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The institutional arrangements of the American System were initially formulated by first Secretary of the Treasury, Alexander Hamilton , who proposed the creation of a government-sponsored bank and increased tariffs to encourage industrial development.
Specific government programs and policies which gave shape and form to the American School and the American System include the establishment of the Patent Office in ; the creation of the Coast and Geodetic Survey in and other measures to improve river and harbor navigation; the various Army expeditions to the west, beginning with Lewis and Clark's Corps of Discovery in and continuing into the s, almost always under the direction of an officer from the Army Corps of Topographical Engineers , and which provided crucial information for the overland pioneers that followed; the assignment of Army Engineer officers to assist or direct the surveying and construction of the early railroads and canals; the establishment of the First Bank of the United States and Second Bank of the United States as well as various protectionist measures e.
Thomas Jefferson and James Madison opposed a strong central government and, consequently, most of Hamilton's economic policies , but they could not stop Hamilton, who wielded immense power and political clout in the Washington administration.
In , however, Jefferson became president and turned to promoting a more decentralized, agrarian democracy called Jeffersonian democracy. He based his philosophy on protecting the common man from political and economic tyranny. He particularly praised small farmers as "the most valuable citizens".
However, Jefferson did not change Hamilton's basic policies. As president in Madison let the bank charter expire, but the War of proved the need for a national bank and Madison reversed positions.
The Second Bank of the United States was established in , with a year charter. The Louisiana Purchase greatly expanded the size of the United States, adding extremely good farmland, the Mississippi River and the city of New Orleans. Wars from to caused withdrawal of most foreign shipping from the U. Seizure of U. States built roads and waterways, such as the Cumberland Pike and the Erie Canal , opening up markets for western farm products.
The Whig legislation program was blocked at the national level by the Democrats, but similar modernization programs were enacted in most states on a bipartisan basis. The role of the Federal Government in regulating interstate commerce was firmly established by the landmark Supreme Court ruling in Gibbons v Ogden , which decided against allowing states to grant exclusive rights to steamboat companies operating between states.
President Andrew Jackson � , leader of the new Democratic Party, opposed the Second Bank of the United States, which he believed favored the entrenched interests of the rich. When he was elected for a second term, Jackson blocked the renewal of the bank's charter. Jackson opposed paper money and demanded the government be paid in gold and silver coins. The Panic of stopped business growth for three years.
Although there was relatively little immigration from Europe, the rapid expansion of settlements to the West, and the Louisiana Purchase of , opened up vast frontier lands. The high birth rate, and the availability of cheap land caused the rapid expansion of population. The average age was under 20, with children everywhere.
The population grew from 5. By , the population had reached 17,, on the same land. New Orleans and St. Louis joined the United States and grew rapidly; entirely new cities were begun at Pittsburgh, Marietta, Cincinnati, Louisville, Lexington, Nashville and points west. The coming of the steamboat after made upstream traffic economical on major rivers, especially the Hudson, Ohio, Mississippi, Illinois, Missouri, Tennessee, and Cumberland rivers.
They were the transportation centers, and nodes for migration and financing of the westward expansion. The newly opened regions had few roads, but a very good river system in which everything flowed downstream to New Orleans. With the coming of the steamboat after , it became possible to move merchandise imported from the Northeast and from Europe upstream to new settlements.
The opening of the Erie Canal made Buffalo the jumping off point for the lake transportation system that made important cities out of Cleveland, Detroit, and especially Chicago. The labor shortage was attributed to the cheapness of land and the high returns on agriculture. All types of labor were in high demand, especially unskilled labor and experienced factory workers.
Labor prices in the U. Women factory workers were especially scarce. The elasticity of labor was low in part because of lack of transportation and low population density.
The relative labor scarcity and high price was an incentive for capital investment, particularly in machinery. Westward expansion plus the building of canals and the introduction of steamboats opened up new areas for agriculture. Much land was cleared and put into growing cotton in the Mississippi valley and in Alabama, and new grain growing areas were brought into production in the Midwest. Eventually this put severe downward pressure on prices, particularly of cotton, first from to and again from to Before the Industrial Revolution most cotton was spun and woven near where it was grown, leaving little raw cotton for the international marketplace.
World cotton demand experienced strong growth due to mechanized spinning and weaving technologies of the Industrial Revolution. Although cotton was grown in India, China, Egypt, the Middle East and other tropical and subtropical areas, the Americas, particularly the U.
Sugarcane was being grown in Louisiana, where it was refined into granular sugar. Growing and refining sugar required a large amount of capital. Some of the nation's wealthiest people owned sugar plantations, which often had their own sugar mills. Southern plantations, which grew cotton, sugarcane and tobacco, used African slave labor.
Per capita food production did not keep pace with the rapidly expanding urban population and industrial labor force in the Antebellum decades. There were only a few roads outside of cities at the beginning of the 19th century, but turnpikes were being built. A ton-mile by wagon cost from between 30 and 70 cents in Robert Fulton's estimate for typical wagonage was 32 cents per ton-mile. The cost of transporting wheat or corn to Philadelphia exceeded the value at and miles, respectively.
Following the Louisiana Purchase the need for additional roads to the West were recognized by Thomas Jefferson, who authorized the construction of the Cumberland Road in Mail roads were also built to New Orleans. The building of roads in the early years of the 19th century greatly lowered transportation costs and was a factor in the deflation of to , which was one of the most severe in U.
Because a horse can pull a barge carrying a cargo of over 50 tons compared to the typical one ton or less hauled by wagon, and the horse required a wagoner versus a couple of men for the barge, water transportation costs were a small fraction of wagonage costs.
