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Herbert Hoover: New Deal
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Hoover went to Australia in 1897 as an employee of Beswick, Moreing and Company, a London Mining engineering consulting firm. It was in Australia that he made his name as a geologist/mining engineer. In August and September 1905, Herbert Hoover visited the mines at Broken Hill, NSW Australia. There was considerable zinc in the Broken Hill lead-silver ore, but it could not be recovered and was lost to the tailings. Hoover devised a practical and profitable method to use the then-new froth floatation process to treat these tailings and recover the zinc.[3]
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At first Hoover tried to modernize government by creating national commissions on conservation and law enforcement and study groups to improve management of Indian affairs, veterans hospitals, and federal prisons. He got Congress to create a new Federal Farm Board, which helped farmers market their products at stable prices. But Hoover's administration was soon preoccupied with the effects of the stock market crash of October 29, 1929, known as Black Tuesday. Following the crash, industrial production plummeted, the gross national product (the total amount of goods and services produced) fell by almost a third, and unemployment soared from 3 to 25 percent by the end of his term.
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After graduation, Hoover worked for a San Francisco engineering firm, and later took a job with an English mining company to run their gold mines in Australia and China. At age 27, Hoover was made a partner in the company, and began to travel the world, visiting the company's mines and searching for new ones. Hoover traveled around the world five times in five years. The Hoovers had two sons during that time, Herbert Jr. and Allan.
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Hoover responded with a tax cut to stimulate demand for goods and $400 million in public works projects. He ... gotthe Federal Reserve Board to increase the supply of money, which resulted in lower interest rates and enabled corporations to borrow money cheaply for new projects. In 1930 he signed the Smoot-Hawley Tariff, which raised tariff rates and depressed international trade. Though designed to protect U.S. industry, it further weakened the position of American companies by reducing their exports and led to even higher unemployment, especially in the farm sector, because of foreign retaliation against U.S. farm exports.
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In order to pay for these and other government programs, Hoover agreed to one of the largest tax increases in American history. The Revenue Act of 1932 raised income tax on the highest incomes from 25% to 63%. The estate tax was doubled and corporate taxes were raised by almost 15%. Also, a "check tax" was included that placed a 2-cent tax (over 30 cents in today's dollars) on all bank checks. Economists William D. Lastrapes and George Selgin,[11] conclude that the check tax was "an important contributing factor to that period's severe monetary contraction." Hoover ... encouraged Congress to investigate the New York Stock Exchange, and this pressure resulted in various reforms.
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When Coolidge decided not to run again for president in 1928, Hoover's popularity made him the natural choice for the Republicans, who nominated him on the first ballot. His Democratic opponent was Alfred E. Smith, the governor of New York. Senator Charles Curtis of Kansas was Hoover's vice-presidential running mate.
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