Bank of the us
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The First Bank of the United States was the first national bank chartered by Congress in 1791 at the proposal of Alexander Hamilton. It was created to stabilize and improve national credit by providing a safe institution for financial transactions, stimulating the economy, and enhancing the government's shaky credit following the Revolutionary War.
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Chapter9 notessec1
Washington took several steps to establish the new government. He was inaugurated as the first President in 1789. Congress established five cabinet departments to advise the President. Washington set a precedent by choosing well-known leaders for his cabinet. Congress also passed the Judiciary Act of 1789, establishing the federal court system and appointing John Jay as the first Chief Justice. Washington further set a precedent by deciding not to seek a third term.
Hamilton proposed a plan to reduce the national debt and build the economy. His plan was to have the federal government assume both federal and state debts by issuing new bonds. This sparked debate between Hamilton and Madison. Hamilton's plan eventually passed as part of a compromise to locate the capital in
Articles of confederation and constitution
The Articles of Confederation established the first government of the United States after the American Revolution. It gave little power to the central government, allowing states to retain most authority, and it did not provide strong leadership to deal with economic challenges facing the new nation. While the Articles helped achieve independence and add new states to the union, its weak central government structure proved inadequate and contributed to difficulties regulating currency and commerce between states.
Lesson plan 2 Obstacles George Washington Faced
George Washington faced two main obstacles as the first President of the United States:
1. Establishing precedents for the structure and powers of the presidency as the country's new system of government was still being formed. This included debates over what to call him and developing the first Cabinet.
2. Addressing the young nation's large national debt from the Revolutionary War through Treasury Secretary Alexander Hamilton's controversial financial plan, which involved taking on state debts and issuing new bonds. While Hamilton argued this was crucial to economic growth, it faced opposition from figures like James Madison.
The history of the american bank
The document discusses the history of banking in America before and after the Civil War. [1] Before the Civil War, banks were informal businesses run by merchants that were not always stable if the merchant failed. [2] After the Revolution, leaders agreed a stable banking system was needed to support trade, but there were two opposing views - Federalists supported a centralized system while Antifederalists wanted state control. [3] The First Bank of the U.S. was established but its charter expired in 1811, leading to instability until the National Banking Acts after the Civil War established federal control over banking.
Articlesof Confederation1
The Articles of Confederation was the first form of government for the United States and formed a loose union between states. It gave powers like declaring war and signing treaties to the national government but failed to work effectively due to issues like states printing their own currencies, restricting trade, and the federal government lacking power to levy taxes or act without approval from nine states.
The American Revolution
The document discusses the events leading up to the American Revolution and the establishment of the United States government. It describes the growing tensions between the American colonies and Britain due to new taxes like the Stamp Act. This ignited opposition throughout the colonies and the belief that Parliament did not have the right to tax them. In response, the colonies began establishing their own governments and declaring independence. After the Revolution, the Articles of Confederation were adopted but were too weak, leading to the drafting of the U.S. Constitution in 1787 to create a stronger central federal government and limit the power of the states.
History of Central Banking from 1791 to the 21st century - The Federal Reserv...
The document provides an overview of the history of central banking in the United States from 1791 to the present. It discusses the establishment of the First Bank of the United States in 1791 and the Second Bank of the United States in 1816, both of which had 20-year charters and faced opposition. It then covers the creation of the Federal Reserve System in 1913 in response to financial crises. Key events discussed include the Great Depression, post-World War II economic policies, and changing laws around consumer protection and deregulation through the late 20th century.
Econ - Hist of the National Bank
The document discusses the history of the national bank and Federal Reserve system in the United States. It describes how the First and Second National Banks were established but also disbanded, leading to financial panics. This convinced lawmakers that a central banking authority was needed, resulting in the Federal Reserve Act of 1913 and the establishment of the Federal Reserve System to regulate the money supply and act as a lender of last resort.
