James Monroe and the “Era of Good Feelings” 1815 – 1824 “Era of Good Feelings” “Era of Good Feelings” A Preliminary Examination A Preliminary Examination

The Election of 1816

The American System 1.Second Bank of the United States 2.Tariff of Internal Improvements - National Road (Cumberland) (Cumberland) - Erie Canal - Erie Canal *Which region would benefit the most from the internal improvements? New England, the West, or the South. Why? Henry Clay

Convention of 1818 – Adams-Onís Treaty, 1819

The Panic of 1819 An Overview: The impressive post-War of 1812 economic expansion ended.The impressive post-War of 1812 economic expansion ended. Banks throughout the country failed; mortgages were foreclosed, forcing people out of their homes and off their farms.Banks throughout the country failed; mortgages were foreclosed, forcing people out of their homes and off their farms. Falling prices impaired agriculture and manufacturing, triggering widespread unemployment.Falling prices impaired agriculture and manufacturing, triggering widespread unemployment. All regions of the country were impacted and prosperity did not return until 1824.All regions of the country were impacted and prosperity did not return until 1824.

The Panic of 1819 The Causes: The primary cause of the misery seems to have been a change toward more conservative credit policies by the Second Bank of the United States (rechartered in 1816).The primary cause of the misery seems to have been a change toward more conservative credit policies by the Second Bank of the United States (rechartered in 1816). The wary directors viewed with scorn the unconventional practices of many western banks – “Wildcat” banks.The wary directors viewed with scorn the unconventional practices of many western banks – “Wildcat” banks. The B.U.S. called in its loans, forcing the state banks to do likewise.The B.U.S. called in its loans, forcing the state banks to do likewise. State loans had been made to land speculators who were unable to repay; banks failed and depositors were wiped out.State loans had been made to land speculators who were unable to repay; banks failed and depositors were wiped out. Conditions were exacerbated by the influx of large quantities of foreign goods into the American market and the slumping cotton market in the South.Conditions were exacerbated by the influx of large quantities of foreign goods into the American market and the slumping cotton market in the South.

The Panic of 1819 The Results: Reaction to the Panic of 1819 depended upon where one lived. Northern manufacturers thought future economic downturns could be avoided by enacting high tariffs that would protect them from foreign competition.Northern manufacturers thought future economic downturns could be avoided by enacting high tariffs that would protect them from foreign competition. Southerners, however, resented the higher prices they had to pay for imports because of the tariff and began a long campaign against those duties, hoping that freer trade would revive the cotton economy.Southerners, however, resented the higher prices they had to pay for imports because of the tariff and began a long campaign against those duties, hoping that freer trade would revive the cotton economy. Westerners, taking a still different approach, blamed the bankers and speculators.Westerners, taking a still different approach, blamed the bankers and speculators.

The Infamous “Peculiar Institution” Strikes Again

As Thomas Jefferson remarked… “The Missouri question…is the most portentous one which ever yet threatened our Union. In the gloomiest moment of the revolutionary war I never had any apprehensions equal to what I feel from this source…[The] question, "like a firebell in the night, awakened and filled me with terror…[With slavery] we have a wolf by the ears, and we can neither hold him nor safely let him go.” - April 22, 1820

The Tallmadge & Thomas Amendments The Tallmadge Amendment was a bill which would have admitted Missouri with its existing slave population, but would forbid the introduction of additional slaves and free all slave children at age 25.The Tallmadge Amendment was a bill which would have admitted Missouri with its existing slave population, but would forbid the introduction of additional slaves and free all slave children at age 25. The Thomas Amendment was a bill which would have admitted Missouri as a slave state but forbid slavery north of the 36°30" latitude in the Louisiana Purchase region. Neither bill was put into effect.The Thomas Amendment was a bill which would have admitted Missouri as a slave state but forbid slavery north of the 36°30" latitude in the Louisiana Purchase region. Neither bill was put into effect.

Henry Clay “The Great Compromiser”

The Missouri Compromise, 1820

The Missouri Compromise, 1820 The Missouri Compromise, 1820 Admitted Missouri as a slave state and at the same time admitted Maine as a free state.Admitted Missouri as a slave state and at the same time admitted Maine as a free state. Declared that all territory north of the 36°30" latitude would become FREE states, and all territory south of that latitude would become SLAVE states.Declared that all territory north of the 36°30" latitude would become FREE states, and all territory south of that latitude would become SLAVE states.

The Election of 1820

The Monroe Doctrine, 1823 (more appropriately – the John Quincy Adams Doctrine) It was declared in a few paragraphs of President James Monroe's seventh annual message to Congress on December 2, 1823.It was declared in a few paragraphs of President James Monroe's seventh annual message to Congress on December 2, Monroe warned European countries not to interfere in the Western Hemisphere, stating "that the American continents...are henceforth not to be considered as subjects for future colonization by any European powers."Monroe warned European countries not to interfere in the Western Hemisphere, stating "that the American continents...are henceforth not to be considered as subjects for future colonization by any European powers." The Monroe Doctrine became a cornerstone of future U.S. foreign policy.The Monroe Doctrine became a cornerstone of future U.S. foreign policy.

The Key Elements of “America’s Self-Defense Doctrine” Non-colonizationNon-colonization Non-interventionNon-intervention The Monroe Doctrine The Monroe Doctrine