Henry Clay, In Defense of the American System, 1832 Essay

Henry Clay, In Defense of the American System, 1832 - Essay Example rs worked against tremendous odds in 1824, as those opposed to the American System predicted its doom on several counts like the destruction of the public revenue, inevitability of the enhancement of direct taxes, destruction of the navigation, misery of the commercial cities, sharp increase in the commodities of public consumption and blow to the export market with decline in international trade. All the predictions of the critics went haywire, and the American Economy passed through the phase of economic boom. 2. With economy regaining its original health and prosperity booming on all counts, America was facing the consequences arising out of that boom. The foes of the American System, being jealous of that great leap in economy, were on the scheme of subversion, and the vast amount of revenue produced created its own problems as every branch of American navigation had increased. Certain consequential actions relating to the progress of fulfillment of the benefits were considered necessary. One of the worst economic indicators of the economy was the enormous public debt of the country. Time was ripe to abolish the system to which the legislations owed so much to the public prosperity and the country looked forward to a period of redemption and consolidation of the economy. To get rid of the public debt as the interest liabilities were heavy was the first priority. The system had to break free of this economic serfdom. Opinion was divided about the liquidation of the public debt liability. Some argued that the public debt was the secondary concern and other projects and accomplishments needed to get priority. The Henry Clay argued â€Å"But the people of the United States have not coupled the payment of their public debt with the destruction of the protection of their industry, against foreign laws and foreign industry.† (Clay, 1832)The liquidation of the public debt was considered absolutely essential. The other economic indicators were establishment of a