for railroad unions, a averted a railroad strike in September1916. Wilsons whole form of government during his first term was based on his NewFreedom. In this New Freedom, Wilson put in effect a program to liberate Americaneconomic energies by drastic tariff reduction, strengthening the antitrust laws, andreorganizing of the banking and the credit system (Cink). This was in opposition toTeddy Roosevelts New Nationalism which looked toward sweeping extension offederal regulation and welfare activity (Cink). This New Freedom form of governmentstarted right off the bat when Wilson reached office. Wilson immediately made anamazing effort to attack what is called the triple wall of privilege (Bailey). The threecomponents of this were the tariff, the banks, and the trusts. His first step, with workingwith the tariffs, included making an appearance to the Congress in 1913. There, he theUnderwood Tariff Bill was proposed and later passed. This bill helped in lowering tariffsgreatly; a task in which Wilson had promised to his common people. The UnderwoodAct lowered general rated from about 40% to 26% (Cink). Through this Act, the firstincome tax was presented under the 16th Amendment. This was a graduated income taxwhich started on incomes over $3000. This $3000 was much higher than the averagemans salary, so most had nothing to worry about. He next attacked the severely sufferingbanking system. He put into place the Federal Reserve Act. Like with the farming act,this Act split the U.S. into twelve regions with a Federal Reserve bank in each region. The Federal Reserve Banks would be owned by corporations that bought stock in thatbank. These banks could issue paper money. Many believe that it was this system thathelped keep Americas economy so strong during the years of war. The trusts were thefinal part of Wilsons triple wall of privilege. After much convincing, the Federal TradeCommission Act was passed in 1914. To help...
