GREAT DEPRESSION - Revision history

Randylyon at 00:43, 20 May 2024

2024-05-20T00:43:12Z

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	This attitude lead to cynicism among the unemployed. Rumors circulated that the Chamber had kept the auto industry and other employers who paid good wages out of the city. There developed the idea that business leaders were keeping wages low for their own profit. The fact that wages in Dubuque were on a par with those paid in the South was used by officials as a way of attracting new business. Only seven percent of the nation's labor force was unionized, and efforts to organize locally had met with little success. (4)		This attitude lead to cynicism among the unemployed. Rumors circulated that the Chamber had kept the auto industry and other employers who paid good wages out of the city. There developed the idea that business leaders were keeping wages low for their own profit. The fact that wages in Dubuque were on a par with those paid in the South was used by officials as a way of attracting new business. Only seven percent of the nation's labor force was unionized, and efforts to organize locally had met with little success. (4)

	A number of Dubuque area churches explored the idea of providing a ministry to the less fortunate. At the beginning, there was a need to minister to the homeless who traveled the nation. From these beginnings, the [[DUBUQUE RESCUE MISSION]] was created. (5) [[CATHOLIC CHARITIES OF THE ARCHDIOCESE OF DUBUQUE]] was founded in 1931 as a non-profit, social service organization. (6) Clothing collections were made at [[SPAHN AND ROSE LUMBER COMPANY]] between 1:00-4:00 p.m. If people were unable to bring the clothing to the site, they were asked to call the Chamber of Commerce which would send drivers to pick up the material. (7)		A number of Dubuque area churches explored the idea of providing a ministry to the less fortunate. Representatives of Protestant churches established the [[DUBUQUE COOPERATIVE UNEMPLOYED EXCHANGE]]. At the beginning, there was a need to minister to the homeless who traveled the nation. From these beginnings, the [[DUBUQUE RESCUE MISSION]] was created. (5) [[CATHOLIC CHARITIES OF THE ARCHDIOCESE OF DUBUQUE]] was founded in 1931 as a non-profit, social service organization. (6) Clothing collections were made at [[SPAHN AND ROSE LUMBER COMPANY]] between 1:00-4:00 p.m. If people were unable to bring the clothing to the site, they were asked to call the Chamber of Commerce which would send drivers to pick up the material. (7)

	[[Image:Vachon-4.jpg\|left\|thumb\|200px\|Young boys line up at the city mission for soup to take home.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]		[[Image:Vachon-4.jpg\|left\|thumb\|200px\|Young boys line up at the city mission for soup to take home.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]

Randylyon at 18:44, 9 March 2024

2024-03-09T18:44:12Z

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	In the fall of 1930, the first of four waves of banking panics began, as large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand. Bank runs swept the United States again in the spring and fall of 1931 and the fall of 1932, and by early 1933 thousands of banks had closed their doors.		In the fall of 1930, the first of four waves of banking panics began, as large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand. Bank runs swept the United States again in the spring and fall of 1931 and the fall of 1932, and by early 1933 thousands of banks had closed their doors.



	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)
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	These "runs on banks" were widespread during the early days of the Great Depression. In 1929 alone, 659 banks closed their doors. By 1932, an additional 5,102 banks went out of business. Thirty-eight states adopted restrictions on withdrawals in an effort to prevent panic. Bank failures, however, increased in 1933. (17)		These "runs on banks" were widespread during the early days of the Great Depression. In 1929 alone, 659 banks closed their doors. By 1932, an additional 5,102 banks went out of business. Thirty-eight states adopted restrictions on withdrawals in an effort to prevent panic. Bank failures, however, increased in 1933. (17)

			President Hoover, a Republican who had formerly served as U.S. Secretary of Commerce, believed that government should not directly intervene in the economy and that it did not have the responsibility to create jobs or provide economic relief for its citizens. In 1932, however, with the country in the depths of the Great Depression and some 15 million people unemployed, Democrat Franklin D. Roosevelt won an overwhelming victory in the presidential election.

