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Unit 5 essay 1 - buying of domestic goods This was in...

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The American System is described as a program of government subsidies favored by Henry Clay and his followers to promote American economic growth and protect domestic manufacturers from foreign competition (Faragher, Buhle, Czitrom, & Armitage, 2009). In Out of many: a history of the American people , this was achieved in three parts. These parts included chartering of a national bank, a tax on imported goods, and a national system of roads and canals. Congress chartered the Second Bank of the United States in 1816 for twenty years. This provided a way for the government to handle its financial affairs. This provided a way for the federal government to give credit in the forms of loans, rather than people borrowing from private banks. This was an answer to the fear created by the economic power of rich men. The same year Congress passed the Tariff of 1816 which heavily taxed imported goods to promote
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Unformatted text preview: buying of domestic goods. This was in reaction to British manufacturers who flooded the American markets in the previous years; this was the first protective tariff in American history (Faragher et al., 2009). The third item was building of roads and canals. This was a way to improve travel and also to create a National Road from Maryland to Illinois (Faragher et al., 2009). Many Congressmen felt the need to also improve the roads in their local areas but Madison and Monroe vetoed it believing it to be unconstitutional. These three-part systems were parts of the foundation that would be laid in order for the American economy to develop and flourish. References Faragher, J.M., Buhle, M.J., Czitrom, D., & Armitage, S.H. (2009) Out of many: a history of the American people, Volume I (5 th ed.),. Upper Saddle River, NJ: Pearson Prentice Hall....
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