Recommended
Chapter9 notessec1
Washington took several steps to establish the new government. He was inaugurated as the first President in 1789. Congress established five cabinet departments to advise the President. Washington set a precedent by choosing well-known leaders for his cabinet. Congress also passed the Judiciary Act of 1789, establishing the federal court system and appointing John Jay as the first Chief Justice. Washington further set a precedent by deciding not to seek a third term.
Hamilton proposed a plan to reduce the national debt and build the economy. His plan was to have the federal government assume both federal and state debts by issuing new bonds. This sparked debate between Hamilton and Madison. Hamilton's plan eventually passed as part of a compromise to locate the capital in
Articles of confederation and constitution
The Articles of Confederation established the first government of the United States after the American Revolution. It gave little power to the central government, allowing states to retain most authority, and it did not provide strong leadership to deal with economic challenges facing the new nation. While the Articles helped achieve independence and add new states to the union, its weak central government structure proved inadequate and contributed to difficulties regulating currency and commerce between states.
Lesson plan 2 Obstacles George Washington Faced
George Washington faced two main obstacles as the first President of the United States:
1. Establishing precedents for the structure and powers of the presidency as the country's new system of government was still being formed. This included debates over what to call him and developing the first Cabinet.
2. Addressing the young nation's large national debt from the Revolutionary War through Treasury Secretary Alexander Hamilton's controversial financial plan, which involved taking on state debts and issuing new bonds. While Hamilton argued this was crucial to economic growth, it faced opposition from figures like James Madison.
The history of the american bank
The document discusses the history of banking in America before and after the Civil War. [1] Before the Civil War, banks were informal businesses run by merchants that were not always stable if the merchant failed. [2] After the Revolution, leaders agreed a stable banking system was needed to support trade, but there were two opposing views - Federalists supported a centralized system while Antifederalists wanted state control. [3] The First Bank of the U.S. was established but its charter expired in 1811, leading to instability until the National Banking Acts after the Civil War established federal control over banking.
Articlesof Confederation1
The Articles of Confederation was the first form of government for the United States and formed a loose union between states. It gave powers like declaring war and signing treaties to the national government but failed to work effectively due to issues like states printing their own currencies, restricting trade, and the federal government lacking power to levy taxes or act without approval from nine states.
The American Revolution
The document discusses the events leading up to the American Revolution and the establishment of the United States government. It describes the growing tensions between the American colonies and Britain due to new taxes like the Stamp Act. This ignited opposition throughout the colonies and the belief that Parliament did not have the right to tax them. In response, the colonies began establishing their own governments and declaring independence. After the Revolution, the Articles of Confederation were adopted but were too weak, leading to the drafting of the U.S. Constitution in 1787 to create a stronger central federal government and limit the power of the states.
History of Central Banking from 1791 to the 21st century - The Federal Reserv...
The document provides an overview of the history of central banking in the United States from 1791 to the present. It discusses the establishment of the First Bank of the United States in 1791 and the Second Bank of the United States in 1816, both of which had 20-year charters and faced opposition. It then covers the creation of the Federal Reserve System in 1913 in response to financial crises. Key events discussed include the Great Depression, post-World War II economic policies, and changing laws around consumer protection and deregulation through the late 20th century.
Econ - Hist of the National Bank
The document discusses the history of the national bank and Federal Reserve system in the United States. It describes how the First and Second National Banks were established but also disbanded, leading to financial panics. This convinced lawmakers that a central banking authority was needed, resulting in the Federal Reserve Act of 1913 and the establishment of the Federal Reserve System to regulate the money supply and act as a lender of last resort.
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was established in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve System has a decentralized structure, with the Board of Governors setting monetary policy, 12 regional Federal Reserve Banks carrying out operations, and commercial banks holding stock in the regional banks. The Federal Reserve serves as the nation's central bank, regulating the money supply and overseeing the banking system to promote financial stability and moderate long-term growth.
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Soc studies #18 presidency of george washington
George Washington was unanimously elected the first President of the United States in 1789. As President, Washington established important precedents for the office and helped shape the new government. Key accomplishments included creating the cabinet and executive branch, establishing the federal court system, and moving the capital to Philadelphia then to Washington D.C. through compromises. Washington also had to navigate tensions between Secretary of Treasury Alexander Hamilton, who favored a strong federal government, and Secretary of State Thomas Jefferson, who favored states' rights.
