Underwood Tariff
The Underwood Tariff was an act that caused lowering in tariffs. A tariff was a tax on an export or import from another country. There were people who liked having tariffs because they supported the American businesses and high tariffs helped support American businesses. Then there were others who supported lowering tariffs because American products were not always the best and you couldn’t get everything you needed in America so people like the lower tariffs so that foreign goods were cheaper.
The Underwood Tariff started when Woodrow Wilson was elected president in 1828 he started to fight for low tariffs when he called a meeting of congress which he showed up to. He wanted to bring up the high tariffs and start an act to lower it but it was denied so he started to get people to fight for it and the Underwood tariff was created which was sponsored by oscar underwood. The act lowered tariffs from 40% to 25%.
I think it was good that they lowered tariffs because it was stupid to have such high prices on foreign goods. Because it already cost a lot to have them shipped and then they had to pay more to get them its just doesn’t make sense.
Federal Reserve Act
The Federal reserve act was an act that set up the federal reserve system or the central banking system. Which was a system of how the banking in the united states would work it also gave them the ability to make Federal bank notes which were currency now like dollar bills. This also started a new banking system which had 12 banks in it and each was controlled by a major company or banker, but was watched over by members of the federal treasury and the federal reserve board. It is good that they made this system because it has helped the banks through the hard times like the great depression and other hard times like that.
Sources
http://en.wikipedia.org/wiki/Revenue_Act_of_1913
http://www.encyclopedia.com/doc/1G2-3406400975.html
Pictures:
Oscar Underwood
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