Canals' shipping costs were between two and three cents per ton-mile, compared to 17�20 cents by wagon. Only miles of canals had been built in the U. The early canals were typically financially successful, such as those carrying coal in eastern Pennsylvania, where canal building was concentrated until Wagon cost from Buffalo to New York City in was By Erie Canal c. The Delaware and Raritan Canal was also very successful. Also important was the 2. The success of some of the early canals led to a canal building boom, during which work began on many canals which would prove to be financially unsuccessful.
As the canal boom was underway in the late s, a small number of horse railways were being built. These were quickly followed by the first steam railways in the s. In the United States had three major steam engines, all of which were used for pumping water: two in mines and one for New York City's water supply. Most power in the U. By when the North River Steamboat unofficially called Clermont first sailed, there were estimated to be fewer than a dozen steam engines operating in the U.
Steam power did not overtake water power until sometime after Oliver Evans began developing a high pressure steam engine that was more practical than the engine developed around the same time by Richard Trevithick in England. The high pressure engine did away with the separate condenser and thus did not require cooling water.
It also had a higher power to weight ratio, making it suitable for powering steamboats and locomotives. Evans produced a few custom steam engines from to , when he opened the Mars Works iron foundry and factory in Philadelphia, where he produced additional engines.
In he produced a successful Colombian engine at Mars Works. As his business grew and orders were being shipped, Evans and a partner formed the Pittsburgh Steam Engine Company in Pittsburgh, Pennsylvania. Steam engines soon became common in public water supply, sawmills and flour milling, especially in areas with little or no water power.
In Paul Moody substituted leather belting for gearing in mills. In the factory boom of the late 19th century it was common for large factories to have many miles of line shafts. Leather belting continued in use until it was displaced by unit drive electric motors in the early decades of the 20th century. Shipbuilding remained a sizable industry. The British gained the lead in shipbuilding after they introduced iron-hulled ships in the mid 19th century.
Commercial steamboat operations began in within weeks of the launch of Robert Fulton 's North River Steamboat , often referred to as the Clermont. The first steamboats were powered by Boulton and Watt type low pressure engines, which were very large and heavy in relation to the smaller high pressure engines. In Robert L. Stevens began operation of the Phoenix , which used a high pressure engine in combination with a low pressure condensing engine.
The first steamboats powered only by high pressure were the Aetna and Pennsylvania designed and built by Oliver Evans. In the winter of to , the New Orleans became the first steamboat to travel down the Ohio and Mississippi Rivers from Pittsburgh to New Orleans. The commercial feasibility of steamboats on the Mississippi and its tributaries was demonstrated by the Enterprise in By the time of Fulton's death in he operated 21 of the estimated 30 steamboats in the U.
The number of steamboats steadily grew into the hundreds. There were more steamboats in the Mississippi valley than anywhere else in the world.
Early steamboats took 30 days to travel from New Orleans to Louisville, which was from half to one-quarter the time by keel boat. Due to improvements in steamboat technology, by the time from New Orleans to Louisville was halved. In freight rates for keel boats were five cents per ton-mile versus two cents by steamboat, falling to one-half cent per pound by The SS Savannah crossed from Savannah to Liverpool in as the first trans-Atlantic steamship; however, until the development of more efficient engines, trans-ocean ships had to carry more coal than freight.
Early trans-ocean steamships were used for passengers and soon some companies began offering regularly scheduled service. Railroads were an English invention, and the first entrepreneurs imported British equipment in the s.
By the s the Americans had developed their own technology. The early lines in the s and s were locally funded, and connected nearby cities or connected farms to navigable waterways. They primarily handled freight rather than passengers.
One such locomotive was the John Bull which arrived in While awaiting assembly, Matthias W. Baldwin , who had designed and manufactured a highly successful stationary steam engine, was able to inspect the parts and obtain measurements. Baldwin was already working on an experimental locomotive based on designs shown at the Rainhill Trials in England.
Baldwin produced his first locomotive in ; he went on to found the Baldwin Locomotive Works , one of the largest steam locomotive manufacturers. In when there were few locomotives in the U. In there were locomotives recorded in the U. Ohio had more railroads built in the s than any other state. Ohio's railroads put the canals out of business. Railroads appeared at the time of the canal boom, causing its abrupt end, although some canals flourished for an additional half-century.
Starting with textiles in the s, factories were built to supply a regional and national market. The power came from waterfalls, and most of the factories were built alongside the rivers in rural New England and upstate New York. Before , most cloth was made in home workshops, and housewives sewed it into clothing for family use or trade with neighbors. In the secretary of the treasury estimated that two-thirds of rural household clothing, including hosiery and linen, was produced by households.
Samuel Slater secretly brought in the plans for complex textile machinery from Britain, and built new factories in Rhode Island using the stolen designs. These were all small operations, typically employing fewer than 50 people, and most used Arkwright water frames powered by small streams. They were all located in southeastern New England.
To meet increased demand for cloth several manufacturers resorted to the putting-out system of having the handloom weaving done in homes. The putting-out system was inefficient because of the difficulty of distributing the yarn and collecting the cloth, embezzlement of supplies, lack of supervision and poor quality.
To overcome these problems the textile manufacturers began to consolidate work in central workshops shops where they could supervise operations. Taking this to the next level, in Francis Cabot Lowell of the Boston Manufacturing Company built the first integrated spinning and weaving factory in the world at Waltham, Massachusetts, using plans for a power loom that he smuggled out of England.
This was the largest factory in the U. It was a very efficient, highly profitable mill that, with the aid of the Tariff of , competed effectively with British textiles at a time when many smaller operations were being forced out of business.
By there were 10 cotton mills in the Fall River area, which soon became the country's leading producer of printed cotton cloth. The shoe industry began transitioning from production by craftsmen to the factory system , with division of labor. Low return freight rates from Europe offered little protection from imports to domestic industries. Standardization and interchangeability have been cited as major contributors to the exceptional growth of the U.
