Their attempts were not a great success. They managed to secure a concession to renew Jay`s contract, which probably included the same monetary comparisons as the last deal, but Britain was more desperate than ever to stop Bonaparte. Napoleon was at the end of 1806 at the absolute peak of his power, having decisively crushed the Russian, Austrian and Prussian armies at Austerlitz (1805), Jena (1806) and Auerstedt (1806). Britain had absolutely no intention of sacrificing a potential source of labour when this titanium threat threatened its head and, once again, the two sides failed to agree on this issue. The British Minister for the United States, Charles Bagot, accepts the terms of the Rush Bagot agreement. After the negotiations, the current Minister of Foreign Affairs, Richard Rush, sent the document to the United Kingdom in August 1816. This is the final version of a treaty that Monroe, while he was Foreign Secretary under Madison, negotiated with the British Foreign Secretary, Robert Stewart Castlereagh. The agreement limits the marine capacity of the Great Lakes; This eased the possible tensions between the two nations after the War of 1812. Each country is kept for one boat on Lakes Champlain and Ontario, and two ships on all other lakes.
Ship tonnage and armaments will also be limited. The bilateral declaration proposed by the British thus became a unilateral declaration of the United States. Monroe said: “The American continents… From now on, they should no longer be considered subjects for future colonization by any European power. Monroe described two distinct spheres of influence: America and Europe. The countries independent of the Western Hemisphere would be the domain of the United States. In exchange, the United States pledged to avoid participating in the political affairs of Europe, as well as in the continuation of the Greek struggle for the independence of the Ottoman Empire, and not to interfere in the existing European colonies that already live in America. The panic of 1819 took shape. A sharp decline in real estate values and a sharp contraction in credit (an inability to insure bank credit) increase the currency and lead to imports and prices. In March, the price of cotton collapses on the English market. The conservative policy of the Second Bank of the United States, founded in 1816, accelerated the crisis that ended around 1823.
British and American diplomats had been temporarily able to resolve the problem by ratifying Jay`s Treaty of 1795, which did not completely end the practice, but convinced the British to pay for damage to American shipping. But this contract remained in force for only 10 years, and so, in December 1806, the English minister James Monroe and the diplomat William Pinkney met with their British counterpart to renew the previous pact and finally decide to permanently arrest the American citizens impressed by the Royal Navy.
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