American system
Storyboard Text
- The American System ! - Henry Clay
- James Madison
- Tariffs, united infrastructure, and a bank are necessary for American development and prosperity!
- By taxing imported goods we will increase domestic manufacturing! A bank will establish a national currency! Roads and canals paid by the government will promote growth in the west south and make the US more connected!!
- for sure
- yay
- real
- excuse me?! this is an abomination!
- the construction of roads and canals is not a power granted to the federal government by the Constitution!!
- While James Madison was the one who put forward the blueprint for this economic development (later coined by Henry Clay), he vetoed the bill for internal improvement in March 1817 as he believed it dangerous to practice outside of Constitutional given rights. The other two parts become law. The tariffs of 1816 offered protection to US goods while admitting tax-free those that could not be manufactured domestically. The 2nd bank, however, led to the Panic of 1819 due to over-printing of paper notes without having the "specie" to back it up. The Banks began asking for payments from those to whom it loaned money and many Americans went bankrupt.
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