The idea of standardization of armaments was originated by French General Jean-Baptiste Vaquette de Gribeauval , who in began instituting the Gribeauval system.
Jefferson wrote a letter to John Jay about these developments in Corps of Artillerists and Engineers where he taught artillery and engineering he learned in France. At the suggestion of George Washington, Tousard had been working on an artillery manual, which he published as The American Artillerist's Companion Tousard's manual, which was a standard textbook for officer training, stressed the importance of a system of standardized armaments.
Two notable recipients of these contracts associated with interchangeable parts were Eli Whitney and Simeon North. Although Whitney was not able to make interchangeable parts, he was a proponent of using machinery for gun making; however, he employed only the simplest machines in his factory. North eventually made progress toward some degree of interchangeability and developed special machinery. North's shop used the first known milling machine c. The experience of the War of led the War Department to issue a request for contract proposals for firearms with interchangeable parts.
Previously, parts from each firearm had to be carefully custom fitted; almost all infantry regiments necessarily included an artificer or armorer who could perform this intricate gunsmithing. The requirement for interchangeable parts forced the development of modern metal-working machine tools, including milling machines , grinders, shapers and planers. The Federal Armories perfected the use of machine tools by developing fixtures to correctly position the parts being machined and jigs to guide the cutting tools over the proper path.
Systems of blocks and gauges were also developed to check the accuracy and precision of the machined parts. Developing the manufacturing techniques for making interchangeable parts by the Federal Armories took over two decades; however, the first interchangeable small arms parts were not made to a high degree of precision.
It wasn't until the mid century or later that parts for U. In when the British Parliamentary Committee on Small Arms questioned gun maker Samuel Colt , and machine tool makers James Nasmyth and Joseph Whitworth , there was still some question about what constituted interchangeability and whether it could be achieved at a reasonable cost. The machinists' skills were called armory practice and the system eventually became known as the American system of manufacturing.
Machinists from the armories eventually spread the technology to other industries, such as clocks and watches, especially in the New England area. It wasn't until late in the 19th century that interchangeable parts became widespread in U. Among the items using interchangeable parts were some sewing machine brands and bicycles.
The development of these modern machine tools and machining practices made possible the development of modern industry capable of mass production; however, large scale industrial production did not develop in the U. The charter for the First Bank of the United States expired in Its absence caused serious difficulties for the national government trying to finance the War of over the refusal of New England bankers to help out. President James Madison reversed earlier Jeffersonian opposition to banking, and secured the opening of a new national bank.
The Second Bank of the United States was chartered in Its leading executive was Philadelphia banker Nicholas Biddle. There were three economic downturns in the early 19th century. The first was the result of the Embargo Act of , which shut off most international shipping and trade due to the Napoleonic Wars. The embargo caused a depression in cities and industries dependent on European trade.
The other two downturns were depressions accompanied by significant periods of deflation during the early 19th century. The first and most severe was during the depression from to when prices of agricultural commodities declined by almost 50 percent. A credit contraction caused by a financial crisis in England drained specie out of the U. The Bank of the United States also contracted its lending.
The price of agricultural commodities fell by almost 50 percent from the high in to the low in , and did not recover until the late s, although to a significantly lower price level. Most damaging was the price of cotton, the U.
Food crop prices, which had been high because of the famine of that was caused by the year without a summer , fell after the return of normal harvests in Improved transportation, mainly from turnpikes, significantly lowered transportation costs. The third economic downturn was the depression of the late s to , following the Panic of , when the money supply in the United States contracted by about 34 percent with prices falling by 33 percent. The magnitude of this contraction is matched only by the Great Depression.
In order to dampen speculation in land, Andrew Jackson signed the executive order known as the Specie Circular in , requiring sale of government land to be paid in gold and silver. Branch mints at New Orleans ; Dahlonega , Georgia; and Charlotte , North Carolina, were authorized by congress in and became operational in Gold was being withdrawn from the U. Canal projects began to fail. The result was the financial Panic of In there was a brief recovery. The business cycle upturn occurred in Economic historians have explored the high degree of financial and Fishing Boats For Sale Dorset For Sale economic instability in the Jacksonian era.
For the most part, they follow the conclusions of Peter Temin , who absolved Jackson's policies, and blamed international events beyond American control, such as conditions in Mexico, China and Britain. A survey of economic historians in show that the vast majority concur with Temin's conclusion that "the inflation and financial crisis of the s had their origin in events largely beyond President Jackson's control and would have taken place whether or not he had acted as he did vis-a-vis the Second Bank of the U.
The government was a very poor manager during the war, with delays in payments and confusion, as the Treasury took in money months after it was scheduled to pay it out. Inexperience, indecision, incompetence, partisanship and confusion are the main hallmarks. The federal government's management system was designed to minimize the federal role before The Republicans in power deliberately wanted to downsize the power and roles of the federal government; when the war began, the Federalist opposition worked hard to sabotage operations.
Problems multiplied rapidly in , and all the weaknesses were magnified, especially regarding the Army and the Treasury. There were no serious reforms before the war ended. Its absence made it much more difficult to handle the financing of the war, and caused special problems in terms of moving money from state to state, since state banks were not allowed to operate across state lines.
The bureaucracy was terrible, often missing deadlines. On the positive side, over new state banks were created all over the country, and they issued notes that financed much of the war effort, along with loans raised by Washington. Some key Republicans, especially Secretary of the Treasury Albert Gallatin realized the need for new taxes, but the Republican Congress was very reluctant and only raised small amounts. The whole time, the Federalists in Congress and especially the Federalist-controlled state governments in the Northeast, and the Federalist-aligned financial system in the Northeast, was strongly opposed to the war and refused to help in the financing.
