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Political System: Henry Clay And The American System

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Political System: Henry Clay And The American System
Henry Clay and the American System
· Lawyer and Politician who represented Kentucky separately in both the Senate and in the House of Representatives.
· Clay was a dominant figure in both the First and Second Party systems, aside from being a war hawk.
· The American System was was an economic plan that played a prominent role in American policy during the first half of the 19th century.
· Clay fought for an increase in tariffs to foster industry in the United States, attempted to build and maintain infrastructure by federal funding, and have a strong national bank.
Second American Party System
· The political party system in the United States that existed from 1828-1854, after the first party system.
· The system was characterized by …show more content…
· It was adopted to gradually reduce the rates after southerners objected to the protectionism found in the Tariff of 1832 and the 1828 Tariff of Abominations.
· This Act stipulated that import taxes would gradually be cut over the next decade until, by 1842, they matched the levels set in the Tariff of 1816: An average of 20%.
Nicholas Biddle and the Bank of the United States
· As President of the Bank of the United States, Nicholas Biddle viciously sparred with President Jackson over the function and power of the bank.
· Biddle served as secretary to President James Monroe, as well as being an author, financer, and lawyer.
· Jackson saw banks and paper money as potential threats to the American people. Biddle on the other hand, believed that a strong central bank could regulate the economy and increase American prosperity.
"Pet Banks"
· State banks selected by the U.S. Department of Treasurey to receive surplus government funds in 1833.
· They were made among the big U.S. bank when President Andrew Jackson vetoed the recharter for the Second Bank of the United …show more content…
· In general, Locofocos supported Andrew Jackson and Van Buren, and were for free trade, greater circulation of specie, legal protections for labor unions and against paper money, financial speculation, and state banks.
Specie Circular
· The Specie Circular, or Coinage Act, was an executive order issued by U.S. President Andrew Jackson in 1836 and carried out by succeeding President Martin Van Buren.
· The Act was a reaction to the growing concerns about excessive speculations of land after the Indian removal, which was mostly done with soft currency.
Long Cabin campaign, "Tippecanoe and Tyler too," and the election of 1840
· "Tippecanoe and Tyler too" was a very popular and influential campaign song of the Whig Party's colorful Log Cabin campaign in the 1840 United States presidential [->1]election.
· Its lyrics sang the praises of Whig candidates William Henry Harrison (the "hero of Tippecanoe") and John Tyler, while denigrating incumbent Democrat Martin Van
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