X-Nico

Credit crisis of 1772

As the result of the Townshend Act and the breakdown of the Non-importation Act, the period was marked with a tremendous growth in exports from Britain to the American colonies.

Importation Act

Importation Act 1667, an Act of the Parliament of England which banned Irish cattle from being sold in England

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Act Prohibiting Importation of Slaves, a United States federal law that stated that no new slaves were permitted to be imported into the United States

Non-importation Act

After three months of debate, the Non-Importation Act of 1806 was passed by Congress and signed by President Jefferson on April 18, 1806.

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The act was suspended, but was quickly replaced by the Embargo Act of 1807, which imposed more trade restrictions with Britain, as well as with France.

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Gallatin complained that the bill was badly worded, lacking specificity in certain situations.

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This was the first attempt of President Thomas Jefferson's administration to respond economically, instead of militarily, to the British actions.

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The Embargo Act of 1807, with its ban of trade between the United States and all foreign ports, would help reshape the United States economy.

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President Jefferson was given the power to suspend it even longer if he thought it to be in the publics’ best interest.

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The act itself had many shortfalls, ultimately leading to it being supplanted by the Embargo Act of 1807.

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This presented another problem, which Gallatin wanted clarified because without a revision he thought the bill would only raise more questions than it answered.

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At this time Gallatin suggested that complete non-intercourse could be administered far more effectively.