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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 ... [...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 Bank run#Systemic banking crises, 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 Economic bubble, bubbles, currency crisis, 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 (for example, 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 little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( , from , ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). 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." The original phrase was ''laissez faire, laissez passer'', with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay. Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. The Physiocrats were early advocates of ''laissez-faire'' and advocated for an ''impôt unique'', a tax on land rent to replace the "monstrous and crippling net ... [...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. 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. Life in America Parish emigrated to the United States in 1806, settling first in |
John Jacob Astor
John Jacob Astor (born Johann Jakob Astor; July 17, 1763 – March 29, 1848) was a German-born American businessman, merchant, real estate mogul, and investor. Astor made his fortune mainly in a fur trade monopoly, by exporting History of opium in China, opium into the Qing dynasty, Chinese Empire, and by investing in real estate in or around New York City History of New York City (1784–1854), during the late 18th and early 19th centuries. He was the first prominent member of the Astor family and the first multi-millionaire in the United States. Born in Holy Roman Empire, Germany, Astor immigrated to England as a teenager and worked as a musical instrument manufacturer. He moved to the United States after the American Revolutionary War (1775–1783). Seeing the expansion of population to the west, Astor entered the fur trade and built a monopoly, managing a business empire that extended to the Great Lakes region and north into British North America (future Canada, Dominion of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Girard
Stephen Girard (born Étienne Girard; May 20, 1750 – December 26, 1831) was a French-born American banker and philanthropist. Born in Bordeaux, Girard subsequently immigrated to the Thirteen Colonies where he established himself in the Banking in the United States, American banking industry. During the War of 1812, Girard single-handedly saved the federal government of the United States from bankruptcy by personally financing the American war effort. Eventually accumulating a large estate which included a slave plantation in Louisiana, a 2007 article in ''Fortune Magazine'' estimated that he was the List of richest Americans in history, fourth-richest American in history. Having no children, Girard devoted much of his fortune to philanthropy, in particular the education and welfare of orphans, and his estate continues to fund philanthropic endeavors in the present day.Wildes, 1943. Early life Girard was born in Bordeaux, France on May 20, 1750, the son of a sea captain.Robe ... [...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 the United Kingdom 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 yea ... [...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 Fathers of the United States, Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 during the Presidency of George Washington, presidency of George Washington, the first president of the United States. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a prosperous merchant. He was given a scholarship and pursued his education at Columbia College, Columbia University, King's College (now Columbia University) in New York City where, despite his young age, he was an anonymous but prolific and widely read pamphleteer and advocate for the American Revolution. He then served as an artillery officer in the American Revolutionary War, where he saw military action against the British Army during the American Revolutionary War, British Army in the New York and New Jersey campaign, served for ... [...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 ), regarded as a prophet and the forerunner of Jesus Christ * John the Apostle (died ), one of the twelve apostles of Jesus Christ * 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 John ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Clay
Henry Clay (April 12, 1777June 29, 1852) was an American lawyer 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. He unsuccessfully ran for president in the 1824 United States presidential election, 1824, 1832 United States presidential election, 1832, and 1844 United States presidential election, 1844 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 Democratic Party (United States), Democrat John C. Calhoun. Clay was born in Hanover County, Virginia, Virginia, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strict Constructionism
In the United States, strict constructionism is a particular Philosophy of law, legal philosophy of judicial interpretation that limits or restricts the powers of the federal government only to those ''expressly'', i.e., explicitly and clearly, granted to the government by the United States Constitution. While commonly confused with textualism or originalism, they are not the same, and in fact frequently contradict, as textualists like Antonin Scalia have noted. Different uses Strict meaning Strict construction requires a judge to apply the text only as it is ''expressly'' written, i.e., read Literal and figurative language, perfectly literally. This can contradict the commonly-understood meaning of a law. For example, consider a law that specifies "the use of a knife when committing a crime should be punished by ten years in prison." This would commonly be understood as prohibiting the use of a knife to threaten or injure another person. However, read purely literally, the law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federalist Party
The Federalist Party was a conservativeMultiple sources: * * * * * * * * and nationalist American political party and the first political party in the United States. It dominated the national government under Alexander Hamilton from 1789 to 1801. The party was defeated by the Democratic-Republican Party in 1800, and it became a minority party while keeping its stronghold in New England. It made a brief resurgence by opposing the War of 1812, then collapsed with its last presidential candidate in 1816 United States presidential election, 1816. Remnants lasted for a few years afterwards. The party appealed to businesses who favored banks, national over state government, and manufacturing an army and navy. In world affairs, the party preferred Kingdom of Great Britain, Great Britain and strongly opposed involvement in the French Revolutionary and Napoleonic Wars. The party favored centralization, Early federalism in the United States, federalism, modernization, industriali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democratic-Republican Party
The Democratic-Republican Party (also referred to by historians as the Republican Party or the Jeffersonian Republican Party), was an American political party founded by Thomas Jefferson and James Madison in the early 1790s. It championed liberalism, republicanism, individual liberty, equal rights, separation of church and state, freedom of religion, anti-clericalism, emancipation of religious minorities, decentralization, free markets, free trade, and agrarianism. In foreign policy, it was hostile to Great Britain and in sympathy with the French Revolution and Napoleonic Wars. The party became increasingly dominant after the 1800 elections as the opposing Federalist Party collapsed. Increasing dominance over American politics led to increasing factional splits within the party. Old Republicans, led by John Taylor of Caroline and John Randolph of Roanoke, believed that the administrations of Jefferson, Madison, and Monroe—and the Congresses led by Henry Clay—had in so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
