The Republican Party of the 1920's swept into power during a financial crisis. Errors in the Fed’s monetary policy in 1919 in kept rates too low to benefit the sale of Victory bonds. The Fed then tightened excessively due to inflation, creating a financial shock and depression from 1920 to 1921. At that time, the Republican Party viewed increasing tariffs as good policy. Thus, during the sixty seventh Congress, the Emergency Tariff Act of 1921 was passed as a temporary measure until a more comprehensive measure could be drafted. Ultimately, Fordney-McCumber passed in 1922, imposing an ad valorem rate of...