The Panic of 1819, preceded by land speculation, the expansion of state and private banks, easy credit, inflation, and an increase in agricultural exports, was triggered by the tightening of credit, the collapse of the export market, and increased imports. Mortgages had foreclosed and agricultural prices fell by almost one half. Investments collapsed and price in land dropped. The drop lead to land speculation and the expansion of banks and the Second Bank of the United States. Export of agricultural goods and Import of manufactured goods increased. Their was widespread foreclosures and bank failures. All of these events ultimately lead to The Panic of 1819. Availability of land from The Louisiana Purchase in 1803 contributed to the overexpansion of land speculation and caused inflation of land values. This purchase doubled the U.S. territory with an additional 828,000 square miles. The cost per acre was approximately 40 cents. This whole area later became 15 states. These states were Arkansas, Missouri, Iowa, Oklahoma, Kansas, Nebraska, Minnesota, North Dakota, South Dakota, New Mexico, Texas, Montana, Wyoming, Colorado, and Louisiana. As a White 2 result of this purchase, the U.S. population was able to expand and increase. The Federalist favored the sale of large land parcels to wealthy speculators instead of small parcel sales to farmers and contributed to the inflation of land values. Federalists were in control so they could determine anything that they wanted as far as the land goes. Thomas Jefferson was aloud to spend 10 million dollars on the Louisiana Purchase. However, he spent 15 million dollars putting the US in a 5 million dollar debt. “In a government which is founded by the people, who possess exclusively th... ... middle of paper ... .... farmers were unable to make loan payments to banks. Banks then foreclosed on properties and were unable to sell. Land prices decreased, farmers went bankrupt, banks failed. The Napoleonic War fueled America’s agriculture growth and expansion; however, the end of the wars contributed to The Panic of 1819. Increased inexpensive imports led to business failures, bank closures, and unemployment in cities. Britain ended The War of 1812 with America and trade increases. Britain’s industrial capacity exceeded Americas’.5 Britain then exported its surplus of manufactured goods to America. U.S. factories could not compete with Europe’s low labor costs and low price of goods. American imports rose from $12.9 million in 1814 to $151 million in 1816. Businesses were forced to close. Inexpensive imported goods force U.S. manufacturers to shut down and lead to unemployment.
For around three cents per acre, 15 million in total, the land would have been as if one was giving land away in modern days. But even when the purchase was made, it was a steal. But this is exactly what was needed, land, and more land. A place to grow larger, somewhere to call ours. But even then that we bought the land, we did not know what was upon the land. To even have any knowledge of what was in the land, there were ones who were paid to be sent out to see what the land had to offer us. This was a very scary risk for him as he didn’t know if the land would have anything to offer. Though these peoples main purpose was to map out the land for it to be sent out. But if anything were to come up wrong in the purchase, Jefferson’s reputation would be ruined. Not only would they think that his opinions were useless, but he would no longer be a man anyone will
Jefferson recognized that the purchase would be “beyond constitutional,” (Jefferson) but his desire to expand America undermined his “legal scruples” (book). The Republicans and Thomas Jefferson supported the acquisition, because it was favorable to the “immediate interests of” the “western citizens” (book). The also believed it would create a more safe and peaceful environment, in a way that would separate French and American authorities. The federalists on the other hand, disagreed with the treaty for various reasons. They were worried that westward expansion would increase wages on the Atlantic coast by “reducing and lowering the value of real estate in their region” (book). The federalists knew that the states to that would be created from the new land would be settled by Jeffersonian Republicans, ultimately establishing a stronger Republican foothold in the country. Despite the feuds between the two groups, the Senate ratified the treaty with a vote of twenty-six to six, and on December 20, 1803, America took possession of the Louisiana
The Louisiana purchase was a very significant event in the United States of America that changed the country we live in today. Since, “1762, Spain had owned the territory of Louisiana, between the Mississippi River and the Rocky Mountains” (Office of the Historian). This purchase led to many great things due to the French now having possession over it. Even though the French sold major land in the Louisiana Purchase, the money gained by France and the land acquired by America was a win for both sides of the deal.
Although Jefferson did not originally agree with presidents having power to expand the nation by purchasing land, he did end up expanding west with the purchase of the Louisiana Territory. The Purchase showed Jefferson at his most hypocritical. Bothered by the extra Constitutional nature of what he had done, he considered authorizing an amendment until Treasury secretary Albert Gallatin and others persuaded him that the power to acquire territory was implied by the power to make treaties (Kauffman). Because the Constitution does not allow the president the power to purchase foreign territory, Jefferson initially recommended that the administration propose a constitutional amendment that would allow him to obtain Louisiana while still maintaining his strict constructionist principles (Kauffman). Even though creating this amendment would make it seem as if he were not changing is views of the Constitution, it also represents how he would be taking advantage of his power in order to change the Constitution of his own benefit. If this amendment were passed, Jefferson could make the purchase without changing his strict interpretation of ...