History of American Banking
Pre-Civil War banking in the US involved informal banks run by local merchants and two national banks that provided stability. However, there was debate between Federalists who favored a centralized national bank and Anti-Federalists who preferred decentralized state-level banking. The First Bank of the US was established in 1791 but its charter was not renewed, leading to a lack of regulation and instability among state banks until the Second Bank was chartered in 1816. The free banking era from 1837-1863 saw a proliferation of unstable "wildcat" banks until reforms after the Civil War established a national banking system and currency backed by specie reserves or gold.
Alexander Hamilton
Alexander Hamilton was born around 1755 in the Caribbean and immigrated to the American colonies in 1773. He played a pivotal role in establishing the early economic foundations of the new United States by creating the first Bank of the United States, taking on massive war debts to establish the nation's creditworthiness, and stabilizing the chaotic early financial system through his work as the first Secretary of the Treasury. His policies helped transform the new nation into a stable economic power.
The Provisions of the National Banking Acts of 1863 and 1864 establis.pdf
The Provisions of the National Banking Acts of 1863 and 1864 established the authority for the
federal government to charter and supervised national banks. True False
One of the factors driving the federal government to establish national (federally-chartered and
supervised) banks and a national currency is: World War I The Civil War The Korean War
While The Second Bank of the United States had no formal regulatory power over the various
state-chartered banks operating in America at the time, the bank did wield considerable informal
power because: 1) It served as the fiscal agent for the federal government, collecting tax
revenues, securing the government's funds, paying the government bills, and making loans to the
federal government. 2) As the federal government's fiscal agent, it could determine if the
banknotes of a given bank were acceptable to satisfy federal tax obligations. 3) All of the above
(1 and 2).
The Second Bank of the United States was modeled on the the First Bank of the United States.
True False
Despite the fact that the First Bank of the United States proved a sound and profitable operation,
when its original charter expired in 1811 : Its charter was not renewed. Its charter was renewed
for only one year. Its chanter was renewed for only two years.
While The First Bank of the United States had no formal regulatory power over the various
statechartered banks operating in America at the time, the bank did wield considerable informal
power because: 1) It served as the fiscal agent for the federal government, collecting tax
revenues, securing the government's funds, paying the government bills, and making loans to the
federal government. 2) As the federal government's fiscal agent, it could determine if the
banknotes of a given bank were acceptable to satisfy federal tax obligations. 3) when it was
established, The First Bank of the United States was the largest financial institution in the
country. 4) All of the above (1,2 and 3).
The First Barik of the United States was modeled on the the Banik of Englant. And, the U.S.
Treasury held of the bank's stock one percent five percent twenty percent.
Washington
George Washington helped define the role of President in several key ways. As the first President, he established important precedents like creating the first Cabinet departments, setting up the Supreme Court, and demonstrating the strength of the federal government by suppressing the Whiskey Rebellion. Washington also set an example by choosing to serve only two terms and warning against political parties in his Farewell Address. His decisions around neutrality in foreign conflicts and avoiding long-term alliances helped isolate the young nation from problems in Europe. Many of the precedents Washington set, such as the two-term limit and Cabinet system, are still visible in the presidency today.
Washington day one
The document summarizes population trends in early American cities from 1790 to 1810 based on census data, and provides context about Washington's presidency. Key points:
- The populations of major cities like Boston, New York, Philadelphia, and Baltimore grew substantially in this period, indicating expansion and development in the young nation.
- Washington served two successful terms as the first President, establishing important precedents for the office and helping develop the new government system into practice. He successfully confronted domestic challenges like the Whiskey Rebellion.
American System
Henry Clay was a prominent American statesman in the early 19th century known as "The Great Compromiser". He advocated for the American System to promote economic growth which included high tariffs, a national bank, and federal funding for infrastructure projects. The American System aimed to strengthen the nation by developing domestic industry and markets. However, it ultimately failed after President Madison vetoed federal funding for infrastructure as unconstitutional, leaving individual states without means to build roads. This caused the national market envisioned by the system to not fully develop and intensified regional divisions.
