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Known as the Tariff of Abominations, it sought to protect northern and western agricultural products from competition with foreign imports. The resulting tax on foreign goods raised the cost of living in the South and also cut into the profits of of New England's industrialists. The economy suffers in the South as a result because foreign goods are made more expensive, people buy more U.S. goods, then European countries buy less Southern cotton in retaliation.
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Protest against the Tariff of 1828 that stated if the tariff wasn't repealed South Carolina would secede from the Union. Calhoun argued that the tariff was unconstitutional because it favored manufacturing over agriculture and commerce. He felt that it could only be used to generate revenue and not to provide protection from foreign competition for American industries.
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A law passed that facilitated the relocation of American Indian tribes living east of the Mississippi River to lands further west.
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Speech given by John C. Calhoun that presented the idea that states have a constitutional right to nullify or veto acts of the Congress. Contributed to the deep divide between Northern and Southern viewpoints on the Union and nullification.
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Protective tariff to reduce the existing tariffs as remedy for the conflict created by the 1828 tax. Still deemed unsatisfactory by some in the South, especially in South Carolina.
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Andrew Jackson of the Democratic Party beats Henry Clay of the Republican Party. Centered around one major issue: The Bank of the United States.
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Declared the tariffs of 1828 and 1832 unconstitutional, therefore null and void within state borders.
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Privately funded state banks where Jackson deposited federal money. Hurt the economy and destroyed the federal bank. The system of transferring money from the federal to state level continued.
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Executive order issued by Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver.
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Financial crisis in the United States. Profits, prices, and wages went down while unemployment went up. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs.
