Chapter 8 - Chapter 8 Economic nationalism Tariff of 1816...

Info icon This preview shows pages 1–2. Sign up to view the full content.

Chapter 8: Economic nationalism: - Tariff of 1816: congress had to raise tariffs on certain goods after the war first protective tariff - Henry Clay’s American System: 1. Protective tariffs 2. A national bank 3. Internal improvements - the panic of 1819: The economic disaster was largely the fault of the Second Bank of the United States, which had tightened credit in a belted effort to control inflation. Many state banks closed, the value of money deflated, and there were large increases in unemployment, bankruptcies, and imprisonment for debt. - Political Changes: a principal reason for the rapid decline of the Federalist Party was its failure to adapt to the changing needs of a growing nation. Having opposed the war of 1812 and presided over a secessionist convention at Hartford, the party seemed completely out of step with the nationalistic temper of the times. Marshall’s Supreme Court and Central Government Powers: - Fletcher v. Peck (1810): involving land fraud in Georgia, Marshall concluded that a state could not pass legislation invaliding a contract. This was the first time that the Supreme Court declared a state law to be unconstitutional and invalid. - Dartmouth College v. Woodward (1819): This case involved a law of New Hampshire that changed Dartmouth College from privately charted college into a public institution - McCulloch v. Maryland (1819): Using the loose interpretation of the constitution, Marshall ruled that the federal government had the implied power to create the bank. The state could not tax a federal institution because “the power to tax is the power to destroy” and federal laws are supreme over state laws. - Cohens v. Virginia (1821): In Virginia, the Cohens were convicted of selling Washington D.C., lottery tickets authorized by congress. Marshall and the court upheld the conviction.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '10
  • Orban
  • John Quincy Adams, James Monroe, slave holding state, Native American lands

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern