Ladies and gentlemen, welcome to coverage of the 1912 presidential election. It has
been an interesting election year. Now it's November 5th, Election Day, and the votes
are coming in. But first, let's recap some of the drama leading up to this point.
Theodore Roosevelt, former president of the United States, actually won most of the Republican
primaries, even in President William Howard Taft's home state of Ohio. Despite Roosevelt's
popular support, he was not able to overcome the power of Taft's supporters within the
Republican Party. A group of Republicans refusing to support Taft's nomination at the Republican
National Convention formed the Progressive Party and named Theodore Roosevelt as their
candidate for president. Last month, Roosevelt was shot at close range
before he was to deliver a campaign speech in Milwaukee, Wisconsin. The gunman failed
to kill the former president because the force of the bullet was reduced by an eyeglasses
case and a speech manuscript in the breast pocket of Roosevelt's overcoat. With the bullet
still in his body, he told the crowd, 'You see, it takes more than one bullet to kill
a bull moose.' Only after his speech was over did he go to the hospital. And that, ladies
and gentlemen, is how the Progressive Party has become known as the 'Bull Moose Party.'
President Taft has also had a tough go of it as of late. Progressives within the Republican
Party have opposed his conservative policies. To make matters worse, just last week, James
Sherman, his vice president and running mate, passed away from a lengthy illness affecting
his kidneys. Now folks we are down to the wire. We have
four candidates vying for the presidency. Let's take a closer look at these contenders
and highlight some of their views. First up is the incumbent Republican William
Howard Taft. Taft has a solid antitrust record, using ninety lawsuits against the trusts during
his time as president. Taft supports high import tariffs, limitations on child and female
labor and workmen's compensation laws. He is against initiative, referendum and recall.
Taft has promoted the idea that judges need to be more powerful than those elected to
office. Taft is determined to preserve the conservative
heart of the Republican Party. He has campaigned quietly. Some say it's because he knows he
has a slim chance of winning now that traditional Republican support has been split between
the conservative Republican Party and the Progressive Party.
Challenging Taft for the presidency is Democrat Woodrow Wilson, hailing from South Carolina.
Wilson was president of Princeton University and later developed a strong reform record
as the governor of New Jersey. His platform consists of his 'New Freedom.' Wilson wants
to implement antitrust legislation to eliminate monopolies, viewing big business as unfair
and inefficient. Wilson feels that big business reduces opportunity for many ordinary Americans.
He seeks an era of small government, small businesses and free competition. Wilson is
also critical of organized labor, socialism and radical farmers. Wilson supports Progressive
legislation, including tariff reduction, income tax reform, currency and credit reform.
Also throwing his hat into the ring is the Socialist Eugene V. Debs. Debs was a labor
organizer and one of the most prominent socialists in the United States. Some members of the
Socialist Party propose ending America's capitalist economic system and replacing it with a socialized
economic system. Debs advocates for public ownership of the
railroads and utilities, no tariffs, a shortened work day, a minimum wage, a graduated income
tax and a system of social insurance against unemployment and industrial accidents and
death. Socialists also advocate for the election of the president and vice president by direct
vote of the people. He maintains that the other political parties are financed by the
large trusts. Unfortunately for Debs, most of the labor unions are supporting Wilson.
And last, but not least, the former President and Progressive 'Bull Moose' candidate, Theodore
'Teddy' Roosevelt. Roosevelt's platform formed around his New Nationalism principles, which
include a broad range of social and political reforms, including a federal child labor law,
federal workman's compensation, regulation of labor relations and a minimum wage for
women. The Progressive Party also advocates lower tariffs, initiative, referendum, recall,
direct election of senators and direct primaries. Roosevelt differentiates between good and
bad trusts and claimed that big business must be strictly regulated in the public interest.
He believes in the protection of workers and consumers and in environmental protection.