Across the two and half years of the war, �, the federal government took in more money than it spent. The economy grew every year �, despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4. Per capita GDP grew at 2. The Boston Manufacturing Company built the first integrated spinning and weaving factory in the world at Waltham, Massachusetts, in The middle 19th century was a period of transition toward industrialization, particularly in the Northeast, which produced cotton textiles and shoes.
The population of the West generally meaning from Ohio to and including Wisconsin, Minnesota, Iowa and Missouri and south to include Kentucky grew rapidly. The West was primarily a grain and pork producing region, with an important machine tool industry developing around Cincinnati, Ohio. The Southern economy was based on plantation agriculture, primarily cotton, tobacco and sugar, produced with slave labor.
The market economy and factory system were not typical before , but developed along transportation routes. Steamboats and railroads, introduced in the early part of the century, became widespread and aided westward expansion. A machine tool industry developed and machinery became a major industry. Sewing machines began being manufactured. The shoe industry became mechanized. Horse drawn reapers became widely introduced, significantly increasing the productivity of farming.
The use of steam engines in manufacturing increased and steam power exceeded water power after the Civil War. The combination of railroads, the telegraph and machinery and factories began to create an industrial economy. The longest economic expansion of the United States occurred in the recession-free period between and Railroads opened up remote areas and drastically cut the cost of moving freight and passengers.
As transportation improved, new markets continuously opened. Railroads greatly increased the importance of hub cities such as Atlanta, Billings, Chicago, Fishing Boats For Sale 15000 Annual and Dallas.
States awarded charters, funding, tax breaks, land grants, and provided some financing. Railroads were allowed banking privileges and lotteries in some states. Private investors provided a small but not insignificant share or railroad capital. Railroad executives invented modern methods for running large-scale business operations, creating a blueprint that all large corporations basically followed.
They created career tracks that took year-old boys and turned them into brakemen, conductors and engineers. Due to these radical innovations, the railroad became the first large-scale business enterprise and the model for most large corporations.
The most important technological innovation in mid 19th century pig iron production was the adoption of hot blast , which was developed and patented in Scotland in Hot blast is a method of using heat from the blast furnace exhaust gas to preheat combustion air, saving a considerable amount of fuel.
It allowed much higher furnace temperatures and increased the capacity of furnaces. Hot blast allowed blast furnaces to use anthracite or lower grade coal. Anthracite was difficult to light with cold blast. High quality metallurgical coking coal deposits of sufficient size for iron making were only available in Great Britain and western Germany in the 19th century, [] but with less fuel required per unit of iron, it was possible to use lower grade coal.
The use of anthracite was rather short lived because the size of blast furnaces increased enormously toward the end of the century, forcing the use of coke , which was more porous and did not impede the upflow of the gases through the furnace.
Charcoal would have been crushed by the column of material in tall furnaces. Also, the capacity of furnaces would have eventually exceeded the wood supply, as happened with locomotives. Iron was used for a wide variety of purposes. In large consumers were numerous types of castings, especially stoves. The value added by stoves was equal to the value added by rails. Coal replaced wood during the mid-nineteenth century.
In wood was the major fuel while coal production was minor. Wood was a byproduct of land clearing and was placed along the banks of rivers for steamboats. By mid century the forests were being depleted while steamboats and locomotives were using enough wood to create shortages along their routes; however, railroads, canals and navigable internal waterways were able to bring coal to market at a price far below the cost of wood.
Coal sold in Cincinnati for 10 cents per bushel 94 pounds and in New Orleans for 14 cents. Charcoal production was very labor and land intensive. It was estimated that to fuel a typical sized ton of pig iron per week furnace in at a sustained yield, a timber plantation of 20, acres was required.
The trees had to be hauled by oxen to where they were cut, stacked on end and covered with earth or put in a kiln to be charred for about a week. Manufacturing became well established during the mid 19th century. Labor in the U. In the early 19th century machinery was made mostly of wood with iron parts. By the mid century machines were being increasingly of all iron, which allowed them to operate at higher speeds and with higher precision.
The demand for machinery created a machine tool industry that designed and manufactured lathes, metal planers, shapers and other precision metal cutting tools.
The shoe industry was the second to be mechanized, beginning in the s. Sewing machines were developed for sewing leather. A leather rolling machine eliminated hand hammering, and was thirty times faster. Blanchard lathes began being used for making shoe lasts forms in the s, allowing the manufacture of standard sizes. By the s much progress had been made in the development of the sewing machine , with a few companies making the machines, based on a number of patents, with no company controlling the right combination of patents to make a superior machine.
To prevent damaging lawsuits, in several important patents were pooled under the Sewing Machine Combination , which licensed the patents for a fixed fee per machine sold. The sewing machine industry was a beneficiary of machine tools and the manufacturing methods developed at the Federal Armories. By two sewing machine manufacturers were using interchangeable parts. In the textile industry was the largest manufacturing industry in terms of workers employed mostly women and children , capital invest and value of goods produced.
That year there were 5 million spindles in the U. The Treasury Department's steam engine report of was the most valuable survey of steam power until the Census.
The Corliss steam engine , patented in , was called the most significant development in steam engineering since James Watt. The Corliss engine was more efficient than previous engines and maintained more uniform speed in response to load changes, making it suitable for a wide variety of industrial applications.
It was the first steam engine that was suitable for cotton spinning. Previously steam engines for cotton spinning pumped water to a water wheel that powered the machinery.
Steam power greatly expanded during the late 19th century with the rise of large factories, the expanded railroad network and early electric lighting and electric street railways. The number of steamboats on western rivers in the U. Total registered tonnage of steam vessels for the U.
