Summary Nov 8

Joe wrote: At the beginning of class we talked a lot about the election. Then the note-taking began: -1804, Jefferson sent Lewis and Clark to explore Louisiana Purchase and collect samples -They navigated up the Missouri River, crossed the Rockies to Snake River, followed that to the Colombia River to Oregon -Settlers began moving into the Louisiana Purchase (Missouri Territory) -Missouri (1819) applies to become a slave-holding state -Would be the first state from the Louisiana Territory -This raised the issue of the spread of slavery to the new territories -Also, the south would get more power in congress because of the extra representation due to the 3/5 compromise -Congressman Tallmadge (NY) proposed 2 amendments: 1. Bar additional slaves from Missouri 2. Emancipate slaves born after statehood after their 25 birthday -North had the House, South had the Senate -Amendments weren't passed in the Senate so the amendments didn't pass -Missouri Compromise: 1. Line at 36 degrees, 30'- future states north would be free, south could have slaves 2. Missouri= slave state 3. Maine cared out of Massachusetts - Aging Jefferson was distraught about slavery, fearing the issue would never die -PANIC! Of 1819 -economic depression -European agriculture boom, decreased need for US products -World Gold supply was limited, state banks covered shortage by issuing paper money (bank notes) for loans and bills of exchange -Bank of US got involved as Western branches do speculative lending -To save itself, the bank began insisting that banknotes from states come to bank of US to be redeemed in species (gold/silver) -Helped the federal bank but forced state banks to demand money from borrowers -national money and credit system collapsed -markets failed/ employers went out of business -Banks became Monsters