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Flashcards in Chapter 10 Deck (40):

After the First National bank expired,

The country went tu to financial muddle


States began chartering new

Local banks with little or no regulation and their banknotes flooded in with uncertain value


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



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