			By Inauguration Day (March 4, 1933), every U.S. state had ordered all remaining banks to close at the end of the fourth wave of banking panics, and the U.S. Treasury did not have enough cash to pay all government workers. FDR (as he was known) projected calm energy and optimism, famously declaring "the only thing we have to fear is fear itself.”

			Roosevelt took immediate action to address the country’s economic woes, first announcing a four-day “bank holiday” during which all banks would close so that Congress could pass reform legislation and reopen those banks determined to be sound. He also began addressing the public directly over the radio in a series of talks. These so-called “fireside chats” went a long way toward restoring public confidence.

			During Roosevelt’s first 100 days in office, his administration passed legislation aimed to stabilizing industrial and agricultural production, create jobs and stimulate recovery. In addition, Roosevelt sought to reform the financial system, creating the Federal Deposit Insurance Corporation (FDIC) to protect depositors’ accounts and the Securities and Exchange Commission (SEC) to regulate the stock market and prevent abuses of the kind that led to the 1929 crash.

	Two days after taking the oath of office, Roosevelt declared a "bank holiday." From March 6 to March 10, 1933 banking transactions were suspended across the nation except for making change. During this period, Roosevelt presented the new Congress with the Emergency Banking Act. The law empowered the President through the Treasury Department to reopen banks that were solvent and assist those that were not. Banks were divided into four categories. Surprisingly, slightly over half the nation's banks were fit to reopen. The second category of banks was permitted to allow a percentage of their deposits to be withdrawn. The third category consisted of banks that were on the brink of collapse. When the holiday was ended, these banks were only permitted to accept deposits. Five percent of banks were in the final category — unfit to continue business. (18)		Two days after taking the oath of office, Roosevelt declared a "bank holiday." From March 6 to March 10, 1933 banking transactions were suspended across the nation except for making change. During this period, Roosevelt presented the new Congress with the Emergency Banking Act. The law empowered the President through the Treasury Department to reopen banks that were solvent and assist those that were not. Banks were divided into four categories. Surprisingly, slightly over half the nation's banks were fit to reopen. The second category of banks was permitted to allow a percentage of their deposits to be withdrawn. The third category consisted of banks that were on the brink of collapse. When the holiday was ended, these banks were only permitted to accept deposits. Five percent of banks were in the final category — unfit to continue business. (18)

Randylyon at 18:36, 9 March 2024

2024-03-09T18:36:00Z

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	Consumer confidence vanished in the wake of the stock market crash. Decreased spending and investment led factories and other businesses to slow down production and begin firing their workers. For those who were lucky enough to remain employed, wages fell and buying power decreased. Many Americans forced to buy on credit fell into debt, and the number of foreclosures and repossessions climbed steadily. The global reliance to the gold standard helped spread economic woes from the United States throughout the world, especially in Europe.		Consumer confidence vanished in the wake of the stock market crash. Decreased spending and investment led factories and other businesses to slow down production and begin firing their workers. For those who were lucky enough to remain employed, wages fell and buying power decreased. Many Americans forced to buy on credit fell into debt, and the number of foreclosures and repossessions climbed steadily. The global reliance to the gold standard helped spread economic woes from the United States throughout the world, especially in Europe.

			Despite assurances from President Herbert Hoover and other leaders that the crisis would run its course, matters continued to get worse over the next three years. By 1930, 4 million Americans looking for work could not find it; that number had risen to 6 million in 1931.

			The country’s industrial production dropped by half. Bread lines, soup kitchens and rising numbers of homeless people became more and more common in America’s towns and cities. Farmers could not afford to harvest their crops and were forced to leave them rotting in the fields while people elsewhere starved. In 1930, severe droughts in the Southern Plains brought high winds and dust from Texas to Nebraska, killing people, livestock and crops. The “Dust Bowl” inspired a mass migration of people from farmland to cities in search of work.

