21 août 1815 - The American System

Description:

The American system was a national economic plan put forth by Senator Henry Clay of Kentucky and the Whig party throughout the first half of the 19th century. The plan consisted of three major components:

1. Pass high tariffs (taxes) on imports to protect American businesses and to increase revenues.
2. Re-establish a Bank of the United States (original charter had expired in 1811) in order to stabilize US currency and state banks.
3. Develop and support internal capital improvements, primarily consisting of designing and constructing roads and canals.

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