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| 1923–30 |
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| Refunding of debts owed the U.S. by Allied powers. During and immediately following the war the U.S. lent to foreign powers a total of $10.35 billion. The first refunding agreement was with Great Britain, which was to pay over a period of 62 years, with interest at 3.3 percent. By May 1930 17 nations had come to terms with the United States. | 1 |
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| 1924, Feb.–March |
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| Teapot Dome oil scandal. On April 7, 1922, Albert Fall, secretary of the interior, leased the Teapot Dome oil reserve to Harry F. Sinclair, and by agreements of April 25 and Dec. 11, 1922, he leased the Elk Hills reserve to Edward L. Doheny. Secrecy attending the leases, combined with the sudden opulence of Fall, led to Senate investigation under the direction of Senator Thomas J. Walsh. It was shown that Sinclair had personally befriended Fall, while Doheny had “loaned” $100,000 to Fall without security or interest. As a result, Edwin Denby, secretary of the navy, resigned (Fall had previously resigned), and in 1927 the Supreme Court ordered the reserves returned to the government. | 2 |
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| May 19 |
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| Soldiers' Bonus Bill for veterans of the First World War passed, over the president's veto. | 3 |
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| May 26 |
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| Immigration Bill signed, limiting annual immigration from a given country to 2 percent of the nationals of the country in the U.S. in 1890. A further provision of the law stipulated that from July 1, 1927 (later deferred to 1929), the annual immigration should be limited to 150,000, to be apportioned among the different countries in proportion to the relative strength of the various foreign elements represented in the American population in 1920. The bill provided for the total exclusion of the Japanese, thereby abrogating the gentlemen's agreement. Protest from Japan and resulting ill feeling. | 4 |
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| Nov. 4 |
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| Calvin Coolidge elected president over John W. Davis (Democrat) and Robert M. La Follette (Progressive) by 382 electoral votes to 136 for Davis and 13 for La Follette. | 5 |
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