Until the introduction of iron ships, the U. The design of U. The screw propeller was tested on Lake Ontario in before being used on ocean ships. Iron ships became common and more efficient multiple expansion engines were developed. After the introduction of iron ships, Britain became the leading shipbuilding country. Congress approved funds for a short demonstration telegraph line from Baltimore to Washington D.
The telegraph was quickly adopted by the railroad industry, which needed rapid communication to coordinate train schedules, the importance of which had been highlighted by a collision on the Western Railroad in Railroads also needed to communicate over a vast network in order to keep track of freight and equipment. By there were 22, miles of telegraph lines in the U. Urbanized industry was limited primarily to the Northeast; cotton cloth production was the leading industry, with the manufacture of shoes, woolen clothing, and machinery also expanding.
Most of the workers in the new factories were immigrants or their children. Between and , some , European immigrants arrived annually. Many remained in eastern cities, especially mill towns and mining camps, while those with farm experience and some savings bought farms in the West.
In the antebellum period the U. The westward expansion into the highly productive heartland was aided by the new railroads, and both population and grain production in the West expanded dramatically. Increased grain production was able to capitalize on high grain prices caused by poor harvests in Europe during the time of the Great Famine in Ireland [70] Grain prices also rose during the Crimean War , but when the war ended U.
Low grain prices were a cause of the Panic of Cotton and tobacco prices recovered after the panic. Agriculture was the largest single industry and it prospered during the war. John Deere developed a cast steel plow in which was lightweight and had a moldboard that efficiently turned over and shed the plowed earth. It was easy for a horse to pull and was well suited to cutting the thick prairie sod of the Midwest. He and his brother Charles founded Deere and Company which continues into the 21st century as the largest maker of tractors, combines, harvesters and other farm implements.
Threshing machines, which were a novelty at the end of the 18th century, began being widely introduced in the s and s. Mechanized threshing required less than half the labor of hand threshing. The Civil War acted as a catalyst that encouraged the rapid adoption of horse-drawn machinery and other implements.
The rapid spread of recent inventions such as the reaper and mower made the workforce efficient, even as hundreds of thousands of farmers were in the army. The Homestead Act opened up the public domain lands for free. Land grants to the railroads meant they could sell tracts for family farms 80 to acres at low prices with extended credit.
In addition the government sponsored fresh information, scientific methods and the latest techniques through the newly established Department of Agriculture and the Morrill Land Grant College Act. In , there were 4. In the aftermath of the Panic of , which left many northern factory workers unemployed and deprived to the point of causing bread riots, supporters of slavery pointed out that slaves were generally better fed and had better living quarters than many free workers.
After the expiration of the charter of the Second Bank of the United States , federal revenues were handled by the Independent Treasury beginning in The Second Bank of the U. One of the main problems with banks was over-issuance of banknotes.
These were redeemable in specie gold or silver upon presentation to the chief cashier of the bank. In there were over 8, state chartered banks issuing notes. In the U. Banks began paying interest on deposits and using the proceeds to make short term call loans , mainly to stock brokers. New York banks created a clearing house association in in which member banks cleared accounts with other city banks at the close of the week.
The clearinghouse association also handled notes from banks in other parts of the country. The association was able to detect banks that were issuing excessive notes because they could not settle.
The recovery from the depression that followed the Panic of began in and lasted until the Panic of A manager in the New York branch, one of the city's largest financial institutions, had embezzled funds and made excessive loans.
The company's president announced suspension of specie redemption, which triggered a rush to redeem banknotes, causing many banks to fail because of lack Used Fishing Boats For Sale Cleveland Ohio Office of specie. The United States had been running a trade deficit, draining gold out of the country. Because of the tariff revenues, the U. Treasury held a considerable amount of gold, which kept it out of circulation. Secretary of the Treasury Howell Cobb came to the aid of New York mercantile interests by buying back some of the national debt.
On September 25 the Bank of Pennsylvania suspended specie payment, starting a nationwide bank run. The danger of interest bearing deposits became apparent when bankers had to call loans made to stock brokers, many of whom were unable to pay. Banks then had to curtail credit to commercial and industrial customers. Many businesses were unable to pay workers back wages because they held so many worthless banknotes.
The Crimean War , which had cut off Russian wheat exports, ended in The war had caused high wheat prices and overexpansion in the U. Good harvests in England, France and Russia caused collapse in demand for U. This caused railroad shipments from the West to fall, which resulted in the bankruptcy of some railroads. The inability of the West to sell its crops hurt businesses in other regions, such as New England, which manufactured shoes sold in the West.
Cotton and tobacco prices fell, but unlike grains, soon recovered. The panic left many northern wage earners unemployed, most temporarily, but high unemployment lingered for a couple of years. Immigration to the U. There were about 3 million immigrants during the decade of the s.
They were mainly from Germany, Ireland and England. The Union economy grew and prospered during the war while fielding a very large army and navy. The South had resisted policies such as tariffs to promote industry and homestead laws to promote farming because slavery would not benefit.
With the South gone and Northern Democrats weak, the Republicans enacted their legislation. At the same time they passed new taxes to pay for part of the war and issued large amounts of bonds to pay for most of the rest. Economic historians attribute the remainder of the cost of the war to inflation. Congress wrote an elaborate program of economic modernization that had the dual purpose of winning the war and permanently transforming the economy. In the Treasury was a small operation that funded the small-scale operations of the government through land sales and customs based on a low tariff.
Chase showed unusual ingenuity in financing the war without crippling the economy. The government paid for supplies in real money, which encouraged people to sell to the government regardless of their politics.