Federalists & Republicans
Alexander Hamilton, as Secretary of Treasury, proposed a three-part financial plan to establish the national government's credit and enhance its authority. The plan involved the federal government assuming states' Revolutionary War debts, creating the national Bank of the United States, and implementing tariffs and taxes. While successful, the plan divided those in support of Hamilton's vision of a strong central government and wealthy merchants from Jeffersonian Republicans who favored a decentralized agrarian society. This division led to the emergence of the Federalist and Democratic-Republican political parties.
2 origins of american government
The document summarizes the origins of American government, from the first English settlers who brought ideas of representative democracy and limited monarchy, to the adoption of the U.S. Constitution. The early colonists organized self-governing towns based on English common law. Over time, tensions grew between the colonies and British government over taxation and representation, culminating in the American Revolution. The Articles of Confederation that followed had numerous weaknesses that led to conflicts between states. Recognition of these issues led delegates to convene and draft a new Constitution establishing a stronger central government with separated powers.
Banks civil
The document provides an overview of the history of banking in America from the Civil War era to the present. It discusses several key events and developments:
1) The establishment of the national banking system in the 1860s in response to financing the Civil War, which created federally-chartered banks with uniform standards and centralized currency.
2) Periodic banking panics in the late 19th/early 20th century that highlighted the need for a central banking authority and lender of last resort.
3) The creation of the Federal Reserve System in 1913 to provide a more stable and elastic currency, regulate banking, and serve as the central bank of the United States.
4) An examination of the
Era of good feelings
The era after the War of 1812 saw increased economic nationalism and federal power in the United States. The Democratic-Republican party strengthened the national bank and passed tariffs to protect industry. Infrastructure improvements like the National Road began. This period is known as the Era of Good Feelings under President Monroe. However, the Panic of 1819 and the Missouri Compromise over slavery expansion threatened national unity. The Supreme Court under John Marshall also strengthened federal authority through several rulings.
Unit 4
Money has evolved from commodity money like coins to more abstract forms like fiat currency. Banks emerged to provide safekeeping of money and lending. The US banking system transitioned from state-chartered banks to the establishment of the Federal Reserve System in 1913, which centralized banking and provided stability. Banking is now highly regulated to prevent crises like the Savings and Loan crisis of the 1980s.
The Market Revolution
The document discusses several economic and political developments in the United States following the War of 1812, including issues with currency and banking, growth of the textile industry, transportation problems and solutions, Henry Clay's American System of tariffs and internal improvements, and westward expansion. Key developments were the chartering of the Second National Bank in 1816, passage of the tariff of 1816 to protect industry, and the beginning of federally-funded roads like the National Road for internal improvements.
The era of good feelings
This document summarizes key events and developments during the Era of Good Feelings in the United States after the War of 1812. There was a surge in American nationalism and unity as the lone political party grew in popularity. Infrastructure improvements like the Erie Canal connected regions and spurred economic growth. The Supreme Court rulings in Gibbons v. Ogden and McCulloch v. Maryland strengthened federal power over interstate commerce and banking. Westward expansion continued with the acquisition of Florida and the Missouri Compromise.
166 C h a p t e r 10 The Continued Move West Learnin.docx
166 C h a p t e r 10 The Continued Move West
Learning Outcomes
After reading this chapter, you should be able to do the following:
10-1 Describe the economic system known as the American System.
10-2 List the three specific parts of the Market Revolution in early-
nineteenth-century America, and evaluate how the United
States developed during this era.
10-3 Describe the growth of America’s middle class during the first
half of the 1800s, and discuss some of the stronger movements
toward reform during the era.
The Market
Revolution
Chapter 10
53548_ch10_ptg01_hr_166-185.indd 166 11/1/12 1:40 PM
9781305211827, HIST, Third Edition, Schultz - © Cengage Learning. All rights reserved. No distribution allowed without express authorization.
