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Agriculture in American History
Business in America had its roots in agriculture: Tabacco was the export that made Jamestown survive. Agriculture was the business of the South, the driving force behind their entire economy. The mechanization of agriculture led to new government regulations of business. Agriculture is stil a part of business enterprise today, although is almost entirely commercial. -
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Business Enterprise in America
In 1791, the creation of the First Bank of the US marked the beginning of government regulation of business in America. Since then, some goverments, such as Jackson's administration, has tried to de-regulate business, but the general trend has been toward government regulation of businesses, with tariffs, anti-trust acts, and quality control abounding. The need for government regulation grew as business's industrialized, merged, and created corporations in their search for greater profits. -
The First Bank of the United States chartered
The First Bank of the U.S. began operations in 1791 and recieved a charter to continue for the next twenty years. It filled the void created by the absence of a well-developed banking system by giving the government a safe place to deposit funds, providing loans and currency to businesses, helping to collect taxes and disburse the government's expenditures. It also kept up the price of government bonds through judiciousbond purchases. -
Second Bank of the United States
The Second Bank of the US was charted by Congress in order to help stabilize the currency problem. It would compel state banks to issue sound bank notes, or force them out of business if they didn't. The wartime experience highlighted the need for a national monetary system. -
Tariff of Abominations
The Adams administration passes a new tariff on imported goods, intended to protect American industry from the British, who were flooding the manufacturing markets with artificially low prices. However, it ends up antagonizing southerners, who believe that the subsequent price hike in raw materials was not worth the protection of American industries. However, this protection was instrumental in allowing American industries to grow and flourish. -
Jackson vetoes bill to recharter the Bank of the United States
Jackson's hatred of concentrated power and of all banks issuing paper money led to his predictable veto of a recharter of the Bank. However, this became the major issue of the 1832 election, with Clay, Jackson's opponent, supporting the recharter of the bill. when Jackson won, he took that as a go-ahead from the American people to destroy the Bank. This year marks the death of the Bank of the United States. -
The Civil War Begins
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Republican Congress
With the Democratic South's secession from the Union, Repulicans had total control of Congress, and passed a nationalistic program to promote economic development. Part of that program was a series of tariff bills that raised duties to their highest level ever - a great oon to budding American industries. -
National Banking Acts 1864 and 1865
These Acts created a new national banking system in which existing or newly formed banks could join the system if they were willing to invest one-third of their capital in government securities. In return, they could issue U.S. Treasury notes as currency. This new system created a uniform system of bank notes. -
Munn V. Illinois
Munn V. Illinois. Local merchants who were distressed at existing railroads rate policies. The Illinois State Constitution of 1870 said that private property "affected with the public interest must submit to being controlled by the public for good." -
Wabash V. Illinois
States could not regulate commerce extending beyond their borders, only congress could do that sort of thing. -
Interstate Commerce Commission
The Interstate Commerce Commission to investigate and monitor all railroad activities in and out of the country. -
Sherman Antitrust Act
Sherman Antitrust Act was the first major attempt by the U.S. to deal, legislatively, with the problem of a monopolizing of a business. -
ustice Department to invoke the Sherman Antitrust Act
Roosevelt ordered the Justice Department to invoke the Sherman Antitrust Act against a new railroad monopoly, Northern Securities Company, a 400 million dollar enterprise pieced together by J.P. Morgan and others. -
Elkins Act of 1903
Elkins Act of 1903 ended common rebates by the railroads to their most valued customers. -
The Pure Food and Drug Act
A law made to regulate the food and drug businesses. Act was made due to The Jungle written by Upton Sinclair revealing the monstrosities of the meat packing industry.Imposed regulations on businesses for quality. -
Federal Reserve Act
An act that set up a federal banking system, unlike Alexander Hamilton's plan for a single bank for national federal deposits, there would be a total of twelve banks across several states. -
Clayton Antitrust Act
Made to reduce the amount of trusts in America and reduce the amount of monopolies and other unlawful acts of business some of the trusts were doing. -
Smoot-Hawley Tariff Act
Raised tariffs in the country to record setting amounts in hopes of helping the economy during the Great Depression. -
Neutrality Act of 1939
Declared our Neutrality during WWII, but also alowed us to supply arms to our allies and Russia during the war.