By contrast the Confederacy gave paper promissory notes when it seized property, so that even loyal Confederates would hide their horses and mules rather than sell them for dubious paper. Overall the Northern financial system was highly successful in raising money and turning patriotism into profit, while the Confederate system impoverished its patriots. Second came much higher tariffs, through several Morrill tariff laws. Third came the nation's first income tax; only the wealthy paid and it was repealed at war's end.
Apart from taxes, the second major source of income was government bonds. For the first time bonds in small denominations were sold directly to the people, with publicity and patriotism as key factors, as designed by banker Jay Cooke. State banks lost their power to issue banknotes. Only national banks could do that and Chase made it easy to become a national bank; it involved buying and holding federal bonds and financiers rushed to open these banks.
Chase numbered them, so that the first one in each city was the "First National Bank". They led to endless controversy because they caused inflation.
The North's most important war measure was perhaps the creation of a system of national banks that provided a sound currency for the industrial expansion. Even more important, the hundreds of new banks that were allowed to open were required to purchase government bonds.
Thereby the nation monetized the potential wealth represented by farms, urban buildings, factories, and businesses, and immediately turned that money over to the Treasury for war needs. Secretary Chase, though a long-time free-trader, worked with Morrill to pass a second tariff bill in summer , raising rates another 10 points in order to generate more revenues. The Morrill Tariff of was designed to raise revenue.
The tariff act of served not only to raise revenue but also to encourage the establishment of factories free from British competition by taxing British imports. Furthermore, it protected American factory workers from low paid European workers, and as a major bonus attracted tens of thousands of those Europeans to immigrate to America for high wage factory and craftsman jobs. The challenge was to make the land useful to people and to provide the economic basis for the wealth that would pay off the war debt.
Land grants went to railroad construction companies to open up the western plains and link up to California. Together with the free lands provided to farmers by the Homestead Law the low-cost farm lands provided by the land grants sped up the expansion of commercial agriculture Fishing Boats For Sale Hartlepool Fc in the West.
The war acted as a catalyst that encouraged the rapid adoption of horse-drawn machinery and other implements. Many wives took their place and often consulted by mail on what to do; increasingly they relied on community and extended kin for advice and help. The Union used hundreds of thousands of animals. The Army had plenty of cash to purchase them from farmers and breeders but especially in the early months the quality was mixed. The supply held up, despite an unprecedented epidemic of glanders , a fatal disease that baffled veterinarians.
The Treasury started buying cotton during the war, for shipment to Europe and northern mills. The sellers were Southern planters who needed the cash, regardless of their patriotism. The wartime devastation of the South was great and poverty ensued; incomes of whites dropped, but income of the former slaves rose.
During Reconstruction railroad construction was heavily subsidized with much corruption , but the region maintained its dependence on cotton. Former slaves became wage laborers, tenant farmers , or sharecroppers.
They were joined by many poor whites, as the population grew faster than the economy. As late as the only significant manufacturing industries were textile mills mostly in the upland Carolinas and some steel in Alabama.
The industrial advantages of the North over the South helped secure a Northern victory in the American Civil War � The Northern victory sealed the destiny of the nation and its economic system. The slave-labor system was abolished; sharecropping emerged and replaced slavery to supply the labor needed for cotton production, but cotton prices plunged during the Depression of , leading Southern plantations to decline in profitability. Northern industry, which had expanded rapidly before and during the war, surged ahead.
Industrialists came to dominate many aspects of the nation's life, including social and political affairs. From the s to , Congress repeatedly rejected Whig calls for higher tariffs, and its policies of economic nationalism , which included increased state control, regulation and macroeconomic development of infrastructure. The tariff was lowered time and again before the Civil War.
Proposals to fund massive western railroad projects, or to give free land to homesteaders , were defeated by Southerners afraid these policies would strengthen the North. The Civil War changed everything. Territorial expansion of the United States to the area of the Lower 48 States was essentially completed with the Texas annexation , the Oregon Treaty , the Mexican cession and the Gadsden Purchase In the Treasury was a small operation that funded the small-scale operations of the government through the low tariff and land sales.
Apart from taxes, the second major source was government bonds. Only national banks could do that, and Chase made it easy to become a national bank; it involved buying and holding federal bonds and financiers rushed to open these banks. Secretary Chase, though a long-time free-trader, worked with Congressman Justin Morrill to pass a second tariff bill in summer , raising rates another 10 points in order to generate more revenues.
The tariff act of served not only to raise revenue, but also to encourage the establishment of factories free from British competition by taxing British imports.
The government did this by breaking it up into smaller plots for private ownership, through various federal laws. Bounty-land warrants were issued to military veterans in the United States from to The land grants were used extensively for settlement of pre-Louisiana Purchase lands east of the Mississippi River, including the Ohio Country , the Northwest Territory , and the Platte Purchase in Missouri. About million acres were granted to railroad construction companies between and The Pacific Railroad Acts financed several transcontinental railroads by granting land directly to corporations for the first time.
In addition to operating revenues, railroads were able to finance networks crossing vast distances by selling granted property adjacent to the tracks; these would become highly desirable plots for new settlers and businesses because of the easy access to long-distance transportation.
Morrill Land-Grant Acts starting in benefited colleges and universities. Various Homestead Acts distributed land nearly for free in return for improvements such as building a house, farming, or planting trees. Between and , the federal government granted 1. The economic and military power of the federal government was used to clear Native Americans from land desired by European-American settlers. Land grants creating the Indian Reservation system were used by the Indian Appropriations Act of to segregate native tribes, but later acts opened some of that land to white settlement, notably including a land run opening the Unassigned Lands in Oklahoma.
The Dawes Act of pressured Native Americans to assimilate to European-American culture , offering former tribal land to individuals separating from their tribes and putting "surplus" reservation land up for auction.
Overall, about half of Indian Reservation land was sold to white Americans by , about 75 million acres.
