American System, Beneficial?
Henry Clay and American System
Henry Clay's American System is embraced by our President James Monroe, for he is a leading member of House of Representatives and a Democratic-Republican Party advocate. America, now in debt from the previous war, need a proper economic plan to adjust America's financial status. Henry Clay's American System, might be the plan that can fix our nation's economical flaws. American System consists of 3 parts; they are:
The establishment of a protective tariff
20%-25% tax on imported goods, in order to protect and improve nation's economy within the competition of European goods by encouraging Americans to buy American products.
The establishment of a national bank
by promoting single currency and chartering the Second bank of the United States, able to stabilize economy and to make credit more available
The improvement of the country’s infrastructure
America, currently lacking a decent transportation system, is economically suffering; however, internal improvement in transportation under American System, would ameliorate our nation's economy.