October 3
1913 Wilson fights for lower tariff
President Woodrow Wilson convened a special session of Congress on this day to make a pitch for revising the nation's tariff laws. Wilson's speech to the assembly blended his liberal-minded moral code with political, as well as economic, expediency. The president argued for slashing tariff duties, reasoning that the nation "must abolish everything that bears even the semblance of privilege" while also doing everything to make "our business men...masters of competitive supremacy." Wilson's words galvanized Congress and the Underwood-Simmons Tariff Act passed quickly through both houses. The Act fulfilled Wilson's dictate--it lowered duties on 958 items--but the revisions weren't popular with the business community, which disliked the president's decision to put principles over the need to sell American goods abroad. However, big business had little reason to worry, as Wilson was a staunch proponent of increasing American exports. He also intended the Underwood-Simmons Act to serve as a tool to open foreign markets. In Wilson's view, the new tariff laws would propel the nation to global leadership by compelling Americans to become "better workers and merchants than any in the world."
1776 A costly revolution
In need of money to fuel the American Revolution, Congress gave its seal of approval to the nation's very first loan on this day. Even back in the eighteenth century, fighting a war wasn't cheap. The government borrowed $5 million at a 4 percent interest rate and gave colonial officials stationed in Paris the go-ahead to take out loans worth up to 2 million pounds.
1997 Slow job growth jolts market
On October 3, 1997, an announcement that job growth had slowed during the month of September soothed Wall Street's inflation anxieties and kicked off a day of brisk action. The Dow surged up 116 points before fears of climbing oil prices sent the markets back down to earth.
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