UNIT 4: JACKSONIAN DEMOCRACY Flashcards
Corporations
Early corporations were mostly developed by wealthy landowners who invested in joint-stock companies for the building of new infrastructure (ie, railroads and canals).
Commonwealth v. Hunt
A Supreme court case that peaceful labor unions were constitutional and could negotiate labor contracts with their employers
Charles River Bridge v. Warren Bridge
The Charles Bridge, a toll-bridge already existed. Massachusetts wanted to build the Warren Bridge in the same area, a free bridge, which the Court permitted. Signified that public interest > private interest and encouraged competition among businesses (discouraged monopolies) to allow the economy to thrive.
Cherokee Nation v. Georgia
A Cherokee leader challenged the state of Georgia because they were dividing and selling Cherokee land. The Supreme Court ruled that the Cherokee were a “domestic dependent nation,” so the Court was not able to hear the case.
Worcester v. Georgia
A Supreme Court case in which Worcester (a Georgian citizen) and other missionaries were tried by the state of Georgia for being white people living on Cherokee land. The Supreme Court ruled in favor of Worcester, stating that laws made by the state of Georgia didn’t apply to Cherokee land because they were a foreign nation - only the federal government could make deals with foreign nations.
Panic of 1819
An economic panic during Monroe’s presidency in which the price of agricultural goods fell steeply (demand decreased after the Napoleonic Wars ended) and people over-speculated land acquired in the Louisiana Purchase.
Webster-Hayne Debate
Senator Webster (Massachusetts) believed South Carolina should not secede so the Union could be preserved.
Senator Hayne (South Carolina) argued that it was a state’s right to nullify laws they didn’t agree with.
Whig Party beliefs
Stemmed from Federalist beliefs & led by Henry Clay / Quincy Adams
- Supported national bank
- Supported tariffs
- Supported internal improvements
- New Englanders, mid-Atlantic citizens, urban professionals
Democratic Party beliefs
Stemmed from Democratic-Republican beliefs & led by Jackson
- Opposed national bank
- Opposed tariffs
- Opposed internal improvements
- Concerned about high land prices in the W and monopolies
- Southerners, Westerners, urban workers
Distribution / Deposit Act
An act proposed by Jackson that distributed $30,000,000 in total from the federal government’s surplus to state banks.
Panic of 1837
An economic depression occurred due to factors like over-speculation of Western lands, closing of the National Bank, Nicholas Biddle (the leader of the National Bank) calling in loans, and inflation (and the subsequent depreciation in value of the American dollar).
Independent Treasury Act (1840)
An act proposed by Van Buren that would create a Treasury Department to manage government funds, rather than commercial or state banks. This act was meant to stabilize the economy due to the Panic of 1837 and reduce wild speculation that had arisen due to the Distribution Act, which gave great sums of money to the states.
Market Revolution
The economic shift in the 1800s from one with artisans and self-sufficient farms to industry/factories replacing artisans, a connected economy (within the US and to other nations), and a more free-market/capitalist system.
Immigration
Increase in immigration 1830 - 1860 due to famine/economic issues in home countries, improved overseas transport, and the American image of opportunity/freedom. German immigrants mostly worked on farms in the West and Irish immigrants mostly worked in factories in the NE.
The age of the common man
- Driven by Jackson
- Supported by universal white male suffrage (removed property qualifications)
- Aided by universal education