Answer:
He saved the American Economy and led to the establishment of the Federal Reserve.
Explanation:
JP Morgan was a businessman with contacts and investments in many different industries. These contacts, and his wealth, allowed him to wield huge control over the financial industry. This resulted in two big events. Firstly, there was the Gold Crisis of 1895. The US Treasury nearly ran out of gold and Morgan persuaded the president to use an old law to buy gold off him (And the rockefellers). This stabalised the American Dollar and averted crisis. A similar thing happened in 1907. Major New York banks were on the verge of collapse and Morgan held a meeting at his mansion where he forced the New York finaciers to come up with a plan. This they diid and the federal government saved the banks. Morgan also used his controlling interest in US Steel to buy the stock of a competitor whos stock was casuing a brokerage firm to collapse. Despite the anti trust legislation he purchased the stock, This restored confidence in the banking system and ensured the crisis was over.
More importantly, the event made the government realise that they couldnt rely on there always being a wealthy indiividual like Morgan to save the day should there be another crisis. This lead to the creation of the Federal Reserve System in 1913. This was a joint effort of a team of banking and political leaders, led by Senator Nelson Aldrich.
The Supreme Court ruled that he was not a U.S. citizen of the United States and therefore could not sue for his freedom in the U.S. court system. This was a famous case that failed to provide a legal route at the time for challenging slavery in the courts.
A description of the setting
In the early 19th century, the ruling political party was the Democratic-Republicans. They selected their candidate through a vote of their members in Congress. This system let them control the White House for 20 years. Then the rivalry of John Quincy Adams and Andrew Jackson.divided the Democratic-Republicans into two after the 1824 elections and became Democrats and Whigs.
This statement by James Madison argues that men are not perfect, and that human nature can be flawed. He believes government exists in order to control and limit the impact of these flaws.
One example is the separation of powers. The principle of the separation of powers states that power must be divided among different branches of government. The branches limit and control each other, and safeguard against the abuse of a tyrant. If people were not corrupted by power, or did not have a tendency to abuse power for their own gain, then the separation of powers would not be necessary. However, because human nature is flawed, these measures are necessary in government.