			In the fall of 1930, the first of four waves of banking panics began, as large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand. Bank runs swept the United States again in the spring and fall of 1931 and the fall of 1932, and by early 1933 thousands of banks had closed their doors.



	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)

Randylyon at 18:31, 9 March 2024

2024-03-09T18:31:52Z

← Older revision		Revision as of 18:31, 9 March 2024
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	The Great Depression, the worst economic crisis in modern history, lasted from 1929 until the beginning of [[WORLD WAR II]] in 1939. The causes of the Great Depression included slowing consumer demand, mounting consumer debt, decreased industrial production and the rapid and reckless expansion of the U.S. stock market. The stock market crash in October 1929, led to a crisis in the international economy which was linked through the gold standard. Bank failures followed in 1930 and the Dust Bowl increased the number of farm foreclosures. Unemployment topped 20 percent by 1933. Presidents Herbert Hoover and Franklin D. Roosevelt tried to stimulate the economy with a range of programs including Roosevelt’s New Deal programs, but finally it took the manufacturing production increases of World War II to end the Great Depression.		The Great Depression, the worst economic crisis in modern history, lasted from 1929 until the beginning of [[WORLD WAR II]] in 1939. The causes of the Great Depression included slowing consumer demand, mounting consumer debt, decreased industrial production and the rapid and reckless expansion of the U.S. stock market. The stock market crash in October 1929, led to a crisis in the international economy which was linked through the gold standard. Bank failures followed in 1930 and the Dust Bowl increased the number of farm foreclosures. Unemployment topped 20 percent by 1933. Presidents Herbert Hoover and Franklin D. Roosevelt tried to stimulate the economy with a range of programs including Roosevelt’s New Deal programs, but finally it took the manufacturing production increases of World War II to end the Great Depression.

			On October 24, 1929, nervous investors began selling overpriced shares. A record 12.9 million shares were traded that day, known as “Black Thursday.” Five days later, on October 29, or “Black Tuesday,” some 16 million shares were traded. Millions of shares ended up worthless; those investors who had bought stocks “on margin” (with borrowed money) were wiped out completely.

			Consumer confidence vanished in the wake of the stock market crash. Decreased spending and investment led factories and other businesses to slow down production and begin firing their workers. For those who were lucky enough to remain employed, wages fell and buying power decreased. Many Americans forced to buy on credit fell into debt, and the number of foreclosures and repossessions climbed steadily. The global reliance to the gold standard helped spread economic woes from the United States throughout the world, especially in Europe.

	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)

Randylyon at 18:28, 9 March 2024

2024-03-09T18:28:02Z

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	GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque.		GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque.

	The Great Depression ~~was~~ the worst economic crisis in modern history, ~~lasting~~ from 1929 until the beginning of ~~World War~~ II in 1939. The causes of the Great Depression included slowing consumer demand, mounting consumer debt, decreased industrial production and the rapid and reckless expansion of the U.S. stock market. ~~When the~~ stock market ~~crashed~~ in October 1929, ~~it triggered~~ a crisis in the international economy, which was linked ~~via~~ the gold standard. ~~A rash of bank~~ failures followed in 1930, and as the Dust Bowl increased the number of farm foreclosures~~, unemployment~~ topped 20 percent by 1933. Presidents Herbert Hoover and Franklin D. Roosevelt tried to stimulate the economy with a range of ~~incentives~~ including Roosevelt’s New Deal programs, but ~~ultimately~~ it took the manufacturing production increases of World War II to end the Great Depression.		The Great Depression, the worst economic crisis in modern history, lasted from 1929 until the beginning of [[WORLD WAR II]] in 1939. The causes of the Great Depression included slowing consumer demand, mounting consumer debt, decreased industrial production and the rapid and reckless expansion of the U.S. stock market. The stock market crash in October 1929, led to a crisis in the international economy which was linked through the gold standard. Bank failures followed in 1930 and the Dust Bowl increased the number of farm foreclosures. Unemployment topped 20 percent by 1933. Presidents Herbert Hoover and Franklin D. Roosevelt tried to stimulate the economy with a range of programs including Roosevelt’s New Deal programs, but finally it took the manufacturing production increases of World War II to end the Great Depression.

