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With the failure to recharter the First Bank of the United States in 1811, [16] regulatory influence over state banks ceased. Credit-friendly Republicans—entrepreneurs, bankers, farmers—adapted laissez-faire financial principles to the precepts of Jeffersonian political libertarianism [17] —equating land speculation with "rugged individualism" [18] and the frontier spirit.
At the beginning of the Jeffersonian era, only two states, Vermont and Kentucky, established universal white male suffrage by abolishing property requirements. But by the end of the Jeffersonian period, more than half of the states had followed suit, including virtually all of the states in the Old Northwest .
Jefferson's victory in 1800 opened the era of Jeffersonian democracy, and doomed the upper-crust Federalists to increasingly marginal roles. The Louisiana Purchase from Napoleon in 1803 opened vast Western expanses of fertile land, which exactly met the needs of the rapidly expanding population of yeomen farmers whom Jefferson championed.
Economic historians have explored the high degree of financial and economic instability in the Jacksonian era. For the most part, they follow the conclusions of Peter Temin , who absolved Jackson's policies, and blamed international events beyond American control, such as conditions in Mexico, China and Britain.
The first era of major change to the government was the Jacksonian Era in the 1830s, which saw changes to the structure of the executive branch and the abolition of the national bank. The nullification crisis in response to high tariffs was the first serious threat to the unity of the United States, with South Carolina threatening secession ...
Henry Clay's "American System," devised in the burst of nationalism that followed the War of 1812, remains one of the most historically significant examples of a government-sponsored program to harmonize and balance the nation's agriculture, commerce, and industry. This "System" consisted of three mutually reinforcing parts: a tariff to protect ...
Adam Smith used the colonies as an example of the benefits of free enterprise. [5]: 13 Colonists paid minimal taxes. Some colonies, such as Virginia, were founded principally as business ventures. England's success at establishing settlements on the North American coastline was due in large part to its use of charter companies. Charter ...
1800 Electoral College Vote results by state explicitly indicating the number of votes received by top two candidates in each. Jefferson ran for president in the 1796 election as a Democratic-Republican, but finished second in the electoral vote to Federalist John Adams; under the laws then in place, Jefferson's second-place finish made him the Vice President of the United States. [1]