L
A
W
S
O
N
,
A
N
G
E
L
A
6
8
5
3
B
U
Economic Nationalism 167
“The rise of localized, commercial agriculture changed the way
Americans lived their lives.”
In the years following the War
of 1812, America became rela-
tively isolated from Europe. It
focused inward. There was a
strong feeling that the United
States needed to strengthen
its economy to protect itself
against further incursion from
outside powers. This view took
tangible form as politicians
and citizens designed what
they called an “American System” of economics that focused on
keeping American goods within the United States.
The American System of economics was a fantastic success,
and it facilitated so many economic and social changes between
1812 and the 1860s that historians see this period as the social
and economic equivalent of the political revolution of the 1770s.
They describe all these transitions under the umbrella term
Market Revolution. Aided by numerous transportation, commu-
nication, and technological innovations, the Market Revolution refers to the time when
an increasing number of farmers willingly turned away from the ideal of being self-
sufficient to focus on a single crop that could be sold at market. This change encouraged
specialization and the growth of a dynamic string of market hubs within the United
States. The United States had always been a part of the colonial world market, and
between 1810 and 1860 the markets moved closer to home. Instead of American com-
merce focusing on transactions between the Atlantic seaboard and Europe, it shifted,
focusing now on transactions between the East Coast and the lands extending to and
beyond the Mississippi River.
The rise of localized, commercial agriculture changed the way Americans lived their
lives. It moved them closer to the world of the marketplace and allowed many to leave
the world of agriculture altogether. At the dawn of the 1800s, more than 80 percent of the
American labor force worked in agriculture. By 1850, that figure had declined to 55 per-
cent. By the 1880s, less than half of America’s work force was engaged in farming. Local
markets needed local salesmen, lawyers, factories, marketers, economists, ...
Colonial Documents
This document summarizes several important colonial documents that influenced the development of self-government in the American colonies:
The First Virginia Charter granted the Virginia Company authority to govern its own colony, setting a precedent where the king delegated power to others. The Mayflower Compact established the first governing agreement and basis for law in the Plymouth colony. The Charter of the Massachusetts Bay Colony allowed Puritans to control the colony by bringing the charter with them from England. The Fundamental Orders of Connecticut established the first written constitution and the idea that governmental authority comes from the consent of the people, not outside powers like the king. Finally, the Maryland Toleration Act protected freedom of religion by allowing Catholics to practice without persecution.
9the federalist era
The document summarizes the development of political parties during the Federalist Era in the United States. It explains that Alexander Hamilton and Thomas Jefferson disagreed on economic and foreign policy issues, as well as the degree of power held by the federal government. These disagreements led to the formation of the first two political parties - the Federalists led by Hamilton and the Republicans led by Jefferson. The election of 1796 was the first in which presidential candidates openly identified with political parties, with John Adams elected as the Federalist candidate and Thomas Jefferson becoming Vice President as the Republican candidate.
Fed Ed White Paper
The document provides a history of central banking in the United States from the Revolutionary War to the present day. It details the establishment of the First and Second Banks of the United States in the late 18th/early 19th centuries, followed by periods of unstable "free banking" and the creation of the Federal Reserve System in 1913 to provide a more uniform currency and stabilize the banking system. Over the past century, the Federal Reserve's powers and responsibilities have expanded greatly, for better and worse, unintentionally contributing to economic booms and busts along the way.
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The Federal Reserve System is the central banking system of the United States. It was established in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve System has a decentralized structure, with the Board of Governors setting monetary policy, 12 regional Federal Reserve Banks carrying out operations, and commercial banks holding stock in the regional banks. The Federal Reserve serves as the nation's central bank, regulating the money supply and overseeing the banking system to promote financial stability and moderate long-term growth.
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Soc studies #18 presidency of george washington
George Washington was unanimously elected the first President of the United States in 1789. As President, Washington established important precedents for the office and helped shape the new government. Key accomplishments included creating the cabinet and executive branch, establishing the federal court system, and moving the capital to Philadelphia then to Washington D.C. through compromises. Washington also had to navigate tensions between Secretary of Treasury Alexander Hamilton, who favored a strong federal government, and Secretary of State Thomas Jefferson, who favored states' rights.