	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)

Randylyon at 18:21, 9 March 2024

2024-03-09T18:21:57Z

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	[[Image:Vachon.jpg\|left\|thumb\|200px\|Looking through the garbage dump for usable items.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]		[[Image:Vachon.jpg\|left\|thumb\|200px\|Looking through the garbage dump for usable items.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]
	GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque.		GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque.

			The Great Depression was the worst economic crisis in modern history, lasting from 1929 until the beginning of World War II in 1939. The causes of the Great Depression included slowing consumer demand, mounting consumer debt, decreased industrial production and the rapid and reckless expansion of the U.S. stock market. When the stock market crashed in October 1929, it triggered a crisis in the international economy, which was linked via the gold standard. A rash of bank failures followed in 1930, and as the Dust Bowl increased the number of farm foreclosures, unemployment topped 20 percent by 1933. Presidents Herbert Hoover and Franklin D. Roosevelt tried to stimulate the economy with a range of incentives including Roosevelt’s New Deal programs, but ultimately it took the manufacturing production increases of World War II to end the Great Depression.

	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)

Randylyon at 18:03, 9 March 2024

2024-03-09T18:03:49Z

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	[[Image:Vachon.jpg\|left\|thumb\|200px\|Looking through the garbage dump for usable items.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]		[[Image:Vachon.jpg\|left\|thumb\|200px\|Looking through the garbage dump for usable items.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]
	GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque. ~~(The term will turn up "in red type" over and over again in the finder.)~~		GREAT DEPRESSION. Entering the term "Great Depression" in the entry finder of this encyclopedia introduces the reader to the vast impact this period of American history had on Dubuque.

	At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)		At the height of the Great Depression, a quarter of a million teenagers joined the ranks of the army of homeless roaming across America riding freight trains or hitchhiking. By 1933, when the economy hit rock bottom, about 9,000 banks had failed, $2.5 billion in deposits were lost, and unemployment soared to nearly 13 million---about one in four of the labor force. (1) In Dubuque, 2,200 workers lost their jobs between 1927 and 1934 when their firms closed, while only 13 new businesses opened—employing only 300 workers. That meant a loss of 1,900 jobs. Dubuque railroads employed 600 workers in 1931; three years later, only 25 jobs remained. (2)
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	Following the election, all WPA activities were halted by presidential order. An estimated 80-100 people were affected by the closing of projects in the city. Some of these included women employed in clerical work, but the majority were men employed on county highway project. (55) CAA officials associated with the NAVY flying program at [[LORAS COLLEGE]] had inspected the site and believed a CAA grant for the airport could be arranged. Acting on this, the city council authorized the mayor to appoint a committee from the council and other city officials to contact federal agencies regarding a grant. During the second week of June, 1943 the mayor, solicitor, and manager contacted Navy officials in Minneapolis, Minnesota; CAA officials in Kansas City, Missouri; United States Senators Gillette and George Wilson; and Congressman Talle in Washington, D. C. Following the long distance calls, the grant was made. (55)		Following the election, all WPA activities were halted by presidential order. An estimated 80-100 people were affected by the closing of projects in the city. Some of these included women employed in clerical work, but the majority were men employed on county highway project. (55) CAA officials associated with the NAVY flying program at [[LORAS COLLEGE]] had inspected the site and believed a CAA grant for the airport could be arranged. Acting on this, the city council authorized the mayor to appoint a committee from the council and other city officials to contact federal agencies regarding a grant. During the second week of June, 1943 the mayor, solicitor, and manager contacted Navy officials in Minneapolis, Minnesota; CAA officials in Kansas City, Missouri; United States Senators Gillette and George Wilson; and Congressman Talle in Washington, D. C. Following the long distance calls, the grant was made. (55)