British Parliamentary Committee members Joseph Whitworth and George Wallis were very impressed at the educational level of workers in the U. The Union grew rich fighting the war, as the Confederate economy was destroyed. The South had resisted policies such as tariffs to promote industry and homestead laws to promote farming because slavery would not benefit; with the South gone, and Northern Democrats very weak in Congress, the Republicans enacted their legislation.
At the same time they passed new taxes to pay for part of the war, and issued large amounts of bonds to pay for the most of the rest. The remainder can be charged to inflation. They wrote an elaborate program of economic modernization that had the dual purpose of winning the war and permanently transforming the economy. He took charge of major legislation that funded the war effort and revolutionized the nation's economic policies regarding tariffs, bonds, income and excise taxes, national banks, suppression of money issued by state banks, greenback currency, and western railroad land grants.
Historians have debated whether or not the Civil War sped up the rate of economic growth in the face of destruction throughout the South and the diversion of resources to military supplies and away from civilian goods.
In any case the war taught new organizational methods, prioritized engineering skills, and shifted the national attention from politics to business. The Civil War had been financed primarily by issuing short-term and long-term bonds and loans, plus inflation caused by printing paper money, plus new taxes. Wholesale prices had more than doubled, and reduction of inflation was a priority for Secretary of the Treasury Hugh McCulloch. The old paper currency issued by state banks had been withdrawn, and Confederate currency was worthless.
The new administration policy announced in October would be to make all the paper convertible into specie, if Congress so voted. In the Senate it was a different matter, for the key player was Senator John Sherman , who said that inflation contraction was not nearly as important as refunding the short-term and long-term national debt. The war had been largely financed by national debt, in addition to taxation and inflation.
By October , most of it in short term and temporary loans. Meanwhile, the Senate refunded the entire national debt, but the House failed to act. By early , postwar prosperity was a reality, and the optimists wanted an end to contraction, which Congress ordered in January Meanwhile, the Treasury issued new bonds at a lower interest rate to refinance the redemption of short-term debt. By inflation was minimal. In the last third of the 19th century the United States entered a phase of rapid economic growth which doubled per capita income over the period.
By , the United States leaped ahead of Britain for first place in manufacturing output. For example, Standard Oil led the way in exporting kerosene; Russia was its main rival in international trade. The greatly expanded railroad network, using inexpensive steel rails produced by new steel making processes, dramatically lowered transportation cost to areas without access to navigable waterways.
Low freight rates allowed large manufacturing facilities with great economies of scale. Machinery became a large industry and many types of machines were developed.
Businesses were able to operate over wide areas and chain stores arose. Mail order companies started operating. Companies created new management systems to carry out their operations on a large scale. Companies integrated processes to eliminate unnecessary steps and to eliminate middlemen. An explosion of new discoveries and inventions took place, a process called the Second Industrial Revolution.
The electric light, telephone, steam turbine , internal combustion engine, automobile, phonograph , typewriter and tabulating machine were some of the many inventions of the period. New processes for making steel and chemicals such as dyes and explosives were invented.
The pneumatic tire , improved ball bearings , machine tools and newly developed metal stamping techniques enabled the large scale production of bicycles in the s. Another significant development was the widespread introduction of electric street railways trams, trolleys or streetcars in the s. Improvements in transportation and other technological progress caused prices to fall, especially during the so-called long depression , but the rising amount of gold and silver being mined eventually resulted in mild inflation during the s and beyond.
Railroads saw their greatest growth in new track added in the last three decades of the 19th century. See Table 2 Railroads also enjoyed high productivity growth during this time, mainly because of the introduction of new processes that made steel inexpensive.
Steel rails lasted roughly ten times longer than iron rails. Steel rails, which became heavier as steel prices fell, enabled heavier, more powerful locomotives that could pull longer trains.
Shark finning was already illegal in Canadian waters, but there was no law to stop importing into Canada. That bill will now go to the House of Commons for further debate.
Calgary's City Council decided to wait until December to recommended leaning away from a total ban and look for ethical sources of shark products. Alderman John Mar said there would be more time to discuss, engage, and look for other options. The new wording in the bylaw was meant to ban the sale, distribution, and trade of shark fins, but not ban the possession and consumption. Canada's city of Vancouver's Councillor Kerry Jang said at Calgary's council meeting that it was not a "cultural thing," and that even China and the Chinese government decided to phase out all shark fins from state banquets.
He also mentioned that the wordings of the bylaws in Calgary and Toronto, which face legal problems with municipal jurisdiction, are trying to ban possession and consumption, but that is hard to enforce and regulate. There were protests against the ban from Calgary's Chinese community, and Calgary 's city task force recommended against the ban. According to the article in The Calgary Herald , Calgary's Mayor Naheed Nenshi never wanted a full ban, even though he had voted for the ban the previous year.
A ban on shark fin from government banquets was announced in July and went into effect in The World Wide Fund for Nature on 8 March reported, "The volume of shark fin imported into Hong Kong has declined from 10, tonnes in to 4, tonnes in , a drop of over 50 per cent. After being targeted in a May protest at Hong Kong International Airport , [81] Cathay Pacific in June announced they would stop shipping shark fin.
Taiwan banned shark finning in Malaysia was one of the top 10 importers and exporters of shark fins in the world between and In , Malaysia's Natural Resources and Environment Ministry, Azmi Khalid , banned shark's fin soup from official functions committing to the Malaysian Nature Society for conservation of shark species.
This ban was put on hold pending the Federal Government's decision on the issue. In , Agriculture and Agro-based Industry Minister, Ahmad Shabery Cheek , said that the ban of shark finning is "unnecessary" as the finning industry does not exist in Malaysia. He went on further to say that "sharks are normally caught by accident when they enter the fishnets along with the other fishes. The great white sharks have been given full protection in the territorial waters of New Zealand [93] but shark finning is legal on other shark species if the shark is dead.
