Specie, coin with a fixed value, which could not be cheaply manufactured to flood the market. Its use made money scarce and credit expensive and difficult, and it discouraged speculation. It also kept wages low and reduced commercial activity. Its advocates were known as "sound money" men.
interposition
The idea that a state, having retained its sovereignty in a federal system, can interpose its authority between the central government and an individual, to protect its citizens from illegal or unconstitutional action. (See the discussion of nullification in the text and states' rights below.)
"Jacksonian Democracy"
A term that more accurately describes the spirit of the age than a movement led by Andrew Jackson. During this period (1820-1850), more offices became elective, voter restrictions were reduced or eliminated (for white male adults), and popular participation in politics increased. The Democratic Party, led by Jackson, appealed to this growing body of voters by stressing its belief in rotation in office, economy in government, governmental response to popular demands, and decentralization of power.
land-poor
The condition in which many speculators found themselves during the Panic of 1837 (and in 1819, as well). Having bought land on credit, they were unable to pay their debts when the land did not sell. Hence, they had a lot of land, but no money, and the result was bankruptcy.
Marxism
The theory that history has been characterized by a struggle between the working classes and their masters, the middle-class capitalists. The outcome of struggle is to be an uprising of the oppressed and the overthrow of capitalism. In part, this belief was shared by John C. Calhoun, who feared that the growth of industrial capitalism in America would lead to just such a class struggle.
party boss
The politician in charge of the machine, usually the ranking elected official in a political unit (state, county, city, and so on); the person responsible for getting out the vote and for dispensing patronage.
political machine
A well-organized local political group that can turn out voters on specific issues. In return for delivering these votes, the machine is allowed to dispense patronage in its particular area.
soft money
Paper money. Easily produced, this currency increased the amount of money in circulation, made credit easier, and made prices higher. Generally favored by speculators, by agricultural interests, and by debtors.
states' rights
The belief that the United States was formed as a compact of sovereign states and that the national government was violating that sovereignty. The theory rests on the conviction that the states did not surrender their sovereignty to the central government by adopting the Constitution and that when their rights are violated, they can act in their own defense. (See the discussion of nullification in the text and interposition above.)
