The Bank of the United States The Bank of the United States is a symbol of the long held American fear of centralization and government control. The bank was an attempt to bring some stability and control and was successful at doing this. However, both times the bank was chartered, forces within the economy ultimately destroyed it. The fear of centralization and control was ultimately detrimental to the U.S. economy. During the Revolutionary War there was much need for a strong centralized government that would have been able to collect taxes. The states were able to issue currency and the government accepted this in exchange for specie. Specie was very hard to come by in the colonies and most states relied on foreign currency such as Spanish coins to back up their currencies. The Continental Congress issued a Continental Currency in 1775, but due to lack of faith in the currency, it rapidly fell in value and prices skyrocketed. They were abandoned in 1781. If it weren’t for a massive loan from the French, the war would have ended due to bankruptcy. During the time period of the Articles of Confederation, each state was able to issue it’s own currency. The lack of national currency in the United States lead to exchange problems between the states, and also made trading difficult for the U.S. Alexander Hamilton first created the First Bank of the United States in 1791 to deal with these problems. It had a tough time getting through Congress due to a debate over if the government has the power to form a central bank. President Washington signed the charter of the bank, not because he wanted a central bank, but because he saw it as necessary. During the time the first bank was ... ... middle of paper ... ...rations of the regional banks. The bill that was past had the time has undergone numerous changes, and the system implemented at the time is very different from the one now. Over the years, the system has moved more towards more centralization and control. As can be seen, the fear of centralization by state banks, and the long-standing opposition to federalization had a vastly detrimental effect on the American Economy. It leads to instability, inflation, banking panics, and near bankruptcy for the government on numerous occasions. The unique system that the United States have today is a balance between centralization and local control. This came from the early attempts at organization that were the First and Second Banks of the United States and the forces that destroyed them. This all lead to the balance in the system that can be seen today.
During the American Revolution the not yet established United States, held two Continental Congresses that eventually help defeat Britain. The First Continental Congress informed the local militias to prepare for war. The Second Continental Congress helped end the war and issue the Declaration of Independence. The Second Continental congress sought out to create a national government for our new country named the Articles of Confederation. However, The Articles of Confederation had many problems, for example, Congress and the states shared the right to regulate currency and issue money. This led to an excess of currency, which pushed down the value of currency and created inflationary pressure on the Continental dollar. The downfall of the Articles of Confederation ultimately sparked a political conflict between
In an effort to limit the power of the national government, Congress created one without enough power to govern effectively, which led to serious national and international problems. One of the main weaknesses under the Articles of Confederation was its incapability to regulate trade and levy taxes. The states controlled all of their “cash flows.” Sometimes, the states were in debt because of tariff wars that they would engage in with one another.
The issue of whether or not America should have a National Bank is one that is debated throughout the whole beginning stages of the modern United States governmental system. In the 1830-1840’s two major differences in opinion over the National Bank can be seen by the Jacksonian Democrats and the Whig parties. The Jacksonian Democrats did not want a National Bank for many reasons. One main reason was the distrust in banks instilled in Andrew Jackson because his land was taken away. Another reason is that the creation of a National Bank would make it more powerful than...
Salinger, J. D.. The Catcher in the Rye. [1st ed. Boston: Little, Brown, 19511945. Print.
Going hand in hand with his detestation of large, extremely controlling national governments, Jefferson was intent on having no national bank present in the US, but Hamilton was certain the country would benefit from one. For example, in a personal letter written by Alexander Hamilton, he wrote, “Mr. Madison, co-operating with Mr. Jefferson, is at the head of a faction, decidedly hostile to me, and my administration; and actuated by views... subversive of the principals of good government, and dangerous to the Union... Mr. Jefferson... [displays] his dislike of... funding [the] debt.” (Doc 2) Hamilton implied that by not advocating a national bank, Jefferson did not want to help the country pay off its debt. Jefferson, however, was dead set against having a national bank because he wanted the common people, such as the farmers, to have maximum influence on the government. This way, a strong central government could not have supreme political, economic, and social power, all of which together would open the doors for future corruption, even if the government was set up in the manner directed in the Constitution. Jefferson defended this judgement to the extent that he formed a political party so it could develop into a well-supported suggestion. Thus, the perspective on national banks could more efficiently progress into the point where it impacted the whole country and prevented the formation of a national bank. Equally, the excise tax proposed by Alexander Hamilton and carried out by Congress, factored in on Hamilton and Jefferson’s feud on having a national bank. In a letter written by Thomas Jefferson, he manifested his reaction to the excise tax by commenting, “The excise tax is an infernal one... [the public’s]
One such issue was that of the National debt and creating a National Bank. In 1790, Alexander Hamilton proposed that Congress should establish a national bank, in which private investors could buy stock, could print paper money, and keep government finances safe. Washington signed the bill establishing a national bank and started a strong foundation for a thriving economy and a stable currency.
