Aggressive Nationalism: McCulloch v. Maryland and the Foundation of Federal Authority in the Young Republic

By Richard E. Ellis | Go to book overview

THREE
THE STATES VERSUS
THE SECOND BANK OF THE
UNITED STATES

The crisis for the 2BUS finally began in the summer of 1818. This was the beginning of the Panic of 1819 and the depression that dominated the early 1820s. The causes of these economic difficulties had their origins in developments on the international scene. For by 1818, Europe had begun to recover from the economic disruptions caused by the wars of the French Revolution as well as by a run of bad weather, and now was capable of feeding itself. This led to a sharp decline in its demand for American food products. In addition, English manufacturers, discontented over rapidly rising cotton prices in the United States, began to look to India as an alternative source of supply. In the long run, Indian cotton did not prove to be a viable alternative to the tougher fiber grown in the United States, but in the short run it did lead to the collapse of the American cotton market. Moreover, Eastern Europe’s continued demand for gold and silver helped to raise the price of specie and placed a strain on reserves throughout the world.1

-61-

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Aggressive Nationalism: McCulloch v. Maryland and the Foundation of Federal Authority in the Young Republic
Table of contents

Table of contents

  • Title Page iii
  • Acknowledgments vii
  • Contents ix
  • Introduction 3
  • One- The U.S. Supreme Court versus the States 13
  • Two- The Second Bank of the United States 33
  • Three- The States versus the Second Bank of the United States 61
  • Four- McCulloch V. Maryland 77
  • Five- Virginia’s Response to McCulloch V. Maryland 111
  • Six- Ohio and the Bank of the United States 143
  • Seven- Ohio and Georgia before the U.S. Supreme Court 169
  • Eight- Coda 193
  • Notes 219
  • Index 257
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