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I've been reading What hath God Wrought (Oxford History of the US from 1815-1848) and one thing I'm finding quite confusing is the animosity towards the Federalist Party in most of the country? What did this party stand for, and why did it become so hated outside of New England?
My memory is that the Federalists were very pro-national banking (and pro centralization more loosely), which led to pro-international finance and trade links, which at the time in America was a big, big deal and created a lot of dissent, not only between the “rural” vs “urban” areas but led to some foreign policy disagreements. Some New Englanders almost became pro-British, not super popular between Revolutionary aftermath and the later war of 1812. But more of it was the original rural-urban split, and Federalists were seen a bit as elitist. Doubly so when some states started expanding suffrage to non land owners. Circling back to “money” of course - at this time there was no centralized currency, and attempts to do so were seen as promoting corruption and stiffing farmers. After all if you’re a farmer at the time, how can you tell you’re not getting ripped off by exchange rates and early financial instruments? So Federalists being hated doesn’t surprise me at all. These banking issues by the way would persist as very potent forces in elections for at least another 50 years. And understandably so! You needed a catalyst like the Civil War to fully get on the nationalized paper money train, and even then gold and silver standard stuff would persist as issues.
Fun fact: I read yesterday that from the start to the end of the civil war, the federal budget went from 60 million a year to 1.3 billion per year. Not to mention the debt load created by the war and pension plans. But before that, it’s a totally different era.
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