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Jason Chin November 2, 2006
US History Period: 4 Chapter 5 p. 141-145
•
John Fiske – The Critical Period of American History (1888)- national government was demoralized and inadequate
Border Problems • Interstate conflicts immediately reasserted themselves at the end of war • British still occupied 7 military posts running from northern end of Lake Champlain through Niagara and Detroit to the tip of the Michigan peninsula • Government faced struggle to assert control over territory granted by Treaty of Paris • Great Britain removed forces from 13 states but refused to surrender its outposts on frontier • Southwest, Spanish closed Mississippi River to American commerce in 1784 • Esteban Miró – Spanish governor of Louisiana, soon opened the river to American produce, subject to a modest tariff Foreign Trade • Americans could trade with European powers, and a Far Eastern trade developed • 1784 – 360-ton Empress of China reached Canton with a cargo of furs and cotton to be exchanged for silks, tea, and spices • British import duties reduced American exports to England and its colonies in western hemisphere • Adam Smith – wrote The Wealth of Nation published in 1776 • British merchants poured inexpensive manufactured goods into United States • Lord Sheffield – Observation on the Commerce of the American States • Congress could not pay the nation’s debts; states raised taxes to pay their debts; and the entire economy was cash poor • States experienced hard times from 1784 to 1786 • Retaliatory tariffs on British goods would have dealt with some of problems, but Confederation lacked authority to levy them • 1781 – Confederation got the power to tax imports • Move to grant Congress power to tax imports failed when it did not gain unanimous consent of states (only Rhode Island didn’t agree) The Specter of Inflation • Continental Congress and states paid for Revolutionary War by printing paper money, which resulted in inflation • Some states attempted to restore credit by raising taxes and restricting new issues of money • Powerful deflationary effect had its greatest impact on debtors, particularly farmers
•
Debtors clamored for the printing of more paper money; some states yielded to pressure resulting in wild inflation
Daniel Shays’ “Little Rebellion” • Determined to pay off state debt and maintain sound currency, Massachusetts legislature levied heavy taxes resulting deflation leading to foreclosures • In 1786, mobs in western part of state began to stop foreclosures by forcibly preventing courts from holding sessions • Daniel Shays – a veteran of Bunker Hill, Ticonderoga, and Saratoga, led the “rebels” to march on Springfield and prevent the state supreme court from meeting. • State sent troops, and the “rebels” were routed • Shays then fled to Vermont
US History Period: 4 Chapter 5 p. 141-145
•
John Fiske – The Critical Period of American History (1888)- national government was demoralized and inadequate
Border Problems • Interstate conflicts immediately reasserted themselves at the end of war • British still occupied 7 military posts running from northern end of Lake Champlain through Niagara and Detroit to the tip of the Michigan peninsula • Government faced struggle to assert control over territory granted by Treaty of Paris • Great Britain removed forces from 13 states but refused to surrender its outposts on frontier • Southwest, Spanish closed Mississippi River to American commerce in 1784 • Esteban Miró – Spanish governor of Louisiana, soon opened the river to American produce, subject to a modest tariff Foreign Trade • Americans could trade with European powers, and a Far Eastern trade developed • 1784 – 360-ton Empress of China reached Canton with a cargo of furs and cotton to be exchanged for silks, tea, and spices • British import duties reduced American exports to England and its colonies in western hemisphere • Adam Smith – wrote The Wealth of Nation published in 1776 • British merchants poured inexpensive manufactured goods into United States • Lord Sheffield – Observation on the Commerce of the American States • Congress could not pay the nation’s debts; states raised taxes to pay their debts; and the entire economy was cash poor • States experienced hard times from 1784 to 1786 • Retaliatory tariffs on British goods would have dealt with some of problems, but Confederation lacked authority to levy them • 1781 – Confederation got the power to tax imports • Move to grant Congress power to tax imports failed when it did not gain unanimous consent of states (only Rhode Island didn’t agree) The Specter of Inflation • Continental Congress and states paid for Revolutionary War by printing paper money, which resulted in inflation • Some states attempted to restore credit by raising taxes and restricting new issues of money • Powerful deflationary effect had its greatest impact on debtors, particularly farmers
•
Debtors clamored for the printing of more paper money; some states yielded to pressure resulting in wild inflation
Daniel Shays’ “Little Rebellion” • Determined to pay off state debt and maintain sound currency, Massachusetts legislature levied heavy taxes resulting deflation leading to foreclosures • In 1786, mobs in western part of state began to stop foreclosures by forcibly preventing courts from holding sessions • Daniel Shays – a veteran of Bunker Hill, Ticonderoga, and Saratoga, led the “rebels” to march on Springfield and prevent the state supreme court from meeting. • State sent troops, and the “rebels” were routed • Shays then fled to Vermont
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