Presidency of the Republic on 15 November 1926. He was deposed by the Revolution of 1930 on 24 October and went into exile in Europe and the United States, returning to Brazil after seventeen years in 1947. After returning from exile, he moved to São Paulo and devoted himself to historical studies. He was a worthy member of the philanthropic hospital Santa Casa de São Paulo; honorary president of the Brazilian Red Cross; member of the Institutes of History and Geography of São Paulo, Bahia and Ceará; member of the Academia Paulista de Letras; and member of the Brazilian Historic and Geographic Institute. The Rodovia Washington Luís in the state of São Paulo is named in his honor. Throughout the 1920s, the Old Republic suffered a deep wear due to demonstrations of opposition from the urban middle class, the lieutenants' and workers' movements and dissident oligarchies. Early in his administration, came to an end the Prestes Column, with 620 men who went into Bolivian territory and subsequently dissolved. The government of Washington Luís was no longer threatened by the lieutenants' rebellions and for the advancement of the labor movement, however, to restrain new opposition movements he created Celerada Act in 1927, which imposed press censorship and restricted the right of assembly, leading to underground the Brazilian Communist Party, which had been recognized by the government earlier that year. The global economic crisis of 1929, triggered with the stock market crash on 24 October, was the largest in the history of capitalism, reaching many countries and paralyzing economic activities. Its effects in Brazil overthrew the valuation policy of coffee, started in 1906 with the signing of the Taubaté Agreement. Coffee, which accounted for 70% of Brazilian exports, had its price reduced in the international market. The crisis threatened the stability of the government of Washington Luís, who did not allow the new currency devaluation, pleaded by farmers before the disaster on the New York Stock Exchange. Overthrow Under the system of coffee with milk politics that prevailed for most of the Old Republic, a man from Minas Gerais should have succeeded Washington Luís as president. However, Washington Luís supported another paulista, his friend Júlio Prestes, for president in 1930. Prestes' victory in the presidential elections of 1 March 1930 was questioned on suspicion of fraud. The assassination of João Pessoa, governor of Paraíba and candidate for vice president on the plate