1912 United States elections in the context of "Bull Moose Party"

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⭐ Core Definition: 1912 United States elections

Elections were held for the 63rd United States Congress, occurring during the Fourth Party System. Amidst a division between incumbent Republican president William Howard Taft and former Republican president Theodore Roosevelt, the Democratic Party won the presidency and both chambers of Congress, the first time they accomplished that feat since the 1892 elections.

In the presidential election, Democratic governor Woodrow Wilson of New Jersey defeated Republican President William Howard Taft and former president and Progressive Party nominee Theodore Roosevelt. Socialist union leader Eugene Debs, running his fourth campaign, took six percent of the vote. At the 1912 Democratic National Convention, Wilson took the nomination on the 46th ballot, defeating Speaker Champ Clark and several other candidates. Roosevelt left the Republican Party after an unsuccessful challenge to Taft at the 1912 Republican National Convention. Though Wilson carried just over 40% of the popular vote, he dominated the electoral college and won a greater share of the electoral vote than any candidate since Ulysses S. Grant in 1872. Wilson's election made him the first Democratic president since Grover Cleveland. Roosevelt's candidacy finished second in the popular vote and the electoral college, the only time a third party candidate accomplished either feat.

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1912 United States elections in the context of Federal Reserve Act of 1913

The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States.

Following the 1912 elections, in which Democrats gained control of Congress and the presidency, President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen introduced legislation to create a central bank. The proposal was shaped by debate between those who favored private control of a central bank, such as proponents of the earlier Aldrich Plan, and those who favored government control, including progressives like William Jennings Bryan. Wilson prioritized the bill as part of his New Freedom domestic agenda, and it passed Congress largely as introduced.

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