In November 1885, Hoover was sent to Newberg, Oregon, to live with his uncle John Minthorn, a Quaker physician and businessman whose own son had died the year before. The Minthorn household was considered cultured and educational, and imparted a strong work ethic. Much like West Branch, Newberg was a frontier town settled largely by Midwestern Quakers. Minthorn ensured that Hoover received an education, but Hoover disliked the many chores assigned to him and often resented Minthorn. One observer described Hoover as “an orphan seemed to be neglected in many ways”. Hoover attended Friends Pacific Academy , but dropped out at the age of thirteen to become an office assistant for his uncle’s real estate office in Salem, Oregon.
He ordered the police to empty the buildings and clear out the camps, and in the exchange that followed, police fired into the crowd, killing two veterans. Fearing an armed uprising, Hoover then ordered General Douglas MacArthur, along with his aides, Dwight Eisenhower and George Patton, to forcibly remove the veterans from Anacostia Flats. The ensuing raid proved catastrophic, as the military burned down the shantytown and injured dozens of people, including a twelve-week-old infant who was killed when accidentally struck by a tear gas canister. Desperation and frustration often create emotional responses, and the Great Depression was no exception.
Second, throughout the 1920s, the larger corporations had tended to finance expansion with new securities issues or simply by surplus profits. In the boom economy of the 1920s, the larger corporations often did not have to acquire commercial loans for expansion. The administration was unaware of these developments because they had assumed that bank lending was more involved in the economic boom of the 1920s. During the Great Depression, President Hoover had stood with his philosophy of limited government, which he believed the economy would recover on its own. Hoover would refuse to give handouts or provide financial donations, because he saw this as direct government aid.
The loan was issued and it did save the bank for two months, long enough to shore up smaller banks under its control. After many difficulties with managing the RFC board and concerned about managing his own bank, Dawes resigned as president of the RFC on June 6, 1932. Banks, joined by the Federal Reserve, began to criticize the RFC as well. By the end of May 1932 the RFC had purchased over $500 million in government securities, also known as bonds, yet commercial loans remained depressed. In general banks were fearful of another crisis looming and were reluctant to issue more loans. Hoover assumed that bankers did not yet feel secure enough to use their excess reserves for loans, but he was growing increasingly impatient with the banking community.
When Hoover created the RFC in January 1932, he not only had the wartime agency in mind as a model, he nearly replicated the WFC. Eugene Meyer, member of the WFC board, was appointed chair of the RFC board. Both agencies had eight divisions, including auditing, legal, treasury, secretarial, agency, examining, statistical, and railroad) and both had 33 regional offices. The legal and examining divisions of the RFC were almost entirely made up of former WFC staff. Yet although both agencies were essentially designed to undertake the same purpose, the economic problems they confronted were actually quite different.
President Herbert Hoover approached the problem of the Great Depression by promoting his vision of private sector and government cooperation; urging businesses, banks, and government to act in the best interest of the country. As the depression worsened, he signed legislation for public what is another name for several small utility programs that are found in the control panel? works projects and increased government spending. In the midst of the economic crisis, Hoover was decisively defeated by Democratic nominee Franklin D. Roosevelt in the 1932 presidential election. Hoover’s retirement was over 31 years long, one of the longest presidential retirements.
At least one death occurred as a direct result of these protests before they waned following the election of Franklin Roosevelt. In the immediate aftermath of Black Tuesday, Hoover sought to reassure Americans that all was well. He simply held fast to a belief system that did not change as the realities of the Great Depression set in. On January 22, 1932, President Herbert Hoover signed the Reconstruction Finance Corporation Act. The act was in response to Hoover’s request for federal action to provide financial support for the nation’s businesses struggling to survive the economic hardships of the Great Depression (Hoover, 1977, pp. 29–30).
The U.S. government did not exactly take quick action in the immediate aftermath of the stock market crash of 1929. Established the Emergency Relief and Construction Act of 1932, to deliver financial aid to the Reconstruction Finance Corporation to spread money to state governments, and to hard-hit cities and towns. Meyer was born on October 31, 1875, in Los Angeles where he grew up before his family moved to New York.
Mills first became active in the Republican Party in 1911 and was elected to the New York State Senate in 1914. When war broke out, Mills secured a commission as a captain in the American Expeditionary Forces in France. House of Representatives in 1921 where he served three terms until 1927.