. The student's American history . orities (i8i8).* Spain now thought it expedient to dispose of a province,which on account of its situation was likely to breed more warswith the United States. John Quincy Adams negotiated atreaty of purchase (1819) — ratified in 1821. By its termsSpain ceded to us the whole territory of East and West Floridafor the sum of $5,000,000, and at the same time renounced herclaim to any part of the Pacific coast north of the forty-secondparallel. This act helped to confirm our title to the Oregoncountry (§ 258). On the other hand, we gave up whatever 284 THE studen
. The student's American history . orities (i8i8).* Spain now thought it expedient to dispose of a province,which on account of its situation was likely to breed more warswith the United States. John Quincy Adams negotiated atreaty of purchase (1819) — ratified in 1821. By its termsSpain ceded to us the whole territory of East and West Floridafor the sum of $5,000,000, and at the same time renounced herclaim to any part of the Pacific coast north of the forty-secondparallel. This act helped to confirm our title to the Oregoncountry (§ 258). On the other hand, we gave up whatever 284 THE students AMERICAN HISTORY. [1818-1819. territorial right we had obtained to Texas through our purchaseof the province of Louisiana (§ 280). 319. Business crash and panic ; separation of Church andState; the steamship <Savannah. — Meanwhile the coun-try was suffering from hard times, and the outlook was mostdiscouraging. The introduction of the steamboat into westernwaters (§ 286) had greatly stimulated emigration, and this, in. The United States after the Purchase of Florida in 1819. (The Oregon Country was held jointly with Great Britain ; all the territory east of theUpper Mississippi had been organized (1805, iSiS) as Michigan Territory.) turn, had encouraged widespread and reckless land specula-tion. To accommodate borrow^ers, banks sprang up by scores,so that before the close of 1818 nearly four hundred such insti-tutions were doing business in twenty-three States and Terri-tories. Most of these banks had no adequate capital, andmany of them were guilty of gross fraud, and recklessly issued five times as much paper as they could ever redeem. *^ TheBank of the United States (§314) resolved to force theseworthless State banks to redeem the notes with which they 1818-1833.] THE UNION, NATIONAL DEVELOPMENT. 28$ had flooded the country. This action hastened the inevitablecrash (1819).*^ Business came to a standstill, laborers werethrown out of employment, and the jails wer
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