Gwynn, Frederick L. The Fiction of J.D. Salinger. Pittsburgh: University of Pittsburgh Press, 1963. Print.
After the first War for Independence, The United States was approximately $52 million in debt. Due to having such bad financial problems, the United States created a national Bank to create one unified currency, to take away all state debts, and to issue loans to the people to promote growth. This National Bank was created by Alexander Hamilton who was a Federalist, and once Jefferson came to be the President, he continued the idea of the national bank because it was helping to reduce the national debt. The primary reason for the National Bank being a representation of a Federalist idea was because since it was issuing loans to people it was able to promote industrial growth which was one of the main goals of the Federalist party. From Jefferson continuing the use of the National Bank thru his presidency he demonstrates his need to continue a loose constructionist idea.
- Salinger, J.D.. The Catcher in the Rye. New York: Little, Brown and Company, 1945.
There has been much debate over Booker T. Washington and the effectiveness of his work at Tuskegee Institute. Some believe that he was a pioneer for black education in a time when few had the opportunity. Others believe that his conformity to the white ideal of what a black man should be hindered his ability to create real social change for his race. In his autobiography, Up From Slavery, Washington maps out his life from its humble beginnings as a slave up through the success of his school, Tuskegee Institute. He is quick to drop names of the important white businessmen and prominent citizens to ensure their support for his school. However, he is also quick to push his students to be productive members of their society. Through closer examination, can Washington's true views shine through? Did he win victories for his race through playing by the rules of white society or did he give in to their demands in pursuit of his own glory and "savior" status? Perhaps no one will ever know what was truly in his heart, but his public actions did not incite severe, complete, lasting social revelations for his African American brothers.
The Colonies were excited about having won their independence in 1783 with the signing of the Treaty of Paris, but they still had to be able to create their own system of government which they thought would create a strong government which would not have an overpowering central government as they thought Great Britain had had. With this was the creation of the Articles of Confederation. These articles were meant to create strong local and state governments while not granting any power to the central government with the idea that it could not have any power over the states. The states were allowed to conduct their own diplomacy, or war, from nation to nation or even from state to state. States were allowed to create their own currency and put heavy import taxes on goods from other states. The federal government had no independent executive, nor could it levy taxes on any part of the states. It could not create or maintain a militia; this duty was left to the states. All decisions had to be ratified by all thirteen colonies. In thought, this was a great idea because only the most popular decisions would be ratified and stronger states could not hurt the smaller states through majority rule. In practice it did not work very well because it could be thwarted by a single stubborn state.
Washington Is being remembered for the address of “Atlanta Exposition” In this particular speech, Booker T called on the Whites to provide Industrial, agricultural education and job for the Negroes. In return the African Americans will stop the demanding for civil rights and social equality. The message he passed to the Negroes was that social equality and politics were not really important as the immediate goals than independence and respectability of the economy. Washington had this belief that if blacks gained a foothold of the economy, and also proved how useful they can be to the Whites, then they will achieve social equality and civil rights because it will eventually be given to them in the long run. African Americans were urged and encouraged to work as skilled artisans, farmers, manual laborers, and domestics servants to show the Whites that all African Americans were not “liars and chicken thieves”.
Salinger, J.D. The Catcher in the Rye. New York: Little, Brown and Company, 1991. Print.
The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being responsible for 15-20% of bank loans in the United States and accounting for 40% of the bank notes in circulation. Also, the Bank held a specie reserve of 50% of the value of its notes, when normally other banks only had a specie reserve of 10-25% (Davis 1).
Domestic violence is one of the most under-reported crimes in the US because it’s not easy reporting someone you know to the police. “Approximately 1.3 million women and 835,000 men are physically assaulted by an opposing spouse annually in the United States” (American bar). Keep in mind these are the statistics for reported crimes, and domestic violence is one of the most under-reported crimes in the U.S. “Nearly three out of four (74%) of Americans personally know someone who is or has been a victim of domestic violence” (prosecutor). Most people know someone who has died because of domestic violence, in an abusive relationship or is a victim of abuse from a family member. It is common for us to know someone involved in these issues because it is happening to all people, not just one race or social status.