Nationalist Henry Clay retained his power in the postwar Congress, and headed the drive for a neo-federalist program of protective tariffs, international improvements, and a national bank. He called his program the American System, arguing that it would foster notional economic growth and a salutary interdependence between geographical sections, thus a happy and healthy republic. Some of the opponents were as follows: With no discussions Congress chartered the Bank of the United States as the sole banking institution empowered to do business throughout the country. Notes issued by the Bank would be the first semblance of a national currency. The Tariff of 1816 raised tariffs an average fo 25 percent, extending protection of the nation's infant industries at the expense of foreign trade and American consumers. Bills to provide federal money for roads, canals, and other internal improvements had a harder time getting approval. Congress agreed to complete the National Road, but President Madison and his republican successor, James Monroe, both refused to support further internal improvements without a constitutional amendment. But ultimately the American System did help states to provide direct funding, bond issues, and corporate charters that gave the turnpike, canal and railroad companies the privileges and immunities that made them attractive to private investors ( Murrin, 324-326).
In the election of 1824 the major candidate were: William H. Crawford ( elected by the Republican Congressional Caucus), John Quincy Adams ( son of a Federalist president), Henry Clay ( a Nationalist with a hand in the American System), and Andrew Jackson ( a wild card from Tennessee known as a military hero). In the 16 states that chose presidential electors by popular vote, Jackson poled 152,901 votes to Adams's 114,023, Clay's 47,217, and Crawford's 46,979 votes. Jackson assumed that he had won the election.