	Food subsidies intended during the war to keep food prices low totaled $1.5 billion in 1945. The Reconstruction Finance Corporation paid an estimated $560 million to meat packers, $100 million to creameries, and $190 million to flour mills. This equaled about five cents per pound on meat, two cents per quart on milk, a one cent per pound on bread. The Commodity Credit Corporation paid $568 million to dairy production. Officials warned of a sudden end to these payments. Incomes were expected to fall with the return of soldiers and the end of much overtime pay. Potentially violent opposition was suggested by labor groups. (57)		Food subsidies, intended during the war to keep food prices low, totaled $1.5 billion in 1945. The Reconstruction Finance Corporation paid an estimated $560 million to meat packers, $100 million to creameries, and $190 million to flour mills. This equaled about five cents per pound on meat, two cents per quart on milk, a one cent per pound on bread. The Commodity Credit Corporation paid $568 million to dairy production. Officials warned of a sudden end to these payments. Incomes were expected to fall with the return of soldiers and the end of much overtime pay. Potentially violent opposition was suggested by labor groups. (57)

Randylyon at 18:08, 12 August 2021

2021-08-12T18:08:02Z

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Randylyon at 14:16, 12 August 2021

2021-08-12T14:16:30Z

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	On June 16, 1933, Roosevelt signed the Glass-Steagall Banking Reform Act creating the Federal Deposit Insurance Corporation (FDIC). Under this new system, depositors in member banks were given the security of knowing that if their bank were to collapse, the federal government would refund their losses. Deposits up to $2500, a figure that would rise through the years, were 100% safe. The act also restricted banks from recklessly speculating depositors' money in the stock market. In 1934, only 61 banks failed. (21)		On June 16, 1933, Roosevelt signed the Glass-Steagall Banking Reform Act creating the Federal Deposit Insurance Corporation (FDIC). Under this new system, depositors in member banks were given the security of knowing that if their bank were to collapse, the federal government would refund their losses. Deposits up to $2500, a figure that would rise through the years, were 100% safe. The act also restricted banks from recklessly speculating depositors' money in the stock market. In 1934, only 61 banks failed. (21)

			On June 16, 1933, Roosevelt signed the Glass-Steagall Banking Reform Act creating the Federal Deposit Insurance Corporation (FDIC). Under this new system, depositors in member banks were given the security of knowing that if their bank were to collapse, the federal government would refund their losses. Deposits up to $2500, a figure that would rise through the years, were 100% safe. The act also restricted banks from recklessly speculating depositors' money in the stock market. In 1934, only 61 banks failed. (21)

			Passage of the National Recovery Act (N.R.A.) promised jobs for more than one million persons and a national payroll increased by $900 milion annually. Under terms of the new law, a $13-15 per week minimum of 40 hours became effective with the exception of drug stores and grocery stores which allowed the employment of clerks and other workers for a maximum of 48 hours. Filling stations were governed by the petroleum code which had to be submitted to the national recovery administration by the second week in August, 1933. (22)

			The N.R.A. led to the formation of an N.I.R.A. retail board in Dubuque led by [[STAMPFER, Joseph Frederick\|Joseph Frederick STAMPFER]]. The N.R.A. placed 50,000 of Iowa's eligible half million "white collar and blue shirt" workers under its protection. Of the half million, or one-fifth of the state's total population, it was estimated nearly all would be under the code by September 1st. On August 1, 1933 more than 7,000 of employers of the state's total of 40,000 had signed NRA agreements and could display the blue eagle flag above their businesses.On August 1, 1933 it was announced that a group of Dubuque retail merchants had met to discuss the code and agreed to keep their stores open 52 hours each week. Businesses would open at 9:00 a.m. and remain open until 5:30 p.m. except for Saturday when the hours would be 8:30 a.m. until 6:30 p.m. Drug stores, grocery stores, meat markets, automobile service shops, confectionery stores, hardware shops and restaurants had not yet decided on hours of business. The Dubuque Restaurant Association was formed as a result of the legislation and planned to meet to decide how to comply. (22)

