Under the new structure, all adult white males who held fee simple property or who paid taxes or had served in the militia or had even worked on the public roads, could vote. In , New York abolished the last vestiges of property qualifications and by Virginia, North Carolina, Rhode Island and Louisiana were the only states to hold on to significant property qualifications for voting.
The new voting rights provided a number of people with voting rights and a number of people went out to vote as they thought this was an opportunity to deal with the crisis. The demand for accountability to the people led to significant increase in voter turnout for presidential elections. The percentage of adult male white population who turned to vote increased from 27 percent in to 80 percent in In New Hampshire, 80 percent of the eligible voters turned out to vote, while in Ohio, the percentages reached 90 percent and in Alabama, 97 percent in Thus, the Republicans were forced to scrap the old method of election by a party caucus.
The presidential nominations evolved as it initially moved into the state legislatures and then into national party conventions by The panic of was the first economic financial crisis of the United States and the after effects of the crisis led to a loss of trust in the banking and financial structures. The government, however, introduced financial stimulus to improve the economy. The federal government tried to ease some of the suffering due to the panic of with the Land Act of and the Relief Act of , but many farmers, Ohioans included, lost everything.
President James Munroe was in the second year of his presidency when the economic crisis hit the United States. By Professor Allen C. Guelzo, Ph. Not only did it awaken political activism, but it amplified latent feelings of sectionalism that would eventually culminate in civil war p. Each region responded differently to economic dislocation. Westerners clamored for more federal funding for internal improvements, while those in mid-Atlantic states like Pennsylvania sought higher tariffs to protect manufacturing p.
Most ominously, southerners became increasingly alarmed. A series of Supreme Court decisions at this time—the unanimous McColluch v. How Browning conceptualizes and periodizes the Panic of is interesting. Financial and political systems were much more decentralized compared to today. It could take several weeks for news to travel the country — a feature that historian Jessica Lepler also highlighted in her study of how Americans experienced the Panic of Indeed, it does not always make sense to write history in the strictest chronological sense when life itself is seldom experienced this way.
The fascinating topics explored in this book raise a number of important questions, at least a few of which are cause for careful consideration. Did the panic really shape politics to the degree that the author contends?
Similarly, Browning interprets the Panic of as initiating a religiously-inspired movement in which middle classes began to blame poverty not on larger structural forces but on individual choices and inner moral failings — a sentiment that was reinforced by the hardcore individualism of the Second Great Awakening p.
In both instances, the author may be overstating the importance of as a driver of later events. Research-wise, Browning grounds his arguments in a wide array of contemporary newspapers and legislative reports with added insights from biographies and treatises. Salient passages are culled from the public and private utterances of major political and financial figures of this era with a few nods to archival manuscript collections.
It is rare when a book offers both breadth and depth without getting excessively long. Both qualities are observable here, but the emphasis seems to be on the former. Documenting the effects of the Panic of in virtually every state necessarily requires one to favor breadth at the cost of depth and yet, there are quite a few claims and passages taken from secondary works, perhaps a bit more than one would expect from a monograph founded on archival mastery.
It might be fair to characterize this book as combining elements of a monograph and synthesis. There are abundant citations to secondary works published prior to , which is somewhat understandable given the nature of the topic and subfields.
A severe economic depression between and provoked bitter division over questions of banking and tariffs. Geographic expansion exposed latent tensions over the morality of slavery and the balance of economic power. It was during the Era of Good Feelings that the political issues arose that would dominate American politics for the next 40 years. The Panic of In a financial panic swept across the country. The growth in trade that followed the War of came to an abrupt halt. Unemployment mounted, banks failed, mortgages were foreclosed, and agricultural prices fell by half.
Investment in western lands collapsed. The panic was frightening in its scope and impact. In Richmond, property values fell by half. In Philadelphia, 1, individuals were committed to debtors' prison. In Boston, the figure was 3, For the first time in American history, the problem of urban poverty commanded public attention. In New York in , the Society for the Prevention of Pauperism counted 8, paupers out of a population of , The next year, the figure climbed to 13, Fifty thousand people were unemployed or irregularly employed in New York, Philadelphia, and Baltimore, and one foreign observer estimated that half a million people were jobless nationwide.
To address the problem of destitution, newspapers appealed for old clothes and shoes for the poor, and churches and municipal governments distributed soup. Baltimore set up 12 soup kitchens in to give food to the poor. The downswing spread like a plague across the country.
The Bank of the United States sued Osborn for the return of the additional , dollars. The federal government contended that Osborn violated a court order prohibiting him from taxing the Bank of the United States. Osborn claimed that he was not properly served with the court order. The federal circuit court ruled in favor of the Bank of the United States, and federal marshals immediately seized 98, dollars from the Ohio treasury. Osborn had paid his tax agents two thousand dollars for collecting the tax, and this money still remained in dispute.
In , the case reached the United States Supreme Court. In Osborn v. Ohio returned the two thousand dollars still in dispute. The Panic of and the Banking Crisis left many Ohioans destitute. Thousands of people lost their land due to their inability to pay off their mortgages. United States factory owners also had a difficult time competing with earlier established factories in Europe.
Many people in the U. The United States did not fully recover from the Banking Crisis and the Panic of until the mids.
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