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VOA慢速英语2014 1837 Brings New President, Economic Crisis 建国史话:1837年带给新总统的是经济危机

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1837 Brings New President, Economic Crisis 建国史话:1837年带给新总统的是经济危机

From VOA Learning English, welcome to The Making of a Nation — our weekly history program of American history for people learning American English. I’m Steve Ember.

Last time, we talked about the election of Martin Van Buren as the eighth president of the United States.

Van Buren had served as President Andrew Jackson’s secretary of state, and later his vice1 president. Jackson asked his political party, the Democrats3, to nominate Van Buren as their presidential candidate in the 1836 election. The Whig party was against him, but their opposition4 was divided. Van Buren won the election easily.

Jackson stood beside Van Buren as the new president was sworn in at the Capitol building in Washington. Physically5, the two men were very different. Jackson was tall, with long white hair that flowed back over his head. Jackson's health had been poor during the last few months he spent in the White House. He seemed tired. There was almost no color in his face.

Van Buren was much shorter than Jackson and had much less hair. His eyes were brighter than those of the old man next to him.

Van Buren Promises Better Times Ahead

In his inaugural6 speech, Van Buren noted7 that he was the first American born after the revolution to become president of the United States. He was also the first president who was not from a British family; his family was Dutch.

Van Buren said he felt he belonged to a later age. He called for more unity8 among Democrats of the North and South. He said better times were ahead for the country.

Martin Van Buren had a poor education as a boy. He went to school only for a few years. His father was a farmer and hotel keeper at a small town in New York State. Politicians, including Alexander Hamilton and Aaron Burr, had sometimes visited the hotel. By listening to them and others, the future president learned about politics.

Eventually, Van Buren studied in a law office and became a lawyer. In the first years of his career he defended tenants9 and renters who were fighting large plantation10 owners for their land. As a result, he developed a reputation for helping11 the common man. Van Buren became a local official, and then a senator and governor of New York.

When he was 24, he married a young woman he had grown up with. But she died of tuberculosis12 after 12 years, leaving him with four sons.

“And after that, he was known as quite charming among the ladies, as they said in those days.”

Historian Joel Silbey is an expert on Martin Van Buren. Mr. Silbey says most people who knew Van Buren liked him. He seemed warm and friendly. He tried to keep his political life and his social life separate. It was not unusual to see him exchange handshakes, smiles and jokes with men who were his political enemies. But, he did not have a national reputation like Andrew Jackson had.

“What he was known for, and what got him into the vice presidency13, and then the presidency, was that he was Jackson’s right hand man.”

New President Faces Economic Crisis

Van Buren had been president for just a few days when an economic crisis struck the country. The crisis had been building for months. It really began with the death of the Bank of the United States more than a year before.

The bank had been so strong that it was able to control the economy throughout most of the country. It also helped control smaller state banks. It refused to accept the notes, or paper money, of these banks, unless the state banks could exchange the paper for gold or silver money.

President Jackson had opposed the Bank of the United States. He vetoed a bill that would have continued it. After the powerful bank closed, a number of new state banks opened. All of them produced large amounts of paper money — many times the amount they could exchange for gold or silver. Business speculators used much of this paper money to buy land from the government. These men bought the land, held it for a while, then sold it for more than they paid.

The government soon found itself with millions of dollars of paper money of questionable14 value. To stop these activities, Jackson had ordered only gold or silver payments for government land. But many banks did not have enough gold to cover the paper notes.

At the same time, American agriculture was having trouble. In 1835 and 1837, many crops failed. American traders had to import farm products from Europe. And they had to pay for them in gold or silver.

Bank Decision Leads to Financial Crisis...

In the spring of 1837, just as Martin Van Buren was taking office, the demand on banks for gold and silver grew too heavy. The banks stopped honoring their promises to exchange their paper money for gold. They said the suspension was just temporary. That it was necessary to stop — for a while — all payments in gold or silver. The crisis became worse.

Many of the weaker state banks closed. Those that stayed open had almost no money to lend. Businessmen could not pay back money they owed the banks. And they could not get loans to keep their businesses open. Many factories closed. Great numbers of people were out of work. And prices rose higher and higher. Most people struggled to buy food and other necessities. The price of flour and meat doubled between 1835 and 1837. Even coal, the fuel people used to heat their homes, cost two times as much.

Violence finally broke out at a protest meeting in New York City. Some in the crowd demanded action against the rich traders. About 1,000 people marched to a store, forced their way into it, and destroyed large amounts of flour and grain.

Businessmen blamed the government for the economic depression. They said the biggest reason was a decision former President Jackson made. Jackson’s order required the government to accept only gold or silver for government land.

Opponents said the order had caused fear and mistrust. Even some of Jackson's strongest supporters said it should be lifted. They said the measure had done its job of ending land speculation15. Now, they said, it was hurting the economy.

Two of President Van Buren's closest advisers16 urged him to continue the order. Lifting it, they argued, would flood the federal government with worthless paper money.

Van Buren was troubled. The federal government had already lost nine million dollars because of bank failures. The president wanted to make sure the government had enough money. And he wanted this money safe until needed.

Yet he did not believe the federal government had the responsibility for ending the depression. And, historian Joel Silbey says Van Buren did not believe the government had the right to interfere17 in any way with private business.

