History 2301E Lecture Notes - Lecture 41: Monroe Doctrine, Latin American Wars Of Independence, Protective Tariff
2 May 2018
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Department
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Professor
October 17th, 2017
The Era of Good Feelings
Post-war 1812 period
Immense growth in the U.S.
A lot of good things happen to a lot of people, but has another dark alley, on route to the civil war
➢ James Munroe and the Era of Good Feelings
o The Second bank of the United States, 1816
o The Tariff of 1816
o The Monroe Doctrine, 1823
➢ Early Industrialization
o The Lowell System
➢ The Era of Not so Good Feelings?
➢ The Election of 1823
James Munroe and the Era of Good Feelings
- James Munroe 1817-1825
o Last of the founding father (revolutionary generations)
o Boston newspaper proclaimed: “an era of Good Feelings”
o Good time to be in America
▪ survival guaranteed
o Economic growth
o Growing on the world stage as an equal partner
- The Era of Good Feelings
The Second Bank of the United States, 1816
- Financial crisis
o First bank charter expires, 1811
▪ Just before the war broke out
• = no bank during the war
o Proliferation of state banks
▪ Significance: no centralization of monetary policy, no single currency or lending
rates
• Not bad but chaotic when you want a smooth, financial, economic system
- Mandate, 1816
o Second bank of the United States is created
▪ 20-year term: then needs to be renewed
▪ creates a currency: good stability for trade
▪ physically hold your deposits
▪ hold money for your expenditure
- Debate
o Huge backlash on Federalists
▪ Seen as helping Northerners and industries
▪ Not renewed after 20 years
• To this day, the U.S. doesn’t have a central bank
find more resources at oneclass.com
find more resources at oneclass.com
The Tariff of 1816
- Peace with Britain
o British goods now allowed to flood the American market
▪ Cheap goods without any barriers
o Propels people that we need to do something to protect our own industry
▪ American goods cannot compete with Britain’s lower prices
- Protective tariff
o A tax: on all imported, manufactured goods
o American manufactures can now sell their goods without having to compete with the
British
▪ Good for American goods
- Southern opposition
o English industrial goods
▪ British goods initially cheaper than American-made, however the tariffs made
them more expensive
o English retaliation
▪ Fear that the British will start to tax imports from the United States
• Biggest American import is cotton, cotton will have to face that retaliation
• Furious southerners know that they will have to pay the price
o All manufacturing done in the north
o Tariffs are part of trade policies
▪ Trade policies are political
Northwest Diplomacy
- Oregon territory
o Louis and Clark expedition saw how far out they could go: wrote about all of the resources
in the Oregon territory
▪ Lumber, agriculture, fishing and ports (helps to trade with Asia)
• Benefits results in lots of countries who want to claim the territory
- Britain, 1818
o Diplomatic treaty signed between the U.S. British
▪ Treated as equals and found a diplomatic solution
▪ Jointly occupy this territory
▪ Can both benefit
- Russia, 1824-1825
o Has a very strong stake in North America
▪ Had farms and trading villages up and down the west coast
o All 3 divide it
▪ Russians are also treating the Americans as equals
▪ Russia gets Alaska, Britain gets… and U.S. gets…
The Monroe Doctrine, 1823
- Monroe’s State of the Union, January 1823
o Very important concept in American foreign policy
o Although these countries are rising up, not yet ready for independence and democracy
- Latin American revolutions
o a large number of countries in Latin America and central America were undergoing their
own revolutions against the Spanish imperial powers
- Doctrine
find more resources at oneclass.com
find more resources at oneclass.com
o Future colonization
▪ no other European power can come in and colonize these newly independent
countries
o Attempts of colonization
▪ any country who thinks of coming in and colonizing, the U.S. would view this as
a threat to their own National Security
• would go to war to protect the independence of these countries
o paternalism
o Existing colonies
▪ United States wont aggravate these countries into starting their own revolutions
o Internal European affairs
▪ reiteration of neutrality in these continuing European wars that are breaking out
- Implications
o Immediate
▪ Not taken seriously: U.S. has no ability to go to war
• No military or the economics to fight France, Spain, England, etc.
▪ A statement of principles, not of action
• Part of the Era of Good Feelings
o Long term
▪ part of American policy
▪ as America becomes stronger, comes into play in Texas and Cuba
▪ beginning of the U.S. its fear of influence
• much like the Europeans are in Africa
Early Industrialization
- Significance
o National economic structure
▪ economically draw the entire country together: creating a national economic
structure
o Regional split
▪ Emphasises the regional splits
▪ See a new mercantilism
• North is now like Britain back in the 1770s
• South with the agriculture and raw materials
o are almost subservient to the northern powers
The Transportation Revolution
- Allows the movement of goods, people and ideas
- The National Road, 1811
o benefits of internal roads
▪ allows wood carriages and horses
• the moving of bulk goods
• a gravel road that is flattened
o government funding
▪ built and paid for by government funds
▪ necessary for the U.S. government to invest in infrastructure
• allows transportation to develop
- The Erie Canal, 1817-1825
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
A lot of good things happen to a lot of people, but has another dark alley, on route to the civil war. James munroe and the era of good feelings: the second bank of the united states, 1816, the tariff of 1816, the monroe doctrine, 1823. James munroe and the era of good feelings. James munroe 1817-1825: last of the founding father (revolutionary generations, boston newspaper proclaimed: an era of good feelings , good time to be in america survival guaranteed, economic growth, growing on the world stage as an equal partner. The second bank of the united states, 1816. Financial crisis: first bank charter expires, 1811. Mandate, 1816: second bank of the united states is created creates a currency: good stability for trade, 20-year term: then needs to be renewed, physically hold your deposits, hold money for your expenditure.
