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Panic Of 1819
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy. Though the downturn was driven by global market adjustments in the aftermath of the Napoleonic Wars, its severity was compounded by excessive speculation in public lands, fueled by the unrestrained issue of paper money from banks and business concerns. The Second Bank of the United States (SBUS), itself deeply enmeshed in these inflationary practices, sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818. Failing to provide gold specie from their reserves when presented with their own banknotes for redemption b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. With the aims of maximizing freedom by allowing markets to self-regulate, early advocates of ''laissez-faire'' proposed a ''impôt unique'', a tax on land rent (similar to Georgism) to replace all taxes that they saw as damaging welfare by penalizing production. Proponents of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Parish
David Parish (December 4, 1778April 27, 1826) was a German-born land speculator and financier who played a major role in financing the United States military effort in the War of 1812 and in chartering the Second Bank of the United States."The American Career of David Parish," by Philip G. Walters, Raymond Walters, Jr. ''The Journal of Economic History'', Vol. 4, No. 2 (Nov., 1944), pp. 149-166 Early life Parish was born on December 4, 1778 in Hamburg, then known as the Free Imperial City of Hamburg and a state of the Holy Roman Empire. He is the grandson of Scottish merchant John Parish, who had transferred his business to Hamburg from Leith, Scotland in the 1750s.David Parish and the War of 1812 " by J. Mackay Hitsman, ''Military Affairs'', Vol. 26, No. 4 (Winter, 1962-1963), pp. 171-177. |
John Jacob Astor
John Jacob Astor (born Johann Jakob Astor; July 17, 1763 – March 29, 1848) was a German-American businessman, merchant, real estate mogul, and investor who made his fortune mainly in a fur trade monopoly, by History of opium in China, smuggling opium into China, and by investing in real estate in or around History of New York City (1784–1854), New York City. He was the first prominent member of the Astor family and the first multi-millionaire in the United States. Born in 18th-century history of Germany, Germany, Astor emigrated to England as a teenager and worked as a musical instrument manufacturer. He moved to the United States after the American Revolutionary War. Seeing the expansion of population to the west, he entered the fur trade and built a monopoly, managing a business empire that extended to the Great Lakes region and History of Canada (1763–1867), Canada, and later expanded into the American West and West Coast of the United States, Pacific coast. Seeing a d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Girard
Stephen Girard (May 20, 1750 – December 26, 1831; born Étienne Girard) was a naturalized American citizen, philanthropist, and banker of French origin. He singularly saved the U.S. government from financial collapse during the War of 1812 by personally financing the war, and is known to have been the first multi-millionaire in US history. He is estimated to have been the fourth richest American of all time, based on the ratio of his fortune to contemporary GDP. Childless, he devoted much of his fortune to philanthropy, particularly the education and welfare of orphans. His legacy is still felt in his adopted home of Philadelphia and his estate continues to fund philanthropic endeavors to this day.Wildes, 1943. Early life Girard was born in Bordeaux, France on May 20, 1750, the son of a common sailor.Robert Chambers' Book of Days vol 2. He lost the sight of his right eye at the age of eight and had little education. He travelled to New York as a cabin boy in 1760 and staye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff Of 1816
The Tariff of 1816, also known as the Dallas Tariff, is notable as the first tariff passed by Congress with an explicit function of protecting U.S. manufactured items from overseas competition. Prior to the War of 1812, tariffs had primarily served to raise revenues to operate the national government. Another unique aspect of the tariff was the strong support it received from Southern states. The bill was conceived as part of a solution to the purely domestic matter of avoiding a projected federal deficit reported by Secretary of the Treasury Alexander J. Dallas. International developments added key facts to the debate; in 1816 there was widespread concern among Americans that war with Great Britain might be rekindled over economic and territorial issues. A tariff on manufactured goods, including war industry products, was deemed essential in the interests of national defense. The tariff was approved on April 27, 1816, as a temporary measure, authorized for only three years ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a prosperous merchant. He pursued his education in New York before serving as an artillery officer in the American Revolutionary War. Hamilton saw action in the New York and New Jersey campaign, served for years as an aide to General George Washington, and helped secure American victory at the Siege of Yorktown. After the war, Hamilton served as a delegate from New York to the Congress of the Confederation. He resigned to practice law and founded the Bank of New York. In 1786, Hamilton led the Annapolis Convention to replace the Articles of Confederation with the Constitution of the United States, which he helped ratify by writing 51 of the 85 installments of '' The Federali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John C