“He said that over and over again. That the federal government doesn’t have the power to do this.”

 Mr. Silbey adds that Van Buren’s political philosophy grew out of the beliefs of former president Thomas Jefferson. All of his life, he claimed to be a Jeffersonian Democrat2.

“That had a specific meaning to him: limited government, freedom for people — meaning white males. He was an egalitarian within the limits of those years.”

Van Buren also shared Jackson’s suspicion of bankers. In general, he believed no group — neither the government, nor the wealthy — should have too much power, not even to help the economy.

So Van Buren decided18 to continue Jackson’s order. No government land could be bought with paper money.

The American economy got worse. The president called a special meeting of Congress. In a message to lawmakers, Van Buren said "over-banking and over-trading" had caused the depression. He proposed several steps to protect the government. One of them was for Congress to pass a law permitting the government to keep its own money in the Treasury19.

 America's Treasury Department received money when it collected import taxes and sold land. It used this money to pay what the government owed. The Treasury did not, however, hold the money from the time it was collected to the time it was paid out.

The Treasury put the money in private banks. President Van Buren wanted to end this custom. He wanted a law to let the Treasury keep government money in its own secure places.

The Whigs criticized Van Buren for thinking only of protecting the federal government and not helping businessmen, farmers and the states. Some Democrats who believed strongly in states' rights also opposed Van Buren’s idea. All these opponents provided enough votes in Congress to defeat the proposal.

Van Buren tried again the following year to get approval for an independent Treasury. Again, the proposal was defeated.

Finally, in June 1840, Congress passed a law enabling the Treasury Department to hold government money itself. Van Buren signed what was called the “Independent Treasury” bill. But the economic depression continued.

 

Martin Van Buren also faced an international challenge from a surprising place. The president’s troubles with Canada will be our story next week.


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1 vice NU0zQ     
n.坏事;恶习;[pl.]台钳,老虎钳;adj.副的
参考例句:
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
2 democrat Xmkzf     
n.民主主义者,民主人士;民主党党员
参考例句:
  • The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
  • About two years later,he was defeated by Democrat Jimmy Carter.大约两年后,他被民主党人杰米卡特击败。
3 democrats 655beefefdcaf76097d489a3ff245f76     
n.民主主义者,民主人士( democrat的名词复数 )
参考例句:
  • The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
  • The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》
4 opposition eIUxU     
n.反对,敌对
参考例句:
  • The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
  • The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。
5 physically iNix5     
adj.物质上,体格上,身体上,按自然规律
参考例句:
  • He was out of sorts physically,as well as disordered mentally.他浑身不舒服,心绪也很乱。
  • Every time I think about it I feel physically sick.一想起那件事我就感到极恶心。
6 inaugural 7cRzQ     
adj.就职的;n.就职典礼
参考例句:
  • We listened to the President's inaugural speech on the radio yesterday.昨天我们通过无线电听了总统的就职演说。
  • Professor Pearson gave the inaugural lecture in the new lecture theatre.皮尔逊教授在新的阶梯讲堂发表了启用演说。
7 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
8 unity 4kQwT     
n.团结,联合,统一;和睦,协调
参考例句:
  • When we speak of unity,we do not mean unprincipled peace.所谓团结,并非一团和气。
  • We must strengthen our unity in the face of powerful enemies.大敌当前,我们必须加强团结。
9 tenants 05662236fc7e630999509804dd634b69     
n.房客( tenant的名词复数 );佃户;占用者;占有者
参考例句:
  • A number of tenants have been evicted for not paying the rent. 许多房客因不付房租被赶了出来。
  • Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
10 plantation oOWxz     
n.种植园,大农场
参考例句:
  • His father-in-law is a plantation manager.他岳父是个种植园经营者。
  • The plantation owner has possessed himself of a vast piece of land.这个种植园主把大片土地占为己有。
11 helping 2rGzDc     
n.食物的一份&adj.帮助人的,辅助的
参考例句:
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
12 tuberculosis bprym     
n.结核病,肺结核
参考例句:
  • People used to go to special health spring to recover from tuberculosis.人们常去温泉疗养胜地治疗肺结核。
  • Tuberculosis is a curable disease.肺结核是一种可治愈的病。
13 presidency J1HzD     
n.总统(校长,总经理)的职位(任期)
参考例句:
  • Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
  • Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。
14 questionable oScxK     
adj.可疑的,有问题的
参考例句:
  • There are still a few questionable points in the case.这个案件还有几个疑点。
  • Your argument is based on a set of questionable assumptions.你的论证建立在一套有问题的假设上。
15 speculation 9vGwe     
n.思索,沉思;猜测;投机
参考例句:
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
16 advisers d4866a794d72d2a666da4e4803fdbf2e     
顾问,劝告者( adviser的名词复数 ); (指导大学新生学科问题等的)指导教授
参考例句:
  • a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
  • She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。
17 interfere b5lx0     
v.(in)干涉,干预;(with)妨碍,打扰
参考例句:
  • If we interfere, it may do more harm than good.如果我们干预的话,可能弊多利少。
  • When others interfere in the affair,it always makes troubles. 别人一卷入这一事件,棘手的事情就来了。
18 decided lvqzZd     
adj.决定了的,坚决的;明显的,明确的
参考例句:
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
19 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。

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