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Unformatted text preview: Chapter 10: Nationalism and Sectionalism Economic Nationalism • Americans experienced a surge of Nationalism after the War of 1812 o The US was growing from a loose-confederation into a nation-state o Economic prosperity after the war gave a feeling of well-being and enhanced the prestige of the government Jefferson’s Embargo had unintentionally promoted growth of factories Prices for US farm products rose due to shortages in Europe The US market was flooded with cheap European manufactured goods • President James Madison recommended several steps to strengthen the gov: o Strengthen fortifications o Establish a permanent standing army and a strong navy o Establish a new national bank o Build a system of canals and roads for commercial & military use o Protect the developing industries **All of these were essentially Federalist ideals being performed by a Republican** The Bank of the United States • The Trinity of Economic Nationalism : Proposals for a 2 nd National Bank , a protective tariff , and internal improvements • 1816- Congress adopted provisions for a new Bank of the United States o After the expiration of the first bank, the country had financially blundered State-chartered banks flooded the market with currency of uncertain value Hard-money shortages caused decreases in paper-money value The government had no way to provide loans or transfer funds o Located in Philadelphia w/ a 20 year charter o Led to lengthy and somewhat illogical debates Opposed by Old Republicans due to strict-constructionist principles Opposed by many western towns, because their currency-shortages would put them at the bank’s mercy o Supported by John C. Calhoun , Daniel Webster , and Henry Clay Calhoun introduced the Banking Bill and justified its constitutionality as congressional power to regulate commerce Clay believed it to be essential Webster supported it simply to oppose New England Federalists who did not want the bank to be in Philadelphia instead of Boston A Protective Tariff • Peace in 1815 brought a sudden renewal of cheap British imports o Generated pleas for Tariffs to protect American industries Manufacturers had self-interest There was a patriotic desire for economic independence o Tariff of 1816- passed to protect industry against foreign competition (as opposed to raising revenue) Opposed by the South, and supported by New England Opposed by the Old Republicans (like Nathaniel Macon ) on the grounds that the power to protect industry was an implied power **Southerners opposed the idea of implied powers because they believed they could one day be used to abolish slavery** A minority of Southerners voted for the bill (led by Calhoun), hoping that it would make the South a manufacturing center as well Internal Improvements • The existing government supported the development of roads and water transportation o The shortcomings of existing facilities had been highlighted by the war...
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