The Great Depression Depression Hits Texas Chapter 22-1 Pages 498-502.
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Transcript of The Great Depression Depression Hits Texas Chapter 22-1 Pages 498-502.
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The Great Depression
Depression Hits Texas
Chapter 22-1
Pages 498-502
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The Great Depression Begins• In 1929, early in Republican Herbert
Hoover’s presidency, the US Stock Market collapsed.
• Many investors hoping to make quick fortunes, drove up the price of stock.
• Some had borrowed money very heavily to buy stocks, and when stock prices dropped, those investors and the banks that loaned them money were wiped out.
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• The Great Depression was a nationwide crisis.
• Hoover, underestimated the crisis. He believed relief efforts should begin at the state and city levels.
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Too Much Oil• The largest oil field in the state at the time
was in East Texas.
• Drilling in the new oil fields provided high paying jobs for drillers, farmers, and timber workers.
• Other businesses also benefited and the Depression seemed far away.
• Hundreds of small oil drillers or independents in the region drilled oil wells everywhere.
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• Soon, the East Texas field was producing more oil than the rest of the state combined.
• According to the law of supply and demand, oil prices fell with too much oil on the market.
• In April 1931, the Texas Railroad Commission issued an order to limit production.
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• Independents continued to secretly pump and transport oil.
• Governor Sterling declared martial law and sent in the Texas national Guard, but overproduction resumed when martial law ended.
• What is martial law?
• In 1935, laws were passed to control production, making oil prices stable.
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Crisis for Cotton Farmers• In the 1920’s. the price of cotton declined
and the Great Depression forced the price down.
• Stored cotton created a large surplus and lowered the price further.
• The Texas Department of Agriculture urged farmers to reduce the number of acres planted.
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Dust Storms Blanket the High Plains
• After the railroads emerged in Texas, the large ranches were divided into farms.
• After WWI, when the wheat prices were high, farmers tried to earn more money by planting more. Prices fell in the 1920’s, due to overproduction.
• Farmers plowed under the grasses of the Plains to plant crops, but there was nothing to hold down the soil from the strong winds.
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• In the 1930’s, a severe drought added to the problem as dust storms made the area into a Dustbowl.
• People became ill from lung diseases, and many families lost farms because of hard times.
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• What were the causes of the Dustbowl?
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Texans Look for Answers• As banks failed, merchant associations
printed coupons that could be used for money.
• Rural communities paid their church ministers with food and their teachers with IOUs.
• Large numbers of Mexican Americans and Mexicans moved to Mexico. Residents of Texas and the US who could not prove citizenship were forced to leave the country.
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Franklin
D. Roosevelt
FDR
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The New Deal Begins• When FDR won the presidential election in
1932, an overwhelming 90% of Texans supported him.
• FDR took office in March 1933, and his reform programs were called the New Deal.
• During “the 1st 100 days”, he closed banks briefly to determine which were strong enough to stay in business.
• Vice-President John N Garner, from Texas, helped push New deal programs through Congress.