Allen N. Yancy (1881–1941) was the 20th

vice president of Liberia The vice president of the Republic of Liberia is the second-highest executive official in Liberia, and one of only two elected executive offices along with the president. The vice president is elected on the same ticket with the president to a ...

from 1928 to 1930 under President

Charles D. B. King Charles Dunbar Burgess King (12 March 1875 – 4 September 1961) was a Liberian politician who served as the 17th president of Liberia from 1920 to 1930. He was of Americo-Liberian and Sierra Leone Creole descent. He was a member of the True Whig ...

. He was forced to resign in 1930 following his involvement with forced labor exported to the Spanish-controlled island of Fernando Po (in today's Equatorial Guinea).

Presidential election of 1927

The 1927 elections had two major issues: the use of foreign capital in Liberia, and the "Open Door Policy"."The 1927 Presidential Election."
From ''liberiapastandpresent.org'' Retrieved 24 February 2013. The use of foreign capital in the development of the county had been a controversial issue in Liberia for many years, and continued when negotiations with

Harvey Firestone Harvey Samuel Firestone (December 20, 1868 – February 7, 1938) was an American businessman, and the founder of the Firestone Tire and Rubber Company, one of the first global makers of automobile tires. Family background Firestone was born o ...

led to the Firestone Concession Agreement in 1926.1926 Firestone Concession Agreement
From ''liberiapastandpresent.org'' Retrieved 24 February 3l2013. The

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

, which dominated the world

rubber Rubber, also called India rubber, latex, Amazonian rubber, ''caucho'', or ''caoutchouc'', as initially produced, consists of polymers of the organic compound isoprene, with minor impurities of other organic compounds. Thailand, Malaysia, and ...

industry following

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

, enacted policies to limit the rubber supply in response to a sharp drop in prices following the war. Called The

Stevenson Plan The Stevenson Plan, also known as the Stevenson Restriction Scheme, was an effort by the United Kingdom, British government to stabilize low rubber prices resulting from a glut of rubber following World War I. Background In the early 1900s, increas ...

, it went into force on 1 January 1922. The Stevenson Plan was hurtful to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

economy, as the increase of a penny per pound of rubber would mean a loss of $8 million. Firestone, angered by Britain's policies, was determined to find a way for America to grow its own rubber. Liberia was very suitable for rubber production due to its

tropical The tropics are the regions of Earth surrounding the Equator. They are defined in latitude by the Tropic of Cancer in the Northern Hemisphere at N and the Tropic of Capricorn in the Southern Hemisphere at S. The tropics are also referred to ...

humid Humidity is the concentration of water vapor present in the air. Water vapor, the gaseous state of water, is generally invisible to the human eye. Humidity indicates the likelihood for precipitation, dew, or fog to be present. Humidity depen ...

climate, and Firestone began making a series of agreements with Liberia to acquire land and eliminate Liberia's debts to Great Britain, culminating in the agreement of 1926. The agreement, which Firestone called "the greatest concession of its kind ever made", gave him virtually no tax obligations to Liberia, and exclusive land rights to about 10% of the country's arable land. The Liberian government, on the other hand, obligated themselves to a 5 million dollar loan from Firestone through his

wholly owned subsidiary A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...

, the Finance Corporation of America. An American financial advisor appointed by the United States controlled Liberia's finances and approved the country's annual budget. These concessions, which practically made Liberia a

protectorate A protectorate, in the context of international relations, is a State (polity), state that is under protection by another state for defence against aggression and other violations of law. It is a dependent territory that enjoys autonomy over m ...

of the United States, were opposed both inside and outside the country.

References

Americo-Liberian people 1941 deaths Vice presidents of Liberia 1881 births 20th-century Liberian politicians {{Liberia-politician-stub