dec 5, 1815 - American System
Description:
The American System was proposed by President James Madison in his annual address to Congress in 1815. It was an economic plan created by Speaker of the House Henry Clay, and was heavily inspired off of Hamilton's Economic Plan from 1790. It proposed three main points:
1) A tariff on manufactured good to protect American industries
2) The charter of a Second National Bank to replace the first
3) Federal financing of a network of roads and canals
President Madison would later accept the first two, but vetoed the third on the grounds of his strict constructionist views preventing him to exercise a power not explicitly granted to him by the Constitution (which the financing of roads and canals was not covered in). However, these transportation networks were later financed at the state level.
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US History Timeline
An outline of major events from (mostly early) US history.
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