III of this act, also known as the Thomas amendment, gave the President power to reduce the dollar's gold content by as much as 50%. President Roosevelt also used the silver standard instead of gold to exchange dollars, it determined by the price of the bank. On June 5, Congress enacted a joint resolution nullifying the clauses in many public and private obligations that permitted creditors to demand repayment in gold. In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve's balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply. The abandonment of the gold standard made the Wall Street stock prices quickly increase; Wall Street's stock trading was exceptionally active. Political responses of the depression era Hoover's response The Hoover Administration attempted to correct the economic situation quickly, but was unsuccessful. Throughout Hoover's presidency, businesses were encouraged to keep wage rates high. President Hoover and many academics believed that high wage rates would maintain a steady level of purchasing power, keeping the economy turning. In December 1929, after the beginning phases of the depression had begun, President Hoover continued to promote high wages. It wasn't until 1931 that business owners began reducing wages in order to stay afloat. Later that year, The Hoover Administration created the Check Tax to generate extra government funding. The tax added a two-cent tax to the purchase of all bank checks, directly affecting the common man. This additional cost pushed people away from using checks, so instead, the majority of the population increased their usage of cash. Banks had already closed due to cash shortage, but this reaction to the Check Tax rapidly increased the pace. Roosevelt's New Deal In the "First New Deal" of 1933–34, a wide variety of programs were targeted toward the depression and agriculture in rural areas, in the banking industry, and for the economy as a whole. Relief programs were set up for the long-term unemployed who are routinely passed over whenever new jobs did open up. The most popular program was the Civilian Conservation Corps that put young men to work in construction jobs, especially in rural areas. Prohibition was repealed, fulfilling a campaign pledge and generating new tax revenues for local and state governments. A series of relief programs were designed to provide jobs, in cooperation