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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.

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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.