1 Jan 1824 Jahr - Henry Clay proposes American system

Beschreibung:

Henry Clay of Kentucky, which was a leader in the House of Representatives, presented a unique method for advancing the nation's economic growth. He called this proposal The American System, which consisted of protective tariffs, a national bank, and internal improvements. It is notable that two parts of Clay's system were already in place in 1816, the last year of James Monroe's presidency. Also, in the same year Congress adopted a protective tariffs and also chartered the Second BUS. The mentioned protective tariffs were justified by Henry Clay in relation to his plan as he argued they would promote American manufacturing and raise revenue with which to build a national transportation system of federally funded roads and canals. In aspect to the national bank, Henry Clay argued it would keep the system running smoothy by providing a national currency. And lastly the tariffs would benefit the East, internal improvements would promote growth in the West and South, and the bank would aid the economies of all sections.

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