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Economics

Economics. Nathan Elsishans Period 6. Transportation Revolution. Invention of the steam boat Growth of canals Stimulated trade between the East and West Easy access to cities Construction of roads. The Bank War. The Bank War

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Economics

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  1. Economics Nathan Elsishans Period 6

  2. Transportation Revolution • Invention of the steam boat • Growth of canals • Stimulated trade between the East and West • Easy access to cities • Construction of roads

  3. The Bank War • The Bank War • Jackson refused to renew the charter of the Second Bank of the United States • Bank renewed after War of 1812 • Encouraged economic growth • Held the governments money, made commercial loans, attempted to prevent inflation • Lead to recession • Followed by speculation boom due to new western lands

  4. Unions • For the good of the workers • Higher wages • General Trades Union of New York • Represented many different craft groups • Sparked similar movements in big cities • Ruled illegal by judge Ogden Edwards • Claimed strikers conspired against America

  5. California Gold Rush • Discovered by James Marshall at Sutter’s Mill • Gold fever • Large immigration to California • Eighty percent Americans • Many Chinese and Mexican miners • Encouraged growth of cities such as San Francisco • More money made from selling goods to miners than from gold • Mining towns sprang up and died shortly after • Poor ate beans, bread and bacon • Rich ate at expensive restraints and boarding houses • Few miners became rich

  6. Growth of cities • Seaports grew quickly • New Orleans • Shipping • Growth of cotton in Mississippi valley • New York becomes financial capital of the US • Erie Canal supports international trade • Links north east to north west • Supports trade with Canada • Trade within the nation becomes profitable • Increase in canals and roads • Railroads begin to emerge

  7. Manufacturing • Northern cities adopted factories • Immigrants provide source of labor • Primarily Irish and German • No job security • No welfare • Joined together to protest political issues • Relationship between masters and apprentices began to break • Artisanal labor replaced by wage work

  8. Union Government Revenue • Issued bonds • Sales taxes • First federal income tax • Created national tender • Banned state tender

  9. Cotton During Reconstruction • Defined southern economics • Availability of fertilizers increases with railroads • Makes cotton more profitable • Crop lien system • Gave loans to farmers • Placed a claim on that year’s cotton crop • Unfavorable interest rates • Placed individual farmers in debt • New cotton centers • Egypt and India • Rapid drop in cotton prices • Soil depletion causes decline in yield per acre

  10. Questions • Which of the following industries would not have prospered in the northern wartime economy? • Boot making • The iron industry • The textile industry • Shipbuilding • What was the main reason why cotton became profitable? • Technology allowed it to be cleaned faster • Transportation allowed for cheaper exportation • Slaves were easier to import into the Americas • Mills allowed cotton to be manufactured faster • Port cities saw increased profit due to • The creation of steam boats and canals • The creation of a railroad system • The creation of mills • An increase in tobacco production • The main source of workers in factories was • Young children and women • Previously unemployed men • Freed slaves • Yeomen farmers • Which of the following was not a strategy used by the Union to generate federal income? • Federal income tax • Sales taxes • The Homestead Act • Government issued bonds

  11. Manufacturing developed • Primarily in the south • In new territories • Northern states • In California • Between the 1820s and 1830s, which were there the fewest of? • Railroads • Canals • RoadsThe Iron industry industrialized as a result of which invention? • The steamboat • The cotton gin • The Spinning Ginny • The Railroad System • The north’s economic growth during the Civil War is attributed to • Increased government demands for products • A rise in trade with England • The completion of the transcontinental railroad • Lower taxes on businesses • Gradual emancipation failed due to • The increased use of hemp • The creation of the cotton gin • Higher prices for tobacco • A large decrease in manufacturing

  12. Answers • The textile industry • Technology allowed it to be cleaned faster • The creation of steam boats and canals • Young Children and women • The Homestead Act • Northern States • Railroads • The railroad system • Increased government demands for products • The creation of the cotton gin

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