The Royal Forest and Bird Protection Society of New Zealand are campaigning to raise awareness of shark finning [94] and a number of foodies have fronted the campaign. Since 1 October , it's been illegal in New Zealand for a commercial fisher to remove the fins from any shark and discard the body at sea. There are specific requirements for certain species.
In , the Republic of Palau created the world's first shark sanctuary. It is illegal to catch sharks within Palau's EEZ , which covers an area of , square miles , km 2. This is an area about the size of France. President Johnson Toribiong also called for a ban on global shark finning, stating: "These creatures are being slaughtered and are perhaps at the brink of extinction unless we take positive action to protect them.
Leading Singapore-based supermarket chain, Cold Storage , has joined the World Wide Fund for Nature Singapore Sustainable seafood Group and agreed to stop selling all shark fin and shark products in its 42 outlets across the country.
The supermarket is a subsidiary of Dairy Farm , a leading pan-Asian food retailer that operates more than 5, outlets and employs some 80, people in the Asia-Pacific region.
It is the first supermarket in Singapore to implement a no shark fins policy. The largest supermarket chain in Singapore, NTUC Fairprice and hypermarket Carrefour will also be banning all shark fin products from its outlets before April Additionally, shark fins could not be imported into the United States without the associated carcass.
In , in an apparent early success in stopping the shark fin trade, the United States intercepted and seized the King Diamond II , a U. The vessel was carrying 64, pounds Judge Stephen Reinhardt found that the King Diamond II did not meet the statute's definition of a fishing vessel, since it had merely bought the fins at sea and had not aided or assisted the vessels that had caught the sharks.
Specifically, the new law prohibits any boat to carry shark fins without the corresponding number and weight of carcasses, and all sharks must be brought to port with their fins attached. Additional legislation has been proposed to ban the sale of shark fins in the United States as well.
Current national bans prohibit shark finning in US waters but do not ban the sale or purchase of shark fins that were harvested elsewhere. In , Hawaii became the first state to ban the possession, sale, and distribution of shark fins. The law became effective on 1 July Whole sharks would still be legally fished, but the fins could no longer be sold.
In , legislators in the New York State Assembly , including Grace Meng , introduced a similar bill, which passed in New York was not the only Eastern state considering a ban, but passage there would be significant since its Chinese-American communities in Chinatown, Manhattan and Flushing make New York the major importer of shark fins in the East.
Meng admitted that while she loved shark fin soup, "it's important to be responsible citizens. Many businesses that sold fins had stopped placing new orders, expecting a ban would be passed. In April , Maryland became the first state on the East Coast to enact a law against shark finning or the import of fins. In June a bill was passed in Nevada that banned the sale or possession of body parts from sharks and several other endangered species, and outlawed shark fin soup which was becoming increasingly consumed in Nevada by visitors at casinos which made it a hub for the shark fin trade in the US.
In January New Jersey passed a bill banning shark fins becoming the 13th state to do so. Money generated from violations of the ban would be used to fund wildlife conservation in the state. Despite these bans many restaurants are still selling shark fins due to a lack on enforcement. As of January , 13 U. In recent decades, high demands and numerous forces of economic globalization have come together to create a true global mart.
There has been a combination of growth and anti-finning regulations that has led fishers to view sharks as commercial species. This has unintentionally caused commercial species to be targeted rather than targeting more valuable species like tuna and swordfish. The emergence of a new market for shark fins, with addition to stricter regulations, has created a greater incentive for the full utilization of the shark. Now, this is an important aspect to consider, as where anti-finning and environmental groups can be successful in terms of decreasing the consumption and the practice of shark finning.
From Wikipedia, the free encyclopedia. Removal and retention of shark fins while the remainder of the living shark is discarded in the ocean. Worldwide laws regarding shark fishing. Environmental Management. ISSN PMID S2CID Ecological Applications , 12 3 : � Marine Resource Economics. Retrieved 3 April The New York Times.
Archived from the original PDF on 2 December The Globe and Mail. Trivedi 17 September National Geographic. ISBN Retrieved 12 December Rome, FAO". Archived from the original on 21 May Retrieved 6 January Shark fins in Europe: implications for reforming the EU finning Ban. An analysis of shark finning in the united states" PDF. Archived from the original PDF on 10 October Retrieved 27 April Ecology Letters. ISSN X.
Retrieved 8 January Journal of Fish Biology. ABC News. Archived from the original on 2 November Fisheries Research. National Marine Fisheries Service. BBC News. Retrieved 19 March The Shark Trust. Archived from the original on 28 September Retrieved 13 September Our Endangered World.
Shark Info. Archived from the original on 7 July Retrieved 5 December Blue Sphere Media. Archived from the original on 5 January Misool Eco Resort. Archived from the original on 20 August The Humane Society of the United States.
Retrieved 6 November Institute for Security Studies. Shark Alliance. The Guardian. The Independent. Retrieved 31 January The Straits Times. Archived from the original PDF on 21 February The First Post. Archived from the original on 30 November The Washington Post. Retrieved 13 July Here's the catch: I interviewed Giam for my book [ Environment News Service. The Parliament. Australian Marine Conservation Society.
Retrieved 12 March Retrieved 1 November Toronto Sun. Mississauga Article. Retrieved 16 April Retrieved 19 January Archived from the original on 17 June Retrieved 16 July YorkRegion Article. Metroland News. CBC News Toronto. Retrieved 1 December CBC News Ottawa. Retrieved 28 March CBC News. Retrieved 24 October CBC News Calgary.
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