The Story of American Democracy Political And Industrial
The Story of American Democracy Political And Industrial
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No employ- ment for industry. " Niles' Register, a paper representing the interests of capital, confessed in August, 1819, that 20, 000 men were daily hunting work on the streets of Philadelphia, — more than half the adult male population of that day !
The American causes for this depression of 1819 resembled those of later "crises. " The promise of the tariff itself had caused overinvestment in factories in the East; and in the West there had been reckless overinvestment in public lands by tho...usands of poor immigrants who were unduly allured by the "credit system" of purchase. A third cause, which intensified the evil, was the recent multiplication of "wild-cat" State banks (after the expiration of the first National Bank in 1811), which had loaned money in extrav- agant amounts, and so had encouraged all sorts of specu- lation. When at length these banks found themselves forced to call in their loans, or to close their doors, they spread panic and confusion throughout society.
414 NATIONALISM AND ITS REACTION, 1815-1830 The manufacturing interests, however, ascribed all the depression to insufficient "protection, " and the Tariff of 182 J^ Tariff of found its leading champion in Clay, who now glori- 1824 fi^d the protective policy with the name, the Ameri- can System.
What to read after The Story of American Democracy Political And Industrial?
You can find similar books in the "Read Also" column, or choose other free books by Willis M Willis Mason West to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
No employ- ment for industry. " Niles' Register, a paper representing the interests of capital, confessed in August, 1819, that 20, 000 men were daily hunting work on the streets of Philadelphia, — more than half the adult male population of that day !
The American causes for this depression of 1819 resembled those of later "crises. " The promise of the tariff itself had caused overinvestment in factories in the East; and in the West there had been reckless overinvestment in public lands by tho...usands of poor immigrants who were unduly allured by the "credit system" of purchase. A third cause, which intensified the evil, was the recent multiplication of "wild-cat" State banks (after the expiration of the first National Bank in 1811), which had loaned money in extrav- agant amounts, and so had encouraged all sorts of specu- lation. When at length these banks found themselves forced to call in their loans, or to close their doors, they spread panic and confusion throughout society.
414 NATIONALISM AND ITS REACTION, 1815-1830 The manufacturing interests, however, ascribed all the depression to insufficient "protection, " and the Tariff of 182 J^ Tariff of found its leading champion in Clay, who now glori- 1824 fi^d the protective policy with the name, the Ameri- can System.
What to read after The Story of American Democracy Political And Industrial?
You can find similar books in the "Read Also" column, or choose other free books by Willis M Willis Mason West to read onlineMoreLess
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