Woodrow Wilson And The Presidency

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to send a messenger to address
Congress when Wilson himself formally addressed Congress. This had a huge
effect on Congress to pass the proposed Underwood Tariff Bill, which provided a
substantial reduction of rates. The new Underwood Tariff substan-tially reduced
import fees. It also was a landmark in tax legislation. Under authority
granted by the Sixteenth Amendment, Congress enacted a graduated income tax. By
1917, revenue from income tax was greatly more than from the tariff and would
continue on this trend for many years.
Next, Woodrow Wilson was determined to conquer the Bankers. The old
banking system had been greatly outgrown by economic expansion. The country's
banking was still under the old Civil War National Banking Act which revealed
many glaring defects. In the Panic of 1907, many flaws of the banking system,
including the inelasticity of the currency, were overwhelmingly obvious. Wilson
was determined to fix these problems. In June of 1913, Wilson made ...

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to
further strangle the major monopolies. It lengthened the list of business
practices deemed objectionable in the Sherman Act. Now, price discrimination
and inter-locking directorates were gravely forbidden.
Wilson had caught the attention of the public by conquering the "triple
wall of privilege." With the full support of the public, Wilson pressed ahead
with further reforms. The Federal Farm Loan Act of 1916 made credit available
to farmers at low rates of inter-est. The Warehouse Act of 1916 authorized
loans on the security of staple crops. Other laws also benefited rural America
by providing for highway construction and the estab-lishment of agricultural
extension work in ...

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