Unit 4 amsco Flashcards
What is a tariff?
Taxes
What does each region of the U.S. think should happen about taxes?
-North wanted higher taxes to protect their companies from foreign competition.
-South pushed for lower tariffs to trade because they relied on exports of cotton and other crops.
Why is the election of 1800 significant?
Provided the first election with a clear choice between political parties.
What key decisions did Jefferson make regarding economic policy?
The Louisiana Purchase: negotiation with France of New Orleans and Louisiana for $15 million.
What did Jefferson instruct American ambassadors to do during negotiations with the French? What offer did France then make to the U.S.?
To offer up to $10 million for both New Orleans and a strip of land extending from that port eastward to Florida.
If they failed, they were to discuss to Britain for an alliance with the US.
Napoleon’s ministers offered to sell New Orleans and Louisiana for $15 million bc they were seeking funds for the war against Britain.
Why was Jefferson so torn about whether or not to accept the Louisiana Purchase?
It was a constitutional problem because it never stated that a president could purchase foreign land. He summited it to the Senate arguing that lands could be added to the US as an application of the president’s power to make treaties.
What’s the significance of the Louisiana Purchase in U.S. history?
Doubled more than the size of the US.
Removed European presence from the nation’s borders.
Extended the western frontier to lands beyond the Mississippi.
Strength his hopes for the country to be farmer-based.
Showed the Federalist to be weak.
The Marshall Court, specifically McCulloch v. MD (1819)
The court decided that the Federal Government had the right and power to set up a Federal bank and that states did not have the power to tax the Federal Government.
Gibbons v. Ogden (1824)
Asserted Congress’ authority to regulate interstate commerce based on the Commerce Clause. It set a precedent that Congress had the power to overturn state regulations if interstate commerce was involved.
Marbury vs Madison-
affirmed concept of judicial review that Supreme Court has the final interpretation of meaning of the us constitution
Henry Clay’s American System
Protect taxes
A national Bank
Internal improvements
Tariff of 1816
The first tariff passed by Congress with an explicit function of protecting U.S. manufactured items from overseas competition. Prior to the War of 1812, tariffs had primarily served to raise revenues to operate the national government.
Creation of the Second Bank of the United States
-Created after the charter of the first bank had expired in 1811.
-Bring stability to the national economy, serve as the depository for national funds, and provide the government with the means of floating loans and transferring money across the country.
Panic of 1816
Financial panic
It happened after the second bank tightened credit to control inflation.
State banks closed, unemployment, bankruptcies, and imprisonment for debt.
Missouri Compromise (also called the Compromise of 1820)
An Act to authorize the people of the Missouri territory to form a constitution and state government, and for the admission of such state into the Union on an equal footing with the original states, and to prohibit slavery in certain territories.
Hartford Convention (1814)
The Hartford Convention was a meeting of New England Federalists held in Hartford Connecticut in December of 1814. These Federalists opposed the War of 1812 and the democratic-republican gov in Washington, they urged that the constitution be amended and that as a last resort, secession be voted upon.
Monroe Doctrine (1823)
The doctrine warned European nations that the United States would not tolerate further colonization or attempts by European powers to interfere in the affairs of any republic in the Western hemisphere.
The Election of 1824
The House Representatives elected John Quincy Adams over his rival Andrew Jackson even though he gained more votes but he lacked in the electoral college. It was widely believed that Clay, the Speaker of the House, convinced Congress to elect Adams, who then made Clay his Secretary of State. Jackson’s supporters denounced this as a “corrupt bargain”.