the 1930s the Liberal leadership considered Olaya Herrera as the most suitable leader to recover the presidency from the Regeneration Movement hegemony. He was appointed by the Liberal party in Bogotá as presidential candidate after a group of liberal and conservative friends registered him in the candidates list on 22 January 1930 in the town of Puerto Berrío. Olaya Herrera named his political movement "Concentracion Nacional" (National Concentration). Olaya Herra was elected on 9 February 1930 with 369,962 votes against the other candidates Guillermo Valencia with 213,417 votes and Alfredo Vázquez Cobo with 213,417 votes. Former conservative president Carlos Eugenio Restrepo gave his support to Olaya Herrera along with other moderate conservatives. Presidency Olaya Herrera's government was characterized at first by compromise, allocating half of his government's public offices (mainly ministries and government departments) to the opposition party led by Laureano Gómez, although these party members were gradually pushed out of office. His term was characterized by a profound interest in social problems and reforms: workers' legislation, public assistance, protection for workers and farmers, and others. This agenda was interrupted by the urgent attention required by the Wall Street Crash of 1929, and its repercussions all over the world. Olaya Herrera started a cycle of national protectionism, which fostered the development of industry with national capital as the basis for developmental stimuli, emphasizing internal demand. Imports decreased significantly, as did the prices of coffee in the international market. This protectionist trend promoted a nationalist consciousness that turned the country further away from the free-trade policies of the nineteenth century. Economic crisis and War with Peru After the Wall Street Crash of 1929 Olaya Herrera was given special powers and dictated some economic reforms that developed at some level the industry and attempted to manage the debt generated by the war with Peru which originated in 1932 when the Amazonian port of Leticia was taken over by invading Peruvian soldiers. Previously, during the presidency of Jorge Holguin, the Salomón–Lozano Treaty which defined the Peru-Colombia border was signed in secrecy. Once the treaty became known to the public in Peru, it became unpopular and a group of Peruvian citizens took the town of Leticia, which was colonized by both Peruvians and Colombians, and which the treaty had awarded to Colombia. General Alfredo Vázquez Cobo was entrusted by Olaya Herrera to lead the armed operations in southern Colombia. The war was financed by