Slavery allowed the American economy to flourish for over 300 years. It allowed many Southern states to grow at a furious pace without significantly diversifying their economy. The South relied on the harvesting of cash crops such as tobacco and cotton, which were very labor intensive. Without much cheap labor, slaves were relied on to harvest the crops; this provided enormous value to farmers and plantation owners in the region. However, the institution of slavery was challenged in the 18th century by decades of Enlightenment thought, newfound religious ideals, and larger abolitionist groups. After the American Revolution many states would ban the practice of slavery completely and only a few would maintain the “peculiar institution”.
Early English settlers in the lower Chesapeake Bay region learned to cultivate tobacco from the Native Americans and it would prove to have profound influence in the development of Chesapeake society and the colonies of Virginia and Maryland as a whole. Between 1627 and 1669, annual tobacco exports climbed from 250,000 pounds to more than 15 million pounds. (p39. The American Journey). The Chesapeake region became the New World’s largest producer of tobacco. Since tobacco was a labour intensive crop to cultivate, the planters sought indentured servants from England as a source of cheap labour. However many servants died in alarming numbers from disease as a result from the supply of indentured servants declined, and larger planters who were wealthy managed to buy slaves. Slave population increased rapidly from 1,708 in 1660 to 189,000 in 1760. (Smith, Billy G., and Nash. Encyclopedia of American History).
The use of labor came in two forms; indenture servitude and Slavery used on plantations in the south particularly in Virginia. The southern colonies such as Virginia were based on a plantation economy due to factors such as fertile soil and arable land that can be used to grow important crops, the plantations in the south demanded rigorous amounts of labor and required large amounts of time, the plantation owners had to employ laborers in order to grow crops and sell them to make a profit. Labor had become needed on the plantation system and in order to extract cheap labor slaves were brought to the south in order to work on the plantations. The shift from indentured servitude to slavery was an important time as well as the factors that contributed to that shift, this shift affected the future generations of African American descent. The history of colonial settlements involved altercations and many compromises, such as Bacons Rebellion, and slavery one of the most debated topics in the history of the United States of America. The different problems that occurred in the past has molded into what is the United States of America, the reflection in the past provides the vast amount of effort made by the settlers to make a place that was worth living on and worth exploring.
In the South, however, the economy was predominantly agricultural. Cotton and tobacco plantations relied heavily on the free labor of slaves for their economic prosperity. They saw the urbanization and industrialization of the North, and the economic connection between the North a...
In the summer of 1832 and Congress renewed the Bank’s charter even though it wasn’t due until 1836. Jackson hesitated to approve of the charter, so Henry Clay and Nicholas Biddle went on the offensive to attempt to persuade Jackson to pass the bill. Jackson, having had his opinion on the banks cemented by Clay’s presence in the organization, then committed to de-establishing the Second National Bank. He waged war against Biddle in particular to make sure Biddle lost power. He vetoed the bank bill, and after winning the race to be reelected, he closed Biddle’s bank. He ordered his Secretary of the Treasury to move money from the Second National Bank to smaller, state banks. When Congress returned from its summer recess, it censured him for his actions. In 1836, Bank of US was dead, and the new democratic-congressmen expunged Jackson’s censure. Because Jackson had no formal plan for managing the nation’s funds after the Second National Bank closed, it caused problems in Van Buren’s administration. He destroyed the Bank of the United States, in the main, for personal reasons. Jackson hated the bank before his presidency because as a wealthy land and slave owner he had lost money due to its fiscal policies. He believed that Congress had no right under the constitution to charter a
President Jackson hated the Bank of the United States. No bank in America had more power than it, and Jackson mistrusted monopolistic banking. The Bank of the U.S. controlled much of the nation’s gold and silver. The President of the Bank was Nicholas Biddle. The war between Jackson and Biddle erupted in 1832, when Daniel Webster and Henry Clay presented Congress with a bill to renew the Bank of the United States’ charter. The re-charter bill was passed through Congress, but was vetoed by President Jackson. The veto not only stopped the bank bill, but increased the power of the President. Jackson said that the bank was unconstitutional, but was actually saying that he personally found it harmful to the nation. The Supreme Court had said that the Bank of the U.S. was constitutional earlier. Jackson decided he was going to slowly shrink the amount of money in the Bank by using it to pay for day-to-day expenses of the government, this way the Bank of the U.S. would surely die.
The Second Bank of the United States was under private control. It held most of the federal deposits. Deposits, the Bank could use without paying interest. It could also issue bank notes and it exempted from paying state taxes. The Congress could not license any other equivalent bank. For all these rights the Bank was to pay a bonus of one and a half million dollars. Nicholas Biddle, did much to repair the Bank’s corrupted reputation; the bank irregular management was blame for the bust cycle that culminated in the Panic of 1819.. Jackson felt that the Bank was not only unconstitutional, as it was believed by the Jeffersonian, but it could influence national affairs, and it had no higher entity...
The validity of President Andrew Jackson’s response to the Bank War issue has been contradicted by many, but his reasoning was supported by fact and inevitably beneficial to the country. Jackson’s primary involvement with the Second Bank of the United States arose during the suggested governmental re-chartering of the institution. It was during this period that the necessity and value of the Bank’s services were questioned.
Within the economy a great development had been achieved when the upper south handed its power to the lower south all due to the rise of an agricultural production. This expansion was led by the excessive growth of cotton in the southern areas. It spread rapidly throughout America and especially in the South. During these times it gave another reason to keep the slavery at its all time high. Many wealthy planters started a ‘business’ by having their slaves work the cotton plantations, which this was one of a few ways slavery was still in full effect. Not only were there wealthy planters, at this time even if you were a small slave-holder you were still making money. While all of this had been put into the works, Americans had approximately 410,000 slaves move from the upper south to the ‘cotton states’. This in turn created a sale of slaves in the economy to boom throughout the Southwest. If there is a question as to ‘why’, then lets break it d...
When America was first founded the colonists believed that they could do one of two things. They could either ask for entire families and groups of people to come over from England to start family farms and businesses to help the colony prosper. The other option was to take advantage of the lower class people and promise them land and freedom for a couple of years of servitude (Charles Johnson et al, Africans in America 34). Obviously the second option was used and this was the start of indentured servitude in colonial America. The indentured servants that came from England were given plenty of accommodations in exchange for their servitude. They were also promised that after their time of service was complete that they would receive crops, land, and clothing to start their new found lives in America. Men, children, and even most criminals, rushed to the ports hoping to be able to find work in America and soon start their new life. However, a large quantity of them either died on the voyage over, died from diseases, or died from the intensity of their work, before their servitude was complete (Johnson et al, Africans, 34). America finally began to show signs of prosperity due to the crop, tobacco. The only problem now was that the majorit...