Jaan Teemant of the Farmers' Assemblies was the State Elder. In 1926 elections, Farmers' Assemblies took again 23 seats and Jaan Teemant continued as State Elder. Already in 1927, Päts criticized members of the Riigikogu, saying that they had been causing the instability of government coalitions, rather than ideological differences. At the 6th Congress of Farmers' Assemblies in 1929, the party was in opposition to August Rei's leftist government and Päts, among others, demanded changes in the constitution, a smaller parliament, a separate presidential office and fight against corruption. In 1929 elections, Farmers' Assemblies took 24 seats and Päts served his third term as State Elder from 12 February 1931 to 19 February 1932. It was an ideologically wide coalition with the Estonian Socialist Workers' Party and the centre-right Estonian People's Party. On 26 January 1932, Farmers' Assemblies and the left wing-agrarian Settlers' Party merged to form the Union of Settlers and Smallholders, only to be followed by the formation of the National Centre Party by four centrist parties. Päts's cabinet resigned, making Jaan Teemant the new State Elder. In 1932 elections the newly formed Union of Settlers and Smallholders won 42 seats in Riigikogu and one of the party's leaders, Karl August Einbund, became the State Elder. On 3 October 1932, the coalition between the Union of Settlers and Smallholders and National Centre Party broke up, with the latter wanting to devalue the Estonian kroon during the Great Depression. Päts himself was one of the key opponents of devaluation. A month-long government crisis started. Since there were only three major parties in the Riigikogu, the third being the Estonian Socialist Workers' Party, no functioning coalition could be found until special authority was given to Konstantin Päts to form a grand coalition between all three major parties. His cabinet took office on 1 November 1932. On 25 November 1932, Päts's government was given more powers by the disunited Riigikogu to deal with the economic crisis. His government was forced to resign on 18 May 1933, after the National Centre Party, still favouring devaluation, left the coalition and the Union of Settlers and Smallholders had lost many of its members to the reactivated Settlers' party. The succeeding Tõnisson's National Centre Party cabinet devalued the Estonian kroon by 35% on 27 June 1933. Although the devaluation proved to be successful and had a good impact to the economy later under his own