Unformatted text preview: imported raw materials and foodstuffs, cotton and woolen goods, iron and steel; it removed the duties from more than a hundred other items. Although the act retained many protective features, it was a genuine attempt to lower the cost of living. To compensate for lost revenues, it established a modest income tax. The second item on the Democratic program was a long overdue, thorough reorganization of the ramshackle banking and currency system. "Control," said Wilson, "must be public, not private, must be vested in the government itself, so that the banks may be the instruments, not the masters, of business and of individual enterprise and initiative."...
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- Fall '10
- Woodrow Wilson, New Progressive Party, notable legislative programs, century American farmers, substantial rate reductions, modest income tax