In creating a new nation, the United States also had to create a financial system from scratch. During the period from the Revolution to the Civil War, the country experimented with numerous options. Although the Constitution deliberately banned the issuance of paper money by either Congress or the states, states indirectly reclaimed this power by incorporating state-chartered banks with the ability to print banknotes. These provided Americans with a medium of exchange to facilitate trade and an expansionary money supply to meet the economic needs of a growing nation. The federal government likewise entered into the world of money and finance with the incorporation of the First and Second Banks of the United States. Not only did critics challenge the constitutionality of these banks, but contemporaries likewise debated whether any banking institutions promoted the economic welfare of the nation or if they instead introduced unnecessary instability into the economy. These debates became particularly heated during moments of crisis. Periods of war, including the Revolutionary War, the War of 1812, and the Civil War, highlighted the necessity of a robust financial system to support the military effort, while periods of economic panic such as the Panic of 1819, the Panics of 1837 and 1839, and the Panic of 1857 drew attention to the weaknesses inherent in this decentralized, largely unregulated system. Whereas Andrew Jackson succeeded in destroying the Second Bank of the United States during the Bank War, state-chartered commercial banks, savings banks, and investment banks still multiplied rapidly throughout the period. Numerous states introduced regulations intended to control the worst excesses of these banks, but the most comprehensive legislation occurred with the federal government’s Civil War-era Banking Acts, which created the first uniform currency for the nation.
Sharon Ann Murphy
John P. Bowes
Indian removals as a topic primarily encompasses the relocation of Native American tribes from American-claimed states and territories east of the Mississippi River to lands west of the Mississippi River in the first half of the 19th century. The bill passed by Congress in May 1830 referred to as the Indian Removal Act is the legislative expression of the ideology upon which federal and state governments acted to accomplish the dispossession and relocation of tens of thousands of Native American peoples during that time. Through both treaty negotiations and coercion, federal officials used the authority of removal policies to obtain land cessions and resettle eastern Indians in what is known in the early 21st century as Kansas and Oklahoma. These actions, in conjunction with non-Indian population growth and western migration, made it extremely difficult, if not impossible, for any tribes to remain on their eastern lands. The Cherokee Trail of Tears, which entailed the forced removal of approximately fourteen thousand men, women, and children from Georgia starting in the summer of 1838 until the spring of 1839, remains the most well-known illustration of this policy and its impact. Yet the comprehensive histories of removals encompass the forced relocations of tens of thousands of indigenous men, women, and children from throughout the Southeast as well as the Old Northwest from the 1810s into the 1850s.
The foreign relations of the Jacksonian age reflected Andrew Jackson’s own sense of the American “nation” as long victimized by non-white enemies and weak politicians. His goal as president from 1829 to 1837 was to restore white Americans’ “sovereignty,” to empower them against other nations both within and beyond US territory. Three priorities emerged from this conviction. First, Jackson was determined to deport the roughly 50,000 Creeks, Cherokees, Choctaws, Chickasaws, and Seminoles living in southern states and territories. He saw them as hostile nations who threatened American safety and checked American prosperity. Far from a domestic issue, Indian Removal was an imperial project that set the stage for later expansion over continental and oceanic frontiers. Second and somewhat paradoxically, Jackson sought better relations with Great Britain. These were necessary because the British Empire was both the main threat to US expansion and the biggest market for slave-grown exports from former Indian lands. Anglo-American détente changed investment patterns and economic development throughout the Western Hemisphere, encouraging American leaders to appease London even when patriotic passions argued otherwise. Third, Jackson wanted to open markets and secure property rights around the globe, by treaty if possible but by force when necessary. He called for a larger navy, pressed countries from France to Mexico for outstanding debts, and embraced retaliatory strikes on “savages” and “pirates” as far away as Sumatra. Indeed, the Jacksonian age brought a new American presence in the Pacific. By the mid-1840s the United States was the dominant power in the Hawaiian Islands and a growing force in China. The Mexican War that followed made the Union a two-ocean colossus—and pushed its regional tensions to the breaking point.
John Quincy Adams was one of the most significant statesmen-intellectuals of the Early American Republic. Highly intelligent, well-traveled, and massively educated, Adams was a Christian nationalist who believed that the American Republic was destined to be a shining example of democracy and liberty to the rest of the world. He was profoundly influenced by his parents, John and Abigail, and embraced his father’s political philosophy which was rooted in a written constitution and a strong three branch government constrained by checks and balances. Adams served as US minister to several European nations before becoming secretary of state in 1817 and then the sixth president of the United States in 1824. He began life as a Federalist but strongly supported the foreign policies of the Jefferson and Madison administrations. The three pillars of his foreign policy were neutrality toward Europe, continental expansion, and hemispheric hegemony. Adams chaired the US delegation that negotiated the Treaty of Ghent in 1814 and was the driving force behind the Convention of 1818 and the Transcontinental Treaty of 1819. Adams partnered with President James Monroe in formulating the Monroe Doctrine in 1823, which canonized the principles of the two hemispheres including European non-colonization in the Western hemisphere and US non-interference in European affairs. Domestically, Adams was a relentless exponent of the American System in which the federal government would fund a system of internal improvements—turnpikes, canals, ports—that would create a national market and bind the various regions together by means of a national economy. In this, he was disappointed in part because he had the misfortune to be president when Jacksonian democracy was taking hold in America and distrust of the federal power was growing. Defeated for re-election by Andrew Jackson in 1828, Adams briefly retired from public life but then accepted election to the House of Representatives in 1830 where he served until his death in 1846. In the House, he proved to be an avid opponent of the further extension of slavery into the territories, and ironically, of further continental expansion. He became convinced that a civil war was inevitable but held abolitionists at arm’s length because of their rejection of the Constitution as a means to achieve racial justice in America. Adams died with a deep sense of failure, believing that his earlier career as an expansionist had produced not an empire of liberty but an empire of slavery.