	[[Image:Vachon-3.jpg\|left\|thumb\|200px\|Homeless men line up before their clothes are fumigated, and they are offered showers.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]		[[Image:Vachon-3.jpg\|left\|thumb\|200px\|Homeless men line up before their clothes are fumigated, and they are offered showers.Photographic evidence of the impact this period had on Dubuque was collected by [[VACHON, John\|John VACHON]]]]

Randylyon at 21:27, 17 January 2019

2019-01-17T21:27:34Z

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	14. "Five Families in Dubuque: The Urban Depression, 1936-1937," "Crumbaugh Family Interview," Online: http://www.uni.edu/iowahist/Social_Economic/Urban_Depression/urban_depression.htm#Park%20Family%20Interview%20January%201938		14. "Five Families in Dubuque: The Urban Depression, 1936-1937," "Crumbaugh Family Interview," Online: http://www.uni.edu/iowahist/Social_Economic/Urban_Depression/urban_depression.htm#Park%20Family%20Interview%20January%201938

	15. "Tons of Food Are Collected Here," ''Telegraph Herald and Times Journal'', January 8, 1933, p. 16. Online: http://news.google.com/newspapers?id=PPNFAAAAIBAJ&sjid=JL4MAAAAIBAJ&pg=4036,4311543&dq=peaslee+company+dubuque&hl=en		15. "Tons of Food Are Collected Here," ''Telegraph-Herald and Times Journal'', January 8, 1933, p. 16. Online: http://news.google.com/newspapers?id=PPNFAAAAIBAJ&sjid=JL4MAAAAIBAJ&pg=4036,4311543&dq=peaslee+company+dubuque&hl=en

	16. "Milk Fund Accepts Checks On Any Bank Open Last Week," ''Telegraph Herald'', March 7, 1933, p. 2		16. "Milk Fund Accepts Checks On Any Bank Open Last Week," ''Telegraph-Herald and Times- Journal'', March 7, 1933, p. 2

	17. "A Bank Holiday," U.S. History: Pre-Columbian to the New Millenium, Online: http://www.ushistory.org/us/49a.asp		17. "A Bank Holiday," U.S. History: Pre-Columbian to the New Millenium, Online: http://www.ushistory.org/us/49a.asp
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	19. "A Bank Holiday."		19. "A Bank Holiday."

	20. "Kraschel Says All Iowa Banks Are Now Closed," ''Telegraph Herald and Times Journal'', March 7, 1933, p. 11. Online: http://news.google.com/newspapers?id=6f1QAAAAIBAJ&sjid=Or4MAAAAIBAJ&pg=4045,3791016&dq=first+national+bank+dubuque&hl=en		20. "Kraschel Says All Iowa Banks Are Now Closed," ''Telegraph-Herald and Times-Journal'', March 7, 1933, p. 11. Online: http://news.google.com/newspapers?id=6f1QAAAAIBAJ&sjid=Or4MAAAAIBAJ&pg=4045,3791016&dq=first+national+bank+dubuque&hl=en

	21. "A Bank Holiday."		21. "A Bank Holiday."

	22. "More Than Million Pounds of Pork for Distribution to Needy in Storage Here," ''Telegraph Herald'', October 1, 1933		22. "More Than Million Pounds of Pork for Distribution to Needy in Storage Here," ''Telegraph- Herald and Times-Journal'', October 1, 1933

	23. Ibid.		23. Ibid.

	24. "Dubuque City Council, Civic Groups Compile List of Projects for Civil Works Administration," Telegraph Herald, November 16, 1933, p. 1		24. "Dubuque City Council, Civic Groups Compile List of Projects for Civil Works Administration," Telegraph-Herald and Times-Journal, November 16, 1933, p. 1

	25. "Five Families in Dubuque..."		25. "Five Families in Dubuque..."