War of 1812 and the Era of Good Feelings

The American Economy After the War of 1812

• Following the War of 1812, the American economy experienced growth.
• President James Madison had to address the issue of the expired charter of the Bank of the United States.
• The rechartering of the bank was controversial, with debates between different regions.

The Second Bank of the United States

• The Northeast generally supported the bank, while the South and the West tended to oppose it.
• Despite opposition, Madison and Congress established a new Bank of the United States.
• Madison shifted his stance, believing a national bank was in the country's best interest.

Protective Tariff of 1816

• Congress passed the Tariff of 1816, the first tariff intended to protect industry.
• The goal was to protect Northern manufacturing, which had expanded during the war.
• Raising tariffs on imported goods would encourage people to buy American-made products.
• New England favored the tariff because it protected their manufacturing interests.
• The South opposed the tariff because manufacturing was not located there, and they had to pay higher prices without benefiting.
• This created a sectional issue between the North and the South.

The Era of Good Feelings

• James Monroe won the election of 1816, succeeding Madison, who served two terms.
• Monroe was the last of the Revolutionary generation to serve as president, understanding the struggle for American independence.
• Monroe was a Republican who believed in states' rights and a limited national government, similar to Madison's earlier views.
• The period was known as the Era of Good Feelings because America was at peace, and the economy was prosperous.
• Tensions existed beneath the surface, but overall, the nation appeared to be in good shape.
• Monroe was reelected in 1820.

Improved Relations with Great Britain

• Relations with Great Britain improved during Monroe's presidency.
• The Convention of 1818 with Britain established the northern limit of the Louisiana Purchase.
• The agreement also established the joint occupation of the Oregon territory.
• The boundary was determined, with British territory to the north and American territory to the south.
• The Oregon territory was jointly controlled by both America and Britain.

Transcontinental Treaty of 1819 with Spain

• The Transcontinental Treaty of 1819 resolved issues with Spain.
• America gained Florida from Spain.
• The treaty established the remaining boundary of the Louisiana Purchase territory.
• The boundary excluded Texas from the Louisiana Purchase territory.
• In the future, there would be claims that America shouldn't have agreed to the boundary established in the treaty.

The Admission of Missouri and the Slavery Issue

• The admission of Missouri into the Union became a contentious issue threatening to divide the nation.
• In 1819, there was an equal number of slave and free states, resulting in a balance of power in the Senate.
• The issue of slavery in the territory west of the Mississippi River needed to be addressed.
• The previous agreements didn't account for the extra territory from the Louisiana Purchase.
• Slavery was the central issue when admitting Missouri.
• After debate, a compromise was reached to admit Maine as a free state and Missouri as a slave state, maintaining the balance of power in the Senate.
• An amendment was added to exclude slavery from the rest of the Louisiana territory north of Missouri's border.

The Missouri Compromise Line

• The Missouri Compromise Line was established as part of the compromise.
• The Arkansas territory would be a slave state when it applied for statehood.
• All territory north of the line, except for Missouri, would be free.
• The Missouri Compromise Line was acceptable at the time, but future generations would question it.

The Monroe Doctrine

• Spain lost most of its American empire, leading to concerns about potential reclamation attempts.
• President James Monroe presented his annual message to Congress, incorporating a proposal by Secretary of State John Quincy Adams.
• This proposal became known as the Monroe Doctrine.
• The Monroe Doctrine stated that the American continents were not open for future colonization by European countries.
• America would not interfere with existing European colonies in America.
• However, America would oppose any attempts by European powers to regain or establish new colonies.
• In return for Europe staying out of future colonization, America would stay out of internal European affairs.
• America believed that the form of government in the Western Hemisphere was too different from that in Europe, making European intervention a threat..

Election of 1824

• All candidates in the election of 1824 were Republicans because the Federalist Party had become virtually nonexistent.
• John Quincy Adams was a candidate.
• Adams and Clay supporters gave all their votes to Adams.
• It was basically a backroom deal.