans swept North Carolina, taking control of both houses of the General Assembly for the first time since 1896, reelecting Richard Burr to a second term by double digits, unseating incumbent Democratic Rep. Bob Etheridge. Bev Perdue retired as Governor and the Democratic nominee for Governor, Lieutenant Governor of North Carolina Walter H. Dalton was defeated in the general election by Republican Pat McCrory.
Incumbent Democratic Rep. Larry Kissell was unseated and Reps Heath Shuler and Brad Miller both retired and their seats were gained by Republicans. 2014 saw Incumbent Senator Kay Hagan defeated for re-election and the seat of Rep. Mike McIntyre who had retired was taken by a Republican. Democrats in the North Carolina House of Representatives flipped four seats from Republican held districts in Wake and Buncombe counties; the state party saw success in the non-partisan races for North Carolina Supreme Court and the North Carolina Court of Appeals. In 2016, Democrats retook the governor's office, electing then-Attorney General Roy Cooper, while electing a Democrat to succeed him as Attorney General, Josh Stein. Meanwhile, Democrats lost seats in the North Carolina Council of State, picked up one seat in the state House and lost one seat in the state Senate. Democratic nominee Deborah K. Ross lost the U. S. Senate election to incumbent Richard Burr. Democrats retook the majority on the North Carolina Supreme Court for the first time in the 21st century.
North Carolina Democratic Women Young Democrats of North Carolina College Democrats of North Carolina NC Senior Democrats NC Teen Democrats African American Caucus of the NC NCDP Hispanic American Caucus LGBT Democrats of North Carolina The state party chair is Wayne Goodwin, elected in 2017. The chair is elected by and leads the state Executive Committee, a body of more than 700 Democratic Party leaders and activists from all 100 counties, which governs the party. Aisha Dew is the first vice chair, Matt Hughes is the second vice chair, Nida Allam is the third vice
The Great Depression was a severe worldwide economic depression that took place during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations, it was the longest and most widespread depression of the 20th century. In the 21st century, the Great Depression is used as an example of how intensely the world's economy can decline; the Great Depression started in the United States after a major fall in stock prices that began around September 4, 1929, became worldwide news with the stock market crash of October 29, 1929. Between 1929 and 1932, worldwide gross domestic product fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession; some economies started to recover by the mid-1930s. However, in many countries the negative effects of the Great Depression lasted until the beginning of World War II; the Great Depression had devastating effects in countries both poor. Personal income, tax revenue and prices dropped, while international trade plunged by more than 50%.
Unemployment in the U. S. rose to 25% and in some countries rose as high as 33%. Cities around the world were hit hard those dependent on heavy industry. Construction was halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few alternative sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Economic historians attribute the start of the Great Depression to the sudden devastating collapse of U. S. stock market prices on October 29, 1929, known as Black Tuesday. However, some dispute this conclusion and see the stock crash as a symptom, rather than a cause, of the Great Depression. After the Wall Street Crash of 1929 optimism persisted for some time. John D. Rockefeller said "These are days. In the 93 years of my life, depressions have gone. Prosperity has always returned and will again." The stock market turned upward in early 1930. This was still 30% below the peak of September 1929.
Together and business spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, many of whom had suffered severe losses in the stock market the previous year, cut back their expenditures by 10%. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S. By mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928. Prices in general began to decline, although wages held steady in 1930. A deflationary spiral started in 1931. Farmers faced a worse outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance; the decline in the U. S. economy was the factor. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.
S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade. By 1933, the economic decline had pushed world trade to one-third of its level just four years earlier. Change in economic indicators 1929–32 The two classical competing theories of the Great Depression are the Keynesian and the monetarist explanation. There are various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists; the consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought more goods, exacerbating the drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply exacerbated the economic situation, causing a recession to descend into the Great Depression.
Economists and economic historians are evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending investment, is the primary explanation for the onset of the Great Depression. Today the controversy is of lesser importance since there is mainstream support for the debt deflation theory and the expectations hypothesis that building on the monetary explanation of Milton Friedman and Anna Schwartz add non-monetary explanations. There is consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse. If they had done this, the economic downturn would have been much shorter. British economist John Maynard Keynes argued in The General Theory of Employment and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment, well below the average.
In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Keynes' basic idea was simple