History of American Banking
Pre-Civil War banking in the US involved informal banks run by local merchants and two national banks that provided stability. However, there was debate between Federalists who favored a centralized national bank and Anti-Federalists who preferred decentralized state-level banking. The First Bank of the US was established in 1791 but its charter was not renewed, leading to a lack of regulation and instability among state banks until the Second Bank was chartered in 1816. The free banking era from 1837-1863 saw a proliferation of unstable "wildcat" banks until reforms after the Civil War established a national banking system and currency backed by specie reserves or gold.
Alexander Hamilton
Alexander Hamilton was born around 1755 in the Caribbean and immigrated to the American colonies in 1773. He played a pivotal role in establishing the early economic foundations of the new United States by creating the first Bank of the United States, taking on massive war debts to establish the nation's creditworthiness, and stabilizing the chaotic early financial system through his work as the first Secretary of the Treasury. His policies helped transform the new nation into a stable economic power.
The Provisions of the National Banking Acts of 1863 and 1864 establis.pdf
The Provisions of the National Banking Acts of 1863 and 1864 established the authority for the
federal government to charter and supervised national banks. True False
One of the factors driving the federal government to establish national (federally-chartered and
supervised) banks and a national currency is: World War I The Civil War The Korean War
While The Second Bank of the United States had no formal regulatory power over the various
state-chartered banks operating in America at the time, the bank did wield considerable informal
power because: 1) It served as the fiscal agent for the federal government, collecting tax
revenues, securing the government's funds, paying the government bills, and making loans to the
federal government. 2) As the federal government's fiscal agent, it could determine if the
banknotes of a given bank were acceptable to satisfy federal tax obligations. 3) All of the above
(1 and 2).
The Second Bank of the United States was modeled on the the First Bank of the United States.
True False
Despite the fact that the First Bank of the United States proved a sound and profitable operation,
when its original charter expired in 1811 : Its charter was not renewed. Its charter was renewed
for only one year. Its chanter was renewed for only two years.
While The First Bank of the United States had no formal regulatory power over the various
statechartered banks operating in America at the time, the bank did wield considerable informal
power because: 1) It served as the fiscal agent for the federal government, collecting tax
revenues, securing the government's funds, paying the government bills, and making loans to the
federal government. 2) As the federal government's fiscal agent, it could determine if the
banknotes of a given bank were acceptable to satisfy federal tax obligations. 3) when it was
established, The First Bank of the United States was the largest financial institution in the
country. 4) All of the above (1,2 and 3).
The First Barik of the United States was modeled on the the Banik of Englant. And, the U.S.
Treasury held of the bank's stock one percent five percent twenty percent.
Washington
George Washington helped define the role of President in several key ways. As the first President, he established important precedents like creating the first Cabinet departments, setting up the Supreme Court, and demonstrating the strength of the federal government by suppressing the Whiskey Rebellion. Washington also set an example by choosing to serve only two terms and warning against political parties in his Farewell Address. His decisions around neutrality in foreign conflicts and avoiding long-term alliances helped isolate the young nation from problems in Europe. Many of the precedents Washington set, such as the two-term limit and Cabinet system, are still visible in the presidency today.
Washington day one
The document summarizes population trends in early American cities from 1790 to 1810 based on census data, and provides context about Washington's presidency. Key points:
- The populations of major cities like Boston, New York, Philadelphia, and Baltimore grew substantially in this period, indicating expansion and development in the young nation.
- Washington served two successful terms as the first President, establishing important precedents for the office and helping develop the new government system into practice. He successfully confronted domestic challenges like the Whiskey Rebellion.
American System
Henry Clay was a prominent American statesman in the early 19th century known as "The Great Compromiser". He advocated for the American System to promote economic growth which included high tariffs, a national bank, and federal funding for infrastructure projects. The American System aimed to strengthen the nation by developing domestic industry and markets. However, it ultimately failed after President Madison vetoed federal funding for infrastructure as unconstitutional, leaving individual states without means to build roads. This caused the national market envisioned by the system to not fully develop and intensified regional divisions.
