Chapter 10 Flashcards
States began chartering new
Local banks with little or no regulation and their banknotes flooded in with uncertain value
After the First National bank expired,
The country went tu to financial muddle
Such loose spending practices led initially to a big
Economic boom but were followed by dramatic inflation
Eventually the value of the excess banknotes
Plummeted and the Bubble would burst, causing a sharp recession and then a prolonged depression
Second BUS
Could establish branches throughout the state’s, and it’s banknotes were accepted in payments to the governments . In return for its privileges, the bank could handle the government’s fund without charge, lend the government Up to $5 million upon demand, and pay the government a cash bonus of $1.5 million
Thomas Hart Benton predicted that the currency short western towns
Would be at mercy of a centralized bank in Philly
Calhoun pushed the bank bill because he
Saw it as constitutional because of the right to regulate currency
After the War of 1812 ended, the British flooded the American market with
Low priced goods, leading to a tariff
Tariff of 1816
Intended to protect industries against foreign competition, rather than make money
Why did Calhoun put through the House a bill for internal improvements?
Western development would help his native south by opening up trade relations
Supporters of internal improvements from the national government was from
The west because they needed good roads
Madison
Vetoed the bill. As a result, internal improvements remained fro another hundred years
Prosperity, according to Clay,
Depended on the national government’ assuming an active role in shaping the economy
The American system had
High tariffs, high prices for federal lands, and the profit would be used for internal improvements to the states, and a bank
James Monroe failed to keep up
With new nationalism. He accepted the BUS and the proposed give tariff, but during his tenure there was no extension of economic nationalism
Monroe urged a constitutional amendment to remove
All doubt about federal authority In the field of internal improvements
Who was his peers?
JQA as Secretary of State, william Crawford as secretary of the Treasury, John c. Calhoun head of the war department
As a result of Acting Secretary of State Richard Rush and British minister to the U.S., Charles Bagot, the threat of
Naval competition on the Great Lakes vanished to limit forces there to several US ships collecting custom duties
Convention of 1818
Settle disputed Northern limit of Louisiana Purchase
Navigation Act of 1817
Importation of West Indian products was restricted to American vessels or vessels belonging to West Indian merchants
Seminole Indians were
Soon fighting white settlers near a taken over British fort in the Apalachicola River
Calhoun authorized
Jackson to pursue the Indains
In April the Americans assaulted a
Spanish fort at St. Marks and destroyed Seminole villages. He later captured Pensacola, the Spanish capital of West Florida, dn established a provisional American governs,nt
Adams-Onîs Treaty?
Gave all of Florida to USA in return for a cash settlement
Panic of 1819 caused by what?
Collapse of cotton prices after British mills favored cheaper cotton from around the world
To generate more loans, state banks issued
More paper money
The proliferation of branches, combined with little supervision by the central bank
Carried the national banks in the same reckless extension of loans
Cheves reduced salaries and other costs,
Postponed the payment of dividends, cut back on the volume of loans, and presented for redemption the state banknotes that came in, thereby forcing the state chartered banks to keep specie reserves
James Taalmadge Jr. said that
No more slaves transported to Missouri
Jesse Thomas made the
36 30 rule
What did many pro-slavery propose?
A proviso that banned free blacks. It was quickly put down
Henry Clay and the second Missouri compromise
Whereby Missouri’s admission as a state would depend upon assurance from the Missouri legislature that ur would never deny free blacks of their constitutional rights
In Martin v. Hinter’s Lessee and Cohens v. Virginia
The Court assumed the right to consider appeals from state courts on the ground that the Constitution, the laws and the treaties of the U.S. Could remain the supreme law of the land if the court could review the decisions of the state court
In Dartmouth College v. Woodward
It implied a new and enlarged definition of contract that seemed to put private corporations beyond the reach of the state’s that chartered them
In McCulloch v. Maryland,
The effort by a state to tax the federal government was deemed unconstitutional
Gibbons v. Odgen
The monopoly granted by the state to Ogden conflicted with the constitutional authority of the federal government to regulate interstate commerce
Monroe Doctrine?
Nom colonization by European powers, European powers are dangerous to peace and safety, US would not interfere with European controlled colones, that’s the US would keep out of European affairs
Crawford’s friends
Emphasized his devotion to states’ rights and strict construction of the Constitution
Adams was close to Clay,
National government providing internal improvements for national growth, but less strongly committed to the tariff
Why was the Adams election called the corrupt bargain
Clay chose Adams because of his selfishness
