By Tom Pendergast, Sara Pendergast (editors)
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Additional info for U.X.L American Decades, 1930-1939
S. exports. 1933: March 6 To stop the banking crisis, President Franklin D. Roosevelt declares a national bank holiday. 1933: May 12 Congress passes the Federal Emergency Relief Act, awarding the states $500 million in aid. 1933: June 16 The Glass-Steagall Act provides for government regulation of banking. Congress also approves the National Industrial Recovery Act and the Farm Credit Act. 1930: December 11 New York’s Bank of the United States goes out of business. Four hundred thousand depositors lose their savings.
Prizes . . for . Literature ............. 1930 Sinclair Lewis (1885–1951) was the first American to win the literary world’s most prestigious prize. ” 1936 Eugene O’Neill (1888–1953) actually did win the Nobel Prize six years after Lewis. At the time of the award, however, he was ill with appendicitis, kidney, and prostate conditions and couldn’t travel to Sweden to attend the ceremony. He accepted the $40,000 award in his bed at Merritt Hospital, San Francisco. The five-minute ceremony was witnessed by his physician and a nurse.
S. Department of Labor. had implemented the Smoot-Hawley Tariff, a high tax designed to protect American farmers by reducing the quantity of imported goods, including food, coming into the country. It did not work as planned, however, and the economy continued to lose momentum. The troubled banks began to call in their loans, and many farmers were forced out of business. Other industries suffered as well. In mining, wages fell around 12 percent in the 1920s. This meant that millions of Americans could not afford to buy the electrical and other goods that were coming on the market.