Presidents - Economics

Congress enacts the first protective tariff on foreign goods imported into the U.S.

1

Congress passes a bill that directs the federal government to assume the Revolutionary War debts of the states.

1

Congress creates a National Bank.

1

Whiskey Rebellion

1

Federal Bankruptcy Act

2

Whiskey taxes are repealed

3

Louisiana Purchase

3

Embargo Act

3

Lewis and Clark Expedition begins

3

Erskine Agreement

4

Macon's Bill No. 2

4

Congress does not extend the charter of the Bank of the United States, forcing it to close.

4

After declaring war on Great Britain, Congress bans all imports of British origin.

4

Following the collapse of Napoleon's empire, Congress repeals the trade embargo with neutral nations.

4

Hartford Convention

4

A financial panic hits the country because of a sharp decline in real estate values and a severe credit contraction. The conservative policies of the Second Bank of the U. S. accelerated the crisis, which lasts four years.

5

The Adams-Onis Treaty transfers the Floridas from Spain to the U.S. for $5 million.

5

The Tariff of 1824 is applauded by Northern manufacturers but condemned by Southern cotton-growers fearful of British retaliation.

5

Erie Canal is completed

6

With mediation from Czar Nicholas I of Russia, Great Britain agrees to pay the U.S. restitution for damages incurred during the War of 1812.

6

The president closes all American ports to trade with British colonies.

6

The Tariff of Abominations prevents him from a second term.

6

In part to thwart his rival, Henry Clay, the president vetoes a bill that would have extended the life of the Second Bank of the United States.

7

South Carolina adopts the Ordinance of Nullification

7

Congress passes the Force Bill

7

The president orders the Treasury Department to withdraw federal deposits from the Bank of the U.S. and place them in state banks.

7

The president announces termination of the national debt, freeing the U.S. of foreign and domestic obligations beyond the reserves of the Treasury.

7

The Treasury Secretary issues the Specie Circular,

which states that the government will accept only gold and silver for land payments.

7

An economic panic begins when banks in New York City no longer redeem commercial paper in specie at full face value. The ensuing recession lasts until the mid-1840s.

8

The president calls a special session of Congress to respond to the economic crisis. He proposes the establishment of an independent treasury.

8

When the president vetoes a second bill for the establishment of a National Bank, his entire cabinet except Secretary of State Daniel Webster resigns.

10

The president vetoes a rivers and harbors bill which would have provided federal funds for internal improvements.

11

The president signs the Independent Treasury Law

11

Gold is discovered near Sacramento in the Territory of California. This begins a massive migration that allows the territory to become a state.

11

The Gadsden Purchase gives the U.S. almost 30,000 square miles of new territory in southwest Arizona and New Mexico for $15 million.

14

The Comstock Lode is discovered in Nevada. It is the first major U.S. silver strike.

15

The Southern Commercial Convention meets in Vicksburg MS, and Southern slave owners advocate for the reopening of the African slave trade.

15

The president orders a blockade of Southern ports.

16

Congress passes the Morrill Tariff, partly to finance the war.

16

The National Banking Act creates the system for a national bank.

16

Congress creates the Freedmen's Bureau to help Southern blacks who need food, clothing, and medical care.

16

Congress overrides the president's veto of the Freedmen's Bureau Renewal Act.

17

Secretary of State William Seward agrees to purchase Alaska from Russia for $7.2 million.

17

The Burlingame Treaty grants China the status of most favored nation in trade.

17