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Published byJudah Comb Modified over 3 years ago
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Chapter 9
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Federalist policy – sell land in 640 acres lots 1796 – at $2.00/acre w/ 1 year to complete payment Attractive to speculators Jefferson/Republicans – sought to get the land in the hands of real farmers 1800: 320 acres at $2/acres; 4 years to pay 1804: 160 acres at $1.64; 1820:80 acres at $1.25; 1832: 40 acres Most land bought originally by speculators
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Second Bank of U.S. Added to money supply Stimulated private bank creation Farmers borrowed to purchase land from speculators Crew cash crops to pay off debts Often exhausted the soil, and had to move on
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Issued bank notes redeemable for specie (gold and silver coins) Issued more notes than deposits of specie Collapse of British cotton market 33 cents/pound to 14 cents/pound Merchants couldn’t pay their debt, b/c Britain demanded specie Merchants sought to exchange bank notes for specie led to a run on the banks State banks called in loans to obtain specie National Bank also called in loans in specie and sought redemption of bank notes Banks collapsed; foreclosures; lawsuits for debt payment
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Debtor relief laws (almost all were unconstitutional) Western states Postponed foreclosures Restricted liquidation sales Closed state banks to creditors Forced creditors to accept bank notes Some states outlawed all but state controlled banks The crisis led to demands for expansion of voting rights * voter participation rose from 27% (1824) to 80 % (1840)
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In contrast to Jeffersonian resistance to the risks of capitalism, the court sided with capitalistic commerce Dartmouth v. Woodward – inviolability of contracts (charters) Sturgis v. Crowninshield – struck down very liberal bankruptcy laws Gibbons v. Ogden – prevented states from interfering in competitive elements of the market
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Increase in voters Increase in participation in elections Movement toward national conventions for picking candidates “Jeffersonian” Republicans found their own candidate – Andrew Jackson
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1825 – Treaty of Indian Springs – Creek lands in Georgia and Alabama Southern states pressured Indians to move 1830 – Indian Removal Act 1831 – Cherokee Nation v. Georgia 1832 – Worcester v. Georgia 1838 – Trail of Tears
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