Chapter 118: Chapter 114: Financial Crisis

Columbia, Federal District, the United States of America
April 1st, 1797

"Three more factories have closed in Massachusetts two weeks ago, and the remaining ones are facing a financial crisis with only a few exceptions," Secretary of the Treasury Balthazar P. Melick announced with a grimace, "The people are panicking and the economy is evidently sliding. We must do something now, Mr. President."

President James Madison, third president of the United States, read through the reports with a careful eye. He wasn't a very big person. In fact, he was one of the shortest men in the White House. However, his keen blue eyes and strong demeanor reminded the top members of the Executive Branch that he was in charge. His level-head and intellect were what got him elected to the highest office of the United States in the first place. Even during these dire times, he remained composed and dignified to "steer" the nation in the right direction.

The two of them were speaking privately with one another in the Oval Office, discussing a plan to halt the economic panic. The president and his cabinet were meeting later today, but the two of them wanted to iron out a solid proposal to present to the Secretaries.

"I agree, despite my party's policies. I'm afraid that I can not allow the federal government to stand by and watch this crisis unfold," President Madison replied firmly, "We must intervene swiftly and quickly. The nation is our top priority, my party be damned."

"I assume you already have a proposal, Mr. President?"

"Yes, but it's not yet complete. I wanted input from the Cabinet before finalizing it and sending it to Congress for a vote."

The American president walked over to his desk and slid open a drawer. He pulled out two things: a stack of papers and the laptop. "I interacted with the "Oracle," and I believe I have found an answer."

Secretary Melick smiled. The "Oracle" was an affectionate name the previous presidents placed on the most advanced piece of technology in the world. The name was fitting, as the "Oracle" allowed the United States government to have immense foresight and have a wealth of information from the future. Other than then-President Kim, the "Oracle" was probably the most influential "figure" in the United States. After all, it was what led him to change his views on economics and his former business (he followed the precedent and gave up his business until he was out of office). If there was an answer to their problems, it was in that device.

"The Panic of 1837," President Madison mentioned as he swung the laptop over to him, "Look at the causes of the Panic and tell me that it doesn't look eerily similar to our current situation."

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"The Bank of England raising interest rates, American banks raising interest rates in response to the Bank of England, depleting the savings of businesses and people, plummeting prices of raw goods... It sounds awfully like our situation."

"Yes, but it may be worse. According to the reports I have received in the last month, Great Britain also created an import tax against our goods and our Federal Bank is being depleted of funds. It is possible that this "Panic" may correct itself, but I fear that the worst potential outcomes may happen without government intervention."

The Secretary of the Treasury nodded and flipped through the proposal called the "The Economic Stimulus Package of 1797." The "package" included plans to have the federal government employ more people (in both construction work and administrative work), feed a portion of the federal budget to the Federal Bank (in exchange for greater regulations and oversight in order to ensure that this didn't happen again), and provide businesses with a temporary loan (with a low-interest rate, but with full expectations for the borrowers to pay off their loans in the future).

"This seems like it'll work, Mr. President," The secretary stated as he placed down the proposal onto the president's desk, "However, may I suggest something?"

"Go ahead. You are more knowledgeable about finances than I am. If it wasn't for the "Oracle," I would still be working on this proposal."

"President Jefferson acquired more territory out in the west. The amount of territory is not substantial compared to the total size of the United States, but there is plenty of room for two or three additional states to spring up in the area, discounting the territories occupied by the Natives." Secretary Melick wasn't a huge fan of the Natives, but they were loyal to the United States and were major contributors to the nation, so he held back his complaints. "What if we offer land in the newly acquired territories to allow some of these unemployed fellows to take their dissent elsewhere?"

President Madison's eyes widened, "That is a very sound idea. Give them land in those territories, encourage them to settle in the interior parts of North America, and allow them to develop it."

"Of course, there is also the option of pushing further west since Spain has withdrawn most of their military forces from our borders..."

"I will need to consult Secretary of Defense Knox before making such a decision, but I very much doubt that the people will stomach a war while the country is going through an economic crisis," Madison answered, "And I do not want to be known by future generations as a warmonger. Some other president can conquer Louisiana, for all I care. As of right now, our priority is on fixing this problem so the people support and trust the government. After all, do we really want the people to distrust the government and believe that we are against them?"

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