Harvey Parnell

Harvey Parnell (28 February 1880–16 January 1936) was born in Orlando in Cleveland County, Arkansas. Parnell graduated from Warren High School in Warren, Arkansas. After graduating he worked as a bookkeeper and store clerk, and took up farming in Chicot County, Arkansas.

Parnell was a member of the Arkansas House of Representatives from 1919 to 1921. He was elected to the Arkansas Senate and served from 1923 to 1925.

In 1927 he was elected to the post of Lieutenant Governor and later moved to governor when Gov. Martineau resigned from office. The Parnell administration focused on establishing a state highway fund, creating a Bureau of Commerce and Industry, ugrading the school system. Henderson State Teachers College was also created during his administration.

Harvey Parnell died in Little Rock, Arkansas. He is buried at the Roselawn Memorial Park Cemetery in Little Rock.

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The Great Depression was a dramatic, worldwide economic downturn beginning in some countries as early as 1928. The beginning of the Great Depression in the United States is associated with the stock market crash on October 29, 1929, known as Black Tuesday. The depression had devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent. Mining and logging areas had perhaps the most striking blow because the demand fell sharply and there were few employment alternatives.

The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. Liberal democracy was weakened and on the defensive, as dictators such as Adolf Hitler, Joseph Stalin and Benito Mussolini made major gains, which helped set the stage for World War II in 1939.

The Reconstruction Finance Corporation (RFC) was an independent agency of the United States government chartered during the administration of Herbert Hoover in 1932. It was modeled after the War Finance Corporation of World War I. The agency gave $2 billion in aid to state and local governments and made loans to banks, railroads, farm mortgage associations, and other businesses. The loans were nearly all repaid. It was continued by the New Deal and played a major role in handling the Great Depression in the United States and setting up the relief programs that were taken over by the New Deal in 1933.

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