The Economic System: Henry Clay And John Calhoun
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The main factor in the American system was the creation of a national bank, known as the Second Bank of the United States. After the War of 1812, the United states needed to become independent from European countries, commercial and economical, and pay its war debt. The bank would provide opportunity
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When Jackson chose to eliminate the National Bank he had what was best for him on his mind and not what was best for the United States. The second National Bank was established in 1816 and had a charter set to expire in twenty years. The bank became very powerful and was good for the U.S. economy, “...it was the only bank permitted to have offices across the nation... The Bank of the United States also printed the country’s paper money” (Ember). Having these responsibilities, the bank became a very important part of the economy.
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Though Andrew Jackson and John C. Calhoun couldn't be more different actually disliking each other for many reasons one of which an argument between friends, both played large parts in the history of The United States of America. John C. Calhoun who though had own slaves and believed in the Confederacy like Thomas Jefferson though more strongly spearheaded for separation between the north and south Calhoun had a very different view as shown in the fact that he was a democratic-republican and ended up heading the political after his namesake the Jacksonian Democracy. On the other hand, Andrew Jackson who I'd say was more attuned to Thomas Jefferson's ideology because unlike Calhoun, Jackson and Jefferson weren't fighting to get more power in
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However, Hamilton, our first secretary of state, Thomas Jefferson usually never agreed with each other, but that didn’t stop Hamilton to create our first National Bank that was submitted on December 14, 1790. Unfortunately, not everybody liked Hamilton’s ideas because in 1804 Hamilton had died. (“Alexander Hamilton”). After Hamilton's death in 1804, Jonathan Dayton who was elected a seat in our first Congress, he still supported “Hamilton’s financial program” and was “pressed for suppression of the Whiskey Rebellion” (“Jonathan Dayton”). In the end, Hamilton showed leadership by creating our first National Bank, fought in our war like Odysseus fought for his men on his journey home from the Trojan, and wrote two-third of our new
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Henry Clay led the nationalistic Jeffersonian economic agenda. This agenda was known as the American System (Holt, 1999). It included high protective tariffs to nourish American manufacturing, create a home market for American agricultural products, a national bank to provide a currency and federal subsidization of internal improvement projects to ease the movement of goods (Holt, 1999). These nationalistic Jeffersons would eventually push through Congress and the current President at the time (President Madison) would sign laws that affected two parts of their program. The Federalist Party diminished after 1815 and many former Federalists embraced the Republican Party.
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John C. Calhoun John C. Calhoun was a great politician of the 19th century. He strengthened the nation with internal improvements. Mr. Calhoun really wanted to charter a new United States bank t help the money situation and improve the economy. He was very supportive to all these national projects in Congress. John Calhoun was known as a very famous politician and was about to be elected president.
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In 1791, the United States was in debt (due to the Revolutionary War) and each state had a different form of currency. Treasury Secretary, Alexander Hamilton urged the congress to establish the First Bank of the United States in 1791. Alexander created this bank to assist the states in paying their debt from the war and to aid the government in its financial transactions. The First Bank was the largest corporation in the United States and at the time big banking unnerved many Americans. The First Bank of the United States issued paper money to pay any debts owed to the government and taxes.
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The American System was a plan brought forth by Henry Clay, about economic development. The American system was brilliant plan that allowed federal funding for internal development. This plan created a protective tariff in order to protect American businesses but in turn created a high tariff on imported goods some American industries can strive. The American System helped the textile business, while British were bringing clothes over and selling them cheaper. The American system also wanted to create high land states, so that the revenues my help economic development.
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“The Bank of the United States was established in 1791 to serve as a repository for federal funds and as the government’s fiscal agent. Initially proposed by Alexander Hamilton, the First Bank was granted a twenty-year charter by Congress in spite of the opposition of the Jeffersonians to whom it represented the dominance of mercantile over agrarian interests and an unconstitutional use of federal power.” (Bank of the United States, par. 1) The main supporters of the Bank of United States were the businessmen and those who were involved in industry.
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Defending the American System The presidential election of 1824 saw the beginning of a new rivalry in American politics between future president, Andrew Jackson, and the Virginian, Henry Clay. Clay was heavily inspired by Alexander Hamilton, and thus, developed a similar economic plan that came to be known as the American System. The American System encompassed Clay's vision of America's economic future based on protective tariffs, a national bank, and internal improvement as key elements in American society, which he thought would pave the way for an industrial and flourishing U.S. economy.
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Alexander Hamilton was one of the major promoters and supporters of this revolution. He wanted a way to repay debts and attract investors and he wanted to do this by establishing a Bank of The United States. It had a limited charter and worked with some state and commercial banks. This new system encouraged manufacturing, allowed the government to restore its credit, and gave it the ability to obtain large loans during war. It is only able to do this by monitoring the amount of money in circulation.
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The need for a national bank was very much so necessary. Hamilton also convinced president Washington to sign the bank bill by his lengthy report that stated: “This criterion is the end, to which the measure relates as a mean. If the end be clearly comprehended withan any specified powers, collecting taxes and regulating the currency, and if the measure have an obvious relation to that end, and is not forbidden by any particular provision of the constitution, it may safely be deemed to come with the compass of national authority.”
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He believed banks needed to provide credit to stimulate the economy. He helped in founding the Bank of New York in 1784. Thereafter, he became
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In America, slavery began when the first African slaves were brought to the North American colony of Jamestown in 1619 to aid in the production of such lucrative crops as tobacco. I oppose slavery for many reasons which include the difference of slavery in the new world versus in Africa, morally injustice of slavery, and the effects it has created on us today. While many were against slavery, there were also others who were proslavery which is defined as favoring the continuance of the institution of slavery of blacks, or opposed to interference with it. John C. Calhoun entered national politics in 1811 as a congressman, became secretary of war under James Monroe, and served as vice president under both John Q. Adams and Andrew Jackson. Although
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Jefferson and the Democratic-Republicans were strict constructionists who believed that if the Constitution didn’t allow something, it was forbidden. Hamilton and the Federalists were loose constructionists who believed that if the Constitution didn’t forbid it, it was allowed. He explained his loose constructionist views in “Hamilton’s Opinion as to the Constitutionality of the Bank of the United States,” saying, “If the end is clearly found within any of the specific powers, and if the law has an obvious relation to the end, and it is not forbidden by any particular provision of the Constitution, it may safely be deemed to come within the compass of the national authority.” The National Bank held money for the nation, funded the government, and put private and public money together for a capital pool. Hamilton liked the National Bank because it loaned money to
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The American System was a plan adopted by President James Madison when mentioned it in his annual message, or State of Union address, to Congress in December 1815. Henry Clay, a United States senator and member of the House of Representatives, coined the label of American System. The American System rested essentially on three parts, or pillars including a new national bank, a tariff on imported manufactured goods to protect American industry, and federal financing of improved roads and canals. The first pillar, creating a new national bank, would promote one currency to make commerce run smoothly in the United States. In 1816, the first pillar became a reality because a new Bank of the United States was created.
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