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Checks and Balances: US Presidents and the Economy Directions Name __________________________ Checks and Balances: U.S. Presidents and the Economy Directions: Working in teams, match the president with the appropriate “Economic Situation,” “Government Response,” and “Primary Source Document” cards you are presented. Check your answers with the teacher. Use the “Student Handout” sheet and write a three sentence synopsis of the economic events of each of the presidents presented. George Washington Andrew Jackson Abraham Lincoln William McKinley Woodrow Wilson (1789-1797) (1829-1837) (1861-1865) (1897-1901) (1913-1921) Card: _________ Card: _________ Card: _________ Card: _________ Card: _________ Write a summary below Write a summary below Write a summary below Write a summary below Write a summary below Economic Situation Economic Situation Card: _________ Card: _________ Card: _________ Card: _________ Card: _________ Write a summary below Write a summary below Write a summary below Write a summary below Write a summary below Government Response Government Source Primary Primary CARD A Economic Situation: CARD 1 Government Response: Since the death of the Second Bank of the United States in 1836, This president was the first and only president to eliminate the the American financial system was carried out by state-chartered national debt. However, his presidency is more remembered for banks with no federal regulation. As a result, financial panics ordering the premature removal of the government’s deposits plagued the nation, leading to bank failures and business from the Second Bank of the United States in an attempt to kill it bankruptcies that severely disrupted the economy throughout the outright. He appointed a Treasury Secretary who removed and 19th century and the beginning of the 20th century. During this then deposited the reserves in various state banks (known as “pet time, America experienced a wave of economic recessions banks” or “wildcat banks”). However, his victory over the BUS is including the Panic of 1857 and Panic of 1873 and a severe considered questionable because this and other policies, such as economic depression known as the Panic of 1893. When another the Specie Circular of 1836, destabilized the financial system and recession struck in 1907, this panic persuaded many Americans economy, rendering them susceptible to shocks. When the US that U.S. banking was sadly out of date and in need of major suffered a banking panic in 1837, the economy slipped into a reform. In addition, many Progressive Era reformers were calling severe depression that lasted until 1844. The resulting decline in for the return of a central bank to regulate U.S. monetary policy. government revenues ironically led to deficits that led to the rebirth of the national debt. CARD B Economic Situation: . CARD 2 Government Response: During the Civil War, the national government faced extraordinary During the Progressive Era, Congress passed the Federal Reserve challenges. Among the challenges was finding a way to raising $3 Act. The Federal Reserve System, also known as "The Fed," is the billion to fight the Confederacy and pay for war supplies, soldiers’ central bank of the United States. The Fed is a network of twelve pay, new transportation initiatives, and other war-related Federal Reserve district banks and serves as a bank for other banks expenses. At the time of the Civil War, the national government did and a bank for the federal government. It was created to provide the not have a central bank, a national banking system, a national nation with a safer, more flexible, and more stable monetary and currency or a means for collecting internal federal taxes. financial system. Its two primary responsibilities include controlling inflation and unemployment by regulating the U.S. monetary policy. CARD C Economic Situation: CARD 3 Government Response: During the Gilded Age, farmers and western settlers began to Federalists like Secretary of the Treasury, Alexander Hamilton, attack the nation’s monetary system. Since 1873, Congress believed the best way to create a lasting republic was to give the declared that all federal money must be backed by gold. This “gold central government an efficient system of tax collection and public standard” limited the nation's money supply and benefited the credit. Hamilton wanted the federal government to assume, or wealthy. Farmers wanted to create inflation and supported take over, and then pay the war debts of the individual states. At expanding the money supply to include dollars backed by gold and Hamilton’s urging, the government used revenues from tariffs to silver. Bimetallism was one of the platform issues of the new pay of federal and state war bonds. The government chartered a Populist Party and its presidential candidate William Jennings new central bank, the Bank of the United States, which provided loans to the government as well as to merchants and other Bryan who’s “Cross of Gold” speech called for the free coinage of businesses. Hamilton’s system established the young nation’s silver money. In addition, America was in the depths of its worst credit and stabilized the American economy under the direction of economic depression until the Great Depression in 1929. a strong national government. CARD D Economic Situation: CARD 4 Government Response: One of the most pressing issues facing the new nation was the The bimetallism debate was at the heart of the presidential national debt incurred during the Revolutionary War. When the election of 1896. Election results proved to be a victory for the United States was formed, the federal government was essentially Republican Party and the death of the Populist Party. After the bankrupt, and its bonds nearly worthless. States had huge war election, Congress passed the Gold Standard Act which officially debts. There was runaway inflation. In fact, one of the reasons for placed the United States on the gold standard and killed the free the Constitutional Convention of 1789 was Shays’ Rebellion which silver issue. However, Populists Party ideas like the income tax, was incited by high debts by farmers and was made worse by the direct election of senators, initiative, referendum, recall, and the inability of the government to raise money to stop the rebellion secret ballot were all later enacted by Progressive reformers CARD E Economic Situation: CARD 5 Government Response: The Second Bank of the United States was chartered in 1816 for a During the war, the federal government created innovative ways to term of 20 years. The BUS was a depository for federal funds and collect federal revenues that are still used today. New taxes, such paid national debts, but it was answerable only to its directors and as the first income and inheritance tax, were introduced in the war stockholders and not to the American people. The supporters of a years, along with new excise taxes. Also, for the first time since the central bank were those involved in industrial and commercial American Revolution, the federal government printed its own ventures. They wanted a strong currency and central control of the money, called greenbacks, and took the first steps toward creating economy. The opponents (mostly farmers) were distrustful of the a national regulatory system for banks. Bond drives were organized federal government. Many farmers had been financially damaged to raise money for the war. By the war’s end, the Union raised by speculation and a tightening of bank credit. At this time, many about two-thirds of its money through loans, and about a quarter people were concerned about the constitutionality of the Second by increasing tariffs and taxes. Bank of the US and debated whether the national government should support paper money (“soft money” that provided easy credit) or gold and silver (“hard money” which limited the money supply). Primary Source: CARD BB CARD CC Primary Source: Primary Source: CARD AA Primary Source: CARD DD Primary Source: CARD EE ANSWER KEY George Washington (1789-1797) CARD D Economic Situation: CARD 3 Government Response: One of the most pressing issues facing the new nation Federalists like Secretary of the Treasury, Alexander was the national debt incurred during the Revolutionary Hamilton, believed the best way to create a lasting War. When the United States was formed, the federal republic was to give the central government an efficient government was essentially bankrupt, and its bonds system of tax collection and public credit. Hamilton nearly worthless. States had huge war debts. There was wanted the federal government to assume, or take over, runaway inflation. In fact, one of the reasons for the and then pay the war debts of the individual states. At Constitutional Convention of 1789 was Shays’ Rebellion Hamilton’s urging, the government used revenues from which was incited by high debts by farmers and was tariffs to pay of federal and state war bonds. The made worse by the inability of the federal government to government chartered a new central bank, the Bank of raise money to stop the rebellion the United States, which provided loans to the government as well as to merchants and other businesses. Hamilton’s system established the young nation’s credit and stabilized the American economy under the direction of a strong national government. CARD BB Primary Source: Andrew Jackson (1829-1837) CARD E Economic Situation: CARD 1 Government Response: The Second Bank of the United States was chartered in This American president was the first and only president 1816 for a term of 20 years. The BUS was a depository for to eliminate the national debt. However, his presidency federal funds and paid national debts, but it was is more remembered for ordering the premature answerable only to its directors and stockholders and not removal of the government’s deposits from the Second to the American people. The supporters of a central bank Bank of the United States in an attempt to kill it outright.
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