History 10-14

History 10-14 - Chapter 10 Study Guide 1. What were the...

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Chapter 10 Study Guide 1. What were the components of the trinity of economic nationalism? Proposals for a second national bank Protective tariffs International improvements 2. What were the functions of the Bank of the United States? The bank served as the depository for government funds, and its bank notes were accepted in payments to the government. In return, the Bank of the United States had to keep the government’s funds without charge, lend the government up to $5 million upon demand, and pay the government a cash bonus of $1.5 million. 3. Who were the era’s greatest statesmen who debated the purpose of the national bank? Missouri senator Thomas Hart Benton, John C. Calhoun of South Carolina, Henry Clay of Kentucky, and Daniel Webster of New Hampshire. 4. What was the Tariff of 1816? Taxes on imports to protect industry against foreign competition and to raise revenue. Manufacturers and food growers favored higher tariffs while cotton and tobacco planters and shipping interests favored lower duties. 5. Why did the North support the tariff and the South oppose it? After New England moved ahead of the South in manufacturing, Calhoun and the South turned against tariffs.
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6. What was the result of the internal improvements? The internal improvement plan was the building of roads and the development of water transportation. By reducing transportation costs and opening up western markets, the National Road and privately financed turnpikes accelerated the commercialization of agriculture. Opposition to federal spending on transportation projects centered in New England and the South, regions that expected to gain the least from western development. Commercial agriculture and the factory system began to displace subsistence farming and household production during the second quarter of the nineteenth century. Mills and factories sprouted across the countryside. New technologies greatly increased productivity and in the process changed the rhythms of work and the relationships between laborers and employers. These first stirrings of an industrial revolution spawned a sustained economic expansion that would transform society and politics. 7. What was the American System? Program of internal improvements and protective tariffs promoted by Speaker of the House Henry Clay in his presidential campaign of 1824; His proposals formed the core of Whig ideology in the 1860s and 1840s. 8. What were Henry Clay’s measures to promote the “market revolution”? 9. Describe the Era of Good Feelings under President Monroe. Monroe surrounded himself with some of the ablest young Republican leaders: John Quincy Adams became secretary of state, William H. Crawford
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of Georgia continued as secretary of the Treasury, and John C. Calhoun headed the War Department. The new administration took power with America at peace and the economy
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History 10-14 - Chapter 10 Study Guide 1. What were the...

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