The Louisiana Purchase was the most important event of President Thomas Jefferson's first Administration. In this transaction, the United States bought 827,987 square miles of land from France for about $15 million. This vast area lay between the Mississippi River and the Rocky Mountains, stretching from the Gulf of Mexico to the Canadian Border. The purchase of this land greatly increased the economic resources of the United States, and cemented the union of the Middle West and the East. Eventually all or parts of 15 states were formed out of the region. When Jefferson became president in March 1801, the Mississippi River formed the western boundary of the United States. The Florida's lay the south, and the Louisiana Territory to the west. Spain owned both these territories.
In fact during this time the economy was not at its greatest. The Panic of 1819 was an economic depression caused by over speculation in the western lands.
The Louisiana Purchase was the most influential and important land purchases in American history. The acquired land in this historical purchase proved to far outweigh what most Americans at the time could imagine. The Louisiana Purchase more than doubled the size of the United States, and lead to many great discoveries and societal benefits. Some of the major and most prominent ways that the Louisiana Purchase influenced the evolution of American were the expeditions of Louis and Clark on the newly acquired westward territory, increase in the countries resources, which in turn increased in trade and resulted in a richer, more economically stable country, and it also played a very pivotal role in the relationship with African Americans, which still is remembered and prevalent in today's society.
President Jefferson worked diligently with Congress to change the Alien Act to have a more relaxed naturalization that only required five years of residency to achieve United States citizenship, instead of the previous fourteen years. President Jefferson achieved credit for making the Federal government's priorities foreign affairs, and leaving local matters for the state and local governments to tend to. Jefferson’s beliefs in local self-government created differences between himself and Alexander Hamilton, which created the Federalists (Hamilton followers) and the Democrat Republican’s (Jefferson followers). President Jefferson was instrumental in the Louisiana Purchase, which secured an area extending from Canada to the Gulf and the Mississippi to the Rockies, for fifteen million dollars. This purchase also led to the planning and organization of the Lewis and Clark expedition.
There were many factors that caused the Great Depression from the banks creating IOU’s to deflation. This economic crash was due to the capitalist system of the United States Federal Reserve on top of the many band-aids that were implemented. Before the 1920’s, the average worker could not borrow money. By 1929, the buy now and pay later concept was a way of life. This way helped generate the downfall of the economy; average hard-working individuals borrowing money that could not be repaid due to jobless and the mismanagement of money from the banking system.
Due to the way President James Monroe handled the situation of the Panic of 1819,
This led to the concentration of wealth the top two percent of the US owned sixty percent of the money and the rest of the people were poor. Mechanization caused massive over production which put the US in a strain because of it’s lack of consumers. So they cut production and raised prices which was still ineffective. With food being too expensive work, and housing was scarce the poor were forced to make housing.
The Louisiana Purchase happened in 1803 and it was exactly what it is called. The United States of America purchase the Louisiana territory from France. The U.S. gave France about 50 million dollars for the Louisiana territory. The land purchased contained all of present-day Arkansas, Missouri, Iowa, Oklahoma, Kansas, and Nebraska; parts of Minnesota that were west of the Mississippi River; most of North Dakota; most of South Dakota; northeastern New Mexico; northern Texas; the portions of Montana, Wyoming, and Colorado east of the Continental Divide; Louisiana west of the Mississippi River, including the city of New Orleans; and small portions of land that would eventually become part of the Canadian provinces of Alberta and Saskatchewan.
One action taken by the United States government that was influenced by geographic factors was the Louisiana Purchase. There were many historical circumstances that resulted in the government’s action. Louisiana was originally owned by the French until France sold it to the United States. Thomas Jefferson bought Louisiana in 1803. The influence of this geographic factor occurred because as the United States had expanded westward, navigation of the Mississippi River and access to the port of New Orleans had become critical to American commerce. The purchase of the Louisiana territory, including New Orleans, was for $15 million. The acquisition of approximately 827,000 square miles would double the size of the United States. This also gave the United States control of the Mississippi River. This had a lot of impacts on the United States. It increased western expansion which was included in the Manifest Destiny. The Manifest Destiny was a 19th-century doctrine that the United States had the right and duty to expand throughout the North American continent. But, this expansion did lead to conflicts...
The stock market crash of 1929 was the primary event that led to the collapse of stability in the nation and ultimately paved the road to the Great Depression. The crash was a wide range of causes that varied throughout the prosperous times of the 1920’s. There were consumers buying on margin, too much faith in businesses and government, and most felt there were large expansions in the stock market. Because of all these positive views that the people of the American society possessed, people hardly looked at the crises in front of them.... ...
It was not very easy for the United States to expand like they had in mind. The division of land had been a rising problem since the Revolutionary war. Two of the main issues during the time of the Articles of Confederation were the pricing and land measurement (Potter and Schamel 1). Throughout the course of over fifty years, the government had tried many different attempts to get people to want to expand to the west. They just didn’t really know the right way of how to go about it. Trying to sell the acres did not go over well, considering the price seemed outrageous for what they were getting. Untouched soil was very hard to start on and be successful from the beginning, which caused some problems with people not wanting to buy the land (Weiser 1). So again, a different political group tried a different approach.