At Muscle Shoals, Alabama, on the Tennessee River, a $145,000,000 hydro-electric plant and two munitions factories had been built during the 1st. World War. After the war, Senator George Norris of Nebraska and John Rankin of Mississippi drafted a bill that would enable these facilities to be converted for peacetime purposes. Norris, a progressive Republican, twice persuaded Congress to pass this legislation, but both times it was vetoed by the president, first by Calvin Coolidge, and then by Herbert Hoover. They both argued that as the plant would be government owned, it would be an example of Socialist planning, something that both men were strongly against.
Franklin D. Roosevelt agreed with what Norris was trying to do and believing it would stimulate the economy of one of the poorest regions in the United States, gave it his full support. On 10th April, 1933, Roosevelt asked Congress to set up the Tennessee Valley Authority (TVA). The munitions factory became a chemical plant manufacturing fertilizers and the hydro-electric plant now generated power for parts of seven states (Virginia, North Carolina, Georgia, Tennessee, Kentucky, Alabama, Mississippi).
These are beautiful punch cancelled power bonds for the TVA with bold bright color. Typical Extremely Fine condition 1971 series certificates. Certificate in photo shows typical condition.
