Economic Nationalism

Question 1

Henry Clay’s first speech

Answer 1

February 2nd 1832. He was famous for having good public speaking stuff

Question 2

State Henry Clay represented

Answer 2

Kentucky

Question 3

The American System key points

Answer 3

• High tariffs on imported goods

- Federal government subsidies for internal improvements like roads and canals

Question 4

Report on Subject of Manufactures

Answer 4

Treatise that basically says that the Industry has the capability to grow, and will grow as demand sees fit.

But he wanted more government aid

Since foreign countries help their own industries, the USA would have to keep up too.

Question 5

Hamilton’s policy

Answer 5

• Bounties/subsidies: to help manufacturers grow
• Import duties: Tariffs on imported goods. Make them pay for trying to even enter the wonderful USA.
• Establishment of the National Bank. Industry and governments have always been indebted to banks.

Question 6

Hamilton on Adam Smith

Answer 6

He absolutely hated that man

Question 7

Role of the National Bank

Answer 7

1) Give loans to private businesses & the US government
2) Handle all government funds
3) Provide a national currency

Question 8

Impact of Hamilton’s policy

Answer 8

Henry Clay’s philosophy was based on Hamilton’s system.

Question 9

When did America achieve political independence?

Answer 9

September 3, 1783 with the signing of the Treaty of Paris.

Hostilities between USA and Britain were ended

Question 10

What industries were affected by the Civil War?

Answer 10

• Shipbuilding & shipping
• New England region
• Cod fishing industry destroyed
• Britain promoted and subsidized its own services

Question 11

How was Alexander Hamilton asked to come up with a plan?

Answer 11

The House of Representatives asked him to do it on January 15, 1790