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Hoover: Herbert Hoover
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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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On a rainy March day, Herbert Hoover took the oath of office as the 31st President of the United States. He brought to the presidency a wide range of interests, information, and experience. He banked his presidential salary and gave it entirely to charity. From the day Hoover organized the Belgian Relief in 1914, until his death fifty years later, he never accepted for his private use any payment for public service. He had reached the highest office in which Herbert Hoover felt he could make the greatest contribution to his own country.
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The 31st president of the United States, Herbert Hoover, was born on this date in 1874. Soon after his inauguration in 1929, the stock market crashed and the Great Depression ensued. A believer in private enterprise and the basic soundness of the American economic system, Hoover opposed federal assistance to individuals hurt by the depression. He lost reelection to Franklin D. Roosevelt. In 1947, President Harry S. Truman appointed Hoover to head up a commission to organize and streamline the executive government.
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When Hoover became president, there was a frenzy of activity on the stock market. People were buying stocks by borrowing money, or they were buying stocks on margin (buying with only a portion of the money down, and the rest out of profits). This had been going on since the early 1920's and Herbert Hoover knew this gambling in the stock market was dangerous.
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The Hoover Institution began in 1919 with a $50,000 gift from alumnus Herbert Hoover, who would later become the 31st president of the United States. Hoover is pictured here with the tower that's named after him.
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Herbert Hoover exemplified the ideal of individualism and the self-made man. His expertise as a mining engineer made him a millionaire by age 40. Having been raised in the Quaker traditions of humanity and generosity, Hoover then embarked on a course of public service for the rest of his life.
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Herbert Hoover