Wilsonian Progressivism and the Election of 1912

Woodrow Wilson- militant progressive, nominated by the Democrats and won the election of 1912 b/c the Republican party was split, entered America into WWI, founded the League of Nations even though we never joined

1908 William Taft his party split while he was running for the 2x

New Freedom- name for Wilson's progressivist party platform, called for stronger anti-trust regulation and enforcement, banking reform and tariff reductions

Triple wall of priviledge- a nickname given to the tariff, the bank and the trusts by Wilson, he called them this when he took office and campaign platform was centered around reforming these things this showed Wilson's progressive campaign platform

Underwood tariff-passed in cogress in 1913 which provided for a substantial reduction of rates from previous tariff. It was also a landmark in tax legislation proposing a graduated income tax, produced competition from foreign markets

The 16th Amendment- gives congress the power to collect income taxes, graduated income tax, reduced the rate of the tariff and gives America more foriegn business, meant that the rich would be paying more to support government, kind of a result of the direct election of senators since the rich no longer dominated the Senate

Louis Brandies- helped reform the banking system with his book, "Other People's money and How the Banker's Use it", mostly important b/c he's jewish

Federal Reserve Act- most important piece of economic legislation between the the Civil War and the New Deal. Set of 12 federal banking districts and a board of the Federal Reserve ran them, bankers banks, the board could issue paper money but by commercial paper such as promissory notes 

Federal Reserve Act 
Dispersed throughout 12 USC; ch. 6, 38 Stat. 251 (December 23, 1913)
"To provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes."<http://www.federalreserve.gov/GeneralInfo/fract/>

Federal Trade Commission- laws that empowered the presidential appointee committee to search businesses engaged in interstate commerce (like meat packers); expected to crust monopoly by rooting out unfair trade practices, false ads, mislabeling, etc.; to combat trusts; passed in 1914

Clayton Anti-Trust Act- act aimed at trusts; it tried to end monopolies & it lengthened the Sherman Act; it listed more business practices that were unacceptable (price discrimination, etc.); it sought to exempt labor & agriculture organizations from antitrust prosecution & legalize strikes; passed in 1914; considered "Labor's Magna Carta" by Samuel Gompers

Adamson Act- established an 8 hour day for train employees in interstate commerce with overtime extra pay; enacted to prevent a railway strike; helped improve working conditions of train workers; labor reforms - a big step; 1916

Venustiano Cerranza- a Mexican rebel leader who was a rival of Huerta and supported by US; didn't want US intervention (after Huerta's gov. arrested Americans and then when they released them didn't give a 21-gun salute, Wilson dispatched Navy to intervene)