Federalists & Republicans
Alexander Hamilton, as Secretary of Treasury, proposed a three-part financial plan to establish the national government's credit and enhance its authority. The plan involved the federal government assuming states' Revolutionary War debts, creating the national Bank of the United States, and implementing tariffs and taxes. While successful, the plan divided those in support of Hamilton's vision of a strong central government and wealthy merchants from Jeffersonian Republicans who favored a decentralized agrarian society. This division led to the emergence of the Federalist and Democratic-Republican political parties.
2 origins of american government
The document summarizes the origins of American government, from the first English settlers who brought ideas of representative democracy and limited monarchy, to the adoption of the U.S. Constitution. The early colonists organized self-governing towns based on English common law. Over time, tensions grew between the colonies and British government over taxation and representation, culminating in the American Revolution. The Articles of Confederation that followed had numerous weaknesses that led to conflicts between states. Recognition of these issues led delegates to convene and draft a new Constitution establishing a stronger central government with separated powers.
Banks civil
The document provides an overview of the history of banking in America from the Civil War era to the present. It discusses several key events and developments:
1) The establishment of the national banking system in the 1860s in response to financing the Civil War, which created federally-chartered banks with uniform standards and centralized currency.
2) Periodic banking panics in the late 19th/early 20th century that highlighted the need for a central banking authority and lender of last resort.
3) The creation of the Federal Reserve System in 1913 to provide a more stable and elastic currency, regulate banking, and serve as the central bank of the United States.
4) An examination of the
Era of good feelings
The era after the War of 1812 saw increased economic nationalism and federal power in the United States. The Democratic-Republican party strengthened the national bank and passed tariffs to protect industry. Infrastructure improvements like the National Road began. This period is known as the Era of Good Feelings under President Monroe. However, the Panic of 1819 and the Missouri Compromise over slavery expansion threatened national unity. The Supreme Court under John Marshall also strengthened federal authority through several rulings.
Unit 4
Money has evolved from commodity money like coins to more abstract forms like fiat currency. Banks emerged to provide safekeeping of money and lending. The US banking system transitioned from state-chartered banks to the establishment of the Federal Reserve System in 1913, which centralized banking and provided stability. Banking is now highly regulated to prevent crises like the Savings and Loan crisis of the 1980s.
The Market Revolution
The document discusses several economic and political developments in the United States following the War of 1812, including issues with currency and banking, growth of the textile industry, transportation problems and solutions, Henry Clay's American System of tariffs and internal improvements, and westward expansion. Key developments were the chartering of the Second National Bank in 1816, passage of the tariff of 1816 to protect industry, and the beginning of federally-funded roads like the National Road for internal improvements.
The era of good feelings
This document summarizes key events and developments during the Era of Good Feelings in the United States after the War of 1812. There was a surge in American nationalism and unity as the lone political party grew in popularity. Infrastructure improvements like the Erie Canal connected regions and spurred economic growth. The Supreme Court rulings in Gibbons v. Ogden and McCulloch v. Maryland strengthened federal power over interstate commerce and banking. Westward expansion continued with the acquisition of Florida and the Missouri Compromise.
166 C h a p t e r 10 The Continued Move West Learnin.docx
166 C h a p t e r 10 The Continued Move West
Learning Outcomes
After reading this chapter, you should be able to do the following:
10-1 Describe the economic system known as the American System.
10-2 List the three specific parts of the Market Revolution in early-
nineteenth-century America, and evaluate how the United
States developed during this era.
10-3 Describe the growth of America’s middle class during the first
half of the 1800s, and discuss some of the stronger movements
toward reform during the era.
The Market
Revolution
Chapter 10
53548_ch10_ptg01_hr_166-185.indd 166 11/1/12 1:40 PM
9781305211827, HIST, Third Edition, Schultz - © Cengage Learning. All