Lecture 18!

Lecture 18! - 4.5.11 Lecture 18 Democratic Revolution-what...

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4.5.11 Lecture 18: Democratic Revolution -what factors ended the era of good feeling and threatened the unity of the nation? -why and how did democracy expand in the antebellum period? I. Breakdown of Unity Panic of 1819 -creating the economic bubble (1815-1819) -relative prosperity -European markets starved for American good -demand for American goods: demand for American land -Western speculation frenzy -fueled by credit -banks gave out loans for more than they could support -cotton prices rose to 30 cents/lb -Westerners o wed federal government $21 million for land -far exceeded the total value of goods in that region at the time -owed more than they had -the bubble bursts -demand for American goods returned to normal, -cotton prices declined – credit contraction -commodity prices fell everywhere -bank policy worsened the situation -stopped all loans, called in all debts, refused to honor bank drafts -hardest hit was businessmen and famers in the West -began to see bank as everything that hurt them -Southern anger focused on the tariff -Tariff of 1816: taxed incoming manufactured goods -saw as raising their costs -unconstitutional -Old Republicans: entrenchment, State rights -call for return to old policies
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This note was uploaded on 10/04/2011 for the course HIST 2111H taught by Professor Hoffer during the Spring '08 term at UGA.

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Lecture 18! - 4.5.11 Lecture 18 Democratic Revolution-what...

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