Notes oct 22

Notes oct 22 - Democratic Revolution Panic of 1819 Western...

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Democratic Revolution Panic of 1819 o Western speculation Result of an increased demand for goods Land prices rose as more land was bought westward o Cotton prices Doubled in price Had become the central focus of trade When prices sank in England later however, it resulted in a panic o Bank policies Federal gov’t and other banks had extended credit further than the resources could reach Ensured that the recession became a depression by stopping all of its owns, calling in all of its debts, and refused to honor some of the drafts made on western and southern banks Hardest hit were those out west Creditors forced liquidation of farms and real estate In the process, westerners and southerners began to see the bank as “the monster” o Tariffs Planters looked at the tariff of 1816 as unfair (raised their cost to produce goods) Saw it as unconstitutional, with its benefits only helping northern manufacturers Missouri compromise o Congress had said nothing about slavery in the new western territory o Many thought slavery would wither away with the loss of the tobacco industry o Cotton’s explosion however, expanded slavery in the south o Northerners resented the 3/5’s clause in the constitution b/c of representation o North’s population had been growing however greater than the souths
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Notes oct 22 - Democratic Revolution Panic of 1819 Western...

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