Mizzou HIST 1100 - History 1100 Notes 2 (24 pages)

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History 1100 Notes 2



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History 1100 Notes 2

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Pages:
24
School:
University of Missouri
Course:
Hist 1100 - Survey of American History to 1865
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History 1100 Notes for Final October 9 2012 Competing Visions for the Future of the United States 1789 1797f Recap Ratification of the constitution and the bill of rights did not end rights of who should rule and benefit from the new American political order Supporters of the federal Constitution believed the new federal system would make it possible for society to organize The constitution met many things to many people Merchants shippers and well to do were a necessary under pinning for the working class For urban artisans and skilled craftsman the new powers could encourage the commerce and manufacturing for their crafts to flourish Southern planters the constitution wasn t good because of slavery Most ordinary citizens believed the constitution was somewhat conservative I Ratification of the New Constitution and Boll of Rights Key Issues Unsettled o Article 1 the people s part of the government and the house of congress and the house of representatives II Political Party Formation Conflicting Views of Republicanism and Economic Progress o George Washington was nominated and elected president March 1789 April1797 Washington was president and Americans opposed the parties During the early years him and his circle of supporters hoped the ratification of the constitution would translate into national unity and there would be no political parties However most people realized that the new US would not be free of political parties Division within Washington s own cabinet provided quick and an easy way to grasp the fundamental differences between the years that made the 2 party system o Hamilton s Vision and the Federalist Party Nationalist who favored a stronger central government and thus had supported the new constitution Federalist partied leaders argued for republican party government but Ruled by the best men meaning those with superior wealth education and experience o Hamilton s Vision and the Federalist Party continued A vigorous international trade in agriculture commodities But above all else the use of government power to promote commercial development and the growth of industry Industry commerce and vibrant cities were the key to future prosperity An urban based commercial and industrial economy would be linked to the developing capitalism economies of western Europe The new united states was no longer set into the mercantile framework but it now has a broad open field to it for development and international trade Capitalism was on the horizon capital means the money that is made from trade and services and commerce o Capitalism was about the pulling of large sums of money made from profit and using the fund to spur development and products The idea was that every body could benefit in every field The wealth to be produced by this kind of economy they maintained would benefit all Even urban artisans could look forward to success upward mobility and a fair share of political power o Jefferson s Vision and the Democratic Republican Party Suspicious of strong central power similarly to the anti federalists during the ratification debates Favored representative government through which ordinary free people would have a strong if not decisive voice Aimed to establish an agrarian republic peopled by free holding farmers Ordinary people as citizen farmers would be Economically independent Self reliant Politically independent Ordinary people would be well represented in the local state governments which would retain the great bulk of government power The federal government would be weak just strong enough to coordinate the states and bolster trade in agricultural commodities Agriculture would be the backbone of the nation s economy In the democratic republican vision here would be no large cities no swelling ranks of property less urban laborers to be exploited and politically manipulated o Manchester England 1790 well under way to industrial revolution III New Federalist Party Fiscal and Financial Arrangements Hamilton s Program o Hamilton proposed many ideas Assumption The federal government would assume the debts of the states Funding The federal government would pay its debt at the full face value of the bonds that Congress had issued to raise cash during and shortly after the Revolutionary War Funding would include paying off old interest bearing bonds after that came due with new bonds In this way the federal government would in theory responsibly manage a perpetual bonded federal government debt The federal government would use its tax revenues including exercise taxes on ordinary citizens to pay the interest on outstanding bonds Funding would wed the wealthy classes to the new federal government o The First Bank of the United States aka the BUS The capital stock of the BUS would be owned by private investors Hamilton invoked the necessary and proper clause of Article I of the new Constitution to justify the congressional charter of the Bus The BUS would pool the capital of the wealthy and make loans to spur new commerce and industry The BUS would be a powerful tool with which the federal government could influence the money supply and the value of money itself The BUS would have the power to loan the federal government money These loans would come in the form of promissory notes issued by the bank BUS notes would be given to the US government in exchange for federal The notes issued by the Bank of the United States could be spent by the federal government in the private sector and serve as paper money By borrowing paper money from the BUS in this way the federal government could enlarge or shrink the money supply By enlarging or shrinking the money supply the federal government could increase or decrease the value of the notes or paper currency issued by the BUS IV Democratic Republican Party Opposition to Hamilton s Program the BUS would make loans mostly or exclusively to the wealthy and the powerful The wealthy private owners of the BUS would combine with the federal government to over enlarge or over shrink the money supply and thereby drive down or up the value of the dollar to suit their own investment purposes o The Complaints of the Revolutionary War Veterans Paid with US Bonds Many of the veterans who had been paid in US bonds had sold them at heavily discounted prices to wealthy speculators Funding permitted thespeculators to cash in V Upshot The Whiskey Rebellion 1794 o In July 1704 a us marshal arrived in western Pennsylvania to serve distillers on whisky


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