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In this essay, I will describe the end of the first party and the beginning of the second party systems in the history of United States of America.
End of first party system and start of second party system
The major financial crisis of the 19th century occurred in the year 1819. It resulted into a very serious commercial meltdown whose roots are traced back to political circumstances arising from the 1812 war. This led to panic of banking industry whereby the banking system reduced the amount of money it supplied. The end of the war released more pent-up demand for the European goods. The cost of imports increased in 1816 which then declined in 1818. At the same time, experts rose which led to trade imbalance which also contributed to the 1819 panics. Because of the problematic financial system, a political problem resulted in the many congressmen to endure embarrassment from the international community.
The Westward movement was thwarted by the depression, and many farmers put blames on the affairs of the federal government. Following these panics, and economic concerns of the west and south, plus the worries about the powerful national government among the southern slave dealers, a new political party system emerged in 1820s. This political party was consisting of Whigs and democrats. After the formation of second party system, the United States realized massive and social changes. Because of second party system democratic spirits, the United States was able to move away from the old aristocracy transplanted from England. The second party system existed from 1820s to 1850s and was characterized by interests of many people to participate in voting exercise (Kazin M. 2010).