Why Did The Era Of Good Feelings Deserve Its Name?

I think the “Era of Good Feelings” doesn’t deserve its name because of the many problems during this time period. Although there weren’t any wars during this time, there were many political and economic problems, such as inflation. The “Era of Good Feelings” also had issues over problems such as slavery and national/state banks. In the spring of 1819, for example, the national economy crashed, causing people to lose their homes and everything overnight. The Panic of 1819 started with the National Bank. American bankers issued banknotes that were not backed up by specie, which expanded the U.S. paper money supply. With an increase in paper money, inflation started, increasing the price of goods and land in western territories. “American state and private bankers issued banknotes that were not backed by specie (gold or silver), which rapidly expanded the U.S. paper money supply.
Loan officers visited people’s homes demanding payment be given in full in gold or silver. The state banks then called in their loans and the national economy collapsed. “Hundreds of employers all around the nation, unable to borrow money to pay their bills, went out of business. In urban centers like Philadelphia, unemployment reached 75 percent of the working force, and several thousand workers were imprisoned for their unpaid debts.” (D-2) This shows “The Era of Good Feelings” wasn’t all good and especially the time period of 1819 was