John is a common English name and surname: * John (given name) * John (surname) John may also refer to: New Testament Works * Gospel of John, a title often shortened to John * First Epistle of John, often shortened to 1 John * Second Epistle of John, often shortened to 2 John * Third Epistle of John, often shortened to 3 John People * John the Baptist (died c. AD 30), regarded as a prophet and the forerunner of Jesus Christ * John the Apostle (lived c. AD 30), one of the twelve apostles of Jesus * John the Evangelist, assigned author of the Fourth Gospel, once identified with the Apostle * John of Patmos, also known as John the Divine or John the Revelator, the author of the Book of Revelation, once identified with the Apostle * John the Presbyter, a figure either identified with or distinguished from the Apostle, the Evangelist and John of Patmos Other people with the given name Religious figures * John, father of Andrew the Apostle and Saint Peter * Pope ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Clay
Henry Clay Sr. (April 12, 1777June 29, 1852) was an American attorney and statesman who represented Kentucky in both the United States Senate, U.S. Senate and United States House of Representatives, House of Representatives. He was the seventh Speaker of the United States House of Representatives, House speaker as well as the ninth United States Secretary of State, secretary of state, also receiving United States Electoral College, electoral votes for president in the 1824 United States presidential election, 1824, 1832 United States presidential election, 1832, and 1844 United States presidential election, 1844 presidential elections. He helped found both the National Republican Party and the Whig Party (United States), Whig Party. For his role in defusing sectional crises, he earned the appellation of the "Great Compromiser" and was part of the "Great Triumvirate" of Congressmen, alongside fellow Whig Daniel Webster and John C. Calhoun. Clay was born in Hanover County, Virg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strict Constructionism
In the United States, strict constructionism is a particular legal philosophy of judicial interpretation that limits or restricts such interpretation only to the exact wording of the law (namely the Constitution). Strict sense of the term Strict construction requires a judge to apply the text only as it is written. Once the court has a clear meaning of the text, no further investigation is required. Judges—in this view—should avoid drawing inferences from a statute or constitution and focus only on the text itself. Jurist Hugo Black (1886–1971) argued that the First Amendment's injunction, that ''Congress shall make no law'' (against certain civil liberties), should be construed strictly: ''no law'', thought Black, admits ''no exceptions''. However, "strict construction" is not a synonym for textualism or originalism. Supreme Court Justice Antonin Scalia, a major proponent of textualism, said that "no one ought to be" a strict constructionist, although to be a strict ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federalist Party
The Federalist Party was a conservative political party which was the first political party in the United States. As such, under Alexander Hamilton, it dominated the national government from 1789 to 1801. Defeated by the Jeffersonian Republicans in 1800, it became a minority party while keeping its stronghold in New England and made a brief resurgence by opposing the War of 1812. It then collapsed with its last presidential candidate in 1816. Remnants lasted for a few years afterwards. The party appealed to businesses and to conservatives who favored banks, national over state government, manufacturing, an army and navy, and in world affairs preferred Great Britain and strongly opposed the French Revolution. The party favored centralization, federalism, modernization, industrialization and protectionism. The Federalists called for a strong national government that promoted economic growth and fostered friendly relationships with Great Britain in opposition to Revolutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democratic-Republican Party
The Democratic-Republican Party, known at the time as the Republican Party and also referred to as the Jeffersonian Republican Party among other names, was an American political party founded by Thomas Jefferson and James Madison in the early 1790s that championed republicanism, agrarianism, political equality, and expansionism. The party became increasingly dominant after the 1800 elections as the opposing Federalist Party collapsed. The Democratic-Republicans splintered during the 1824 presidential election. The majority faction of the Democratic-Republicans eventually coalesced into the modern Democratic Party, while the minority faction ultimately formed the core of what became the Whig Party. The Democratic-Republican Party originated as a faction in Congress that opposed the centralizing policies of Alexander Hamilton, who served as Secretary of the Treasury under President George Washington. The Democratic-Republicans and the opposing Federalist Party each b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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