The Progressive Party is the only party to advocate women's suffrage, or the right to
vote, at the national level. Now ladies and gentlemen, it is time. The
votes are in. Wilson and the Democrats have won with 435 electoral votes, Roosevelt and
the Progressive 'Bull Moose' Party came in second with 88 electoral votes, while Taft
and the Republican Party came in third with 8 electoral votes. Debs did not score any
electoral votes, but he did manage to earn 6% of the popular vote, the highest proportion
ever for the Socialist party. It is also quite clear that the split in the Republican Party
has contributed to the Democrats' victory. The 1912 election was significant for several
reasons. It was the high point of the progressive movement in terms of progressive ideals and
rhetoric at the national level. In this election, a third party candidate, Roosevelt of the
Progressive Party, beat one of the two major party candidates, Taft of the Republican Party.
Wilson's victory brought the Democrats back in power of the national government for the
first time since before the Civil War. The Democrats gained both houses of Congress,
as well as the presidency. The election also brought southern leadership and influence
to the national government. In fact, five of Wilson's ten cabinet members were born
in the South. William Jennings Bryan was made Secretary of State, and many Congressional
committees were chaired by Southern legislators. Let's now take a look at some of Woodrow Wilson's
key accomplishments as president. While initially differing from Theodore Roosevelt on the direction
of Progressivism, Wilson later advocated many of his ideas. He supported measures that expanded
the role of the national government in regulating the economy. He confronted what he referred
to as the 'triple wall of privilege:' the tariff, the banks and the trusts. Through
Wilson's skillful leadership: The Underwood Tariff (1913) lowered the tax
on imported goods from 40% to 25%. The decreased tariff was passed by Congress in an effort
to lessen the power of large trusts, promote competition and open American markets to foreign
products. The Federal Reserve Act (1913) created a publicly
controlled banking system resistant to financial panic. Twelve regional district reserve banks
were created. Each bank was independent, but they were regulated by the Federal Reserve
Board, who oversaw national fiscal policy. The Federal Reserve issues paper money and
controls the amount of money in circulation through money reserves and interest rates.
The new Federal Reserve System provided a reliable, flexible currency system with a
decentralized money supply. The Clayton Anti-Trust Act (1914) identified
specific, illegal practices and business combinations that were against the law if they tended to
lessen competition or create a monopoly. The act also exempted farm cooperatives and legitimate
labor union activities, such as picketing, strikes and boycotts, from anti-trust prosecution.
The Federal Trade Commission Act (1914) provided regulatory oversight of big business by establishing
the Federal Trade Commission to enforce the Clayton Anti-Trust Act and to issue cease
and desist orders to stop unfair business practices. American workers also benefited
from a series of laws supported by Wilson in 1915 and 1916. These included a federal
workmen's compensation law, a federal child labor law, the Adamson eight-hour law for
railroad workers and the Seamen's Act, which granted sailors the same rights held by other
workers. Wilson also approved the Federal Farm Loan Act, which offered low-interest
loans to farmers. Four constitutional amendments were also passed during Wilson's two terms
in office: The Sixteenth Amendment allowed Congress to
collect a graduated income tax. The Seventeenth Amendment allowed voters to
directly elect U.S. senators. The Eighteenth Amendment banned the manufacture
and sale of alcoholic beverages in the United States. This amendment was later repealed,
or cancelled, by the Twenty-First Amendment. And finally, the Nineteenth Amendment gave
women the right to vote. Let's review. Some Republicans, unhappy with
William Howard Taft, split with the Republican Party and created the Progressive Party in
1912. Former president Theodore 'Teddy' Roosevelt ran as the Progressive Party candidate, but
was unsuccessful in obtaining a presidential win. Woodrow Wilson, the Democratic candidate,
won the presidency and set out on a series of important economic reforms of the tariff
and banking industry. Wilson helped limit the power of big business through antitrust
legislation and regulatory oversight. He helped pass federal laws supporting workers, including
workmen's compensation and child labor laws. Constitutional Amendments passed during Wilson's
presidency authorized federal income tax, direct election of U.S. senators, prohibition
and women's suffrage.