Hoover Administration - The Hoover Administration Legacy
The Hoover Administration Legacy
The election of 1932 turned Hoover out of office. As soon as the election was over, Hoover sought immediate face-to-face meetings with his successor. At issue were such matters as war debts, banking, and ultimately Franklin Roosevelt's reform agenda, a diverse series of measures that would go down in history as the New Deal.
Although Franklin Roosevelt established a state relief agency in 1931 and advocated unemployment insurance, the New York governor certainly had no reputation for radicalism. He had roundly criticized Hoover the previous year for departing from laissez-faire and pouring money into public works.
On December 15, 1932, a semiannual installment of $150 million owed the United States in war debts came due, for the Hoover moratorium had expired (See also, Foreign Issues). The British agreed to pay their full installment of $95 million in gold, although they warned...
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