When Secretary of the Treasury Carter Glass (1866-1940) returned to the Senate in 1920, President Wilson appointed David F. Houston, his Secretary of Agriculture, to succeed him. Houston came to the Treasury as World War I ended and his brief tenure was marked by stormy controversies over federal monetary policies. As ex-official Chairman of the Federal Reserve Board, he issued severe warnings and, increased rediscount rates in order to prevent the inflation that the European Allies were experiencing. Houston predicted a fall in U.S. prices, particularly of farm products, after the optimism of the Armistice wore off. He pushed for easier credit for farmers and urged them to produce less.
But when prices fell more dramatically than expected in 1920, farm spokesmen of deliberately wrecking agrarian prosperity unfairly accused Houston. Abroad, England and France were pushing to cancel their war debts. Houston, Congress, and the President, against cancellation, converted the short-term debts to long-term loans. Houston resigned at the end of Wilson's, term, after only a year in office.
- Text Courtesy of the Office
of the Curator
Unauthorized Site:
This site and its contents are not affiliated, connected,
associated with or authorized by the individual, family,
friends, or trademarked entities utilizing any part or
the subject's entire name. Any official or affiliated
sites that are related to this subject will be hyper
linked below upon submission
and Evisum, Inc. review.
Please join us in our mission to incorporate The Congressional Evolution of the United States of America discovery-based curriculum into the classroom of every primary and secondary school in the United States of America by July 2, 2026, the nation’s 250th birthday. , the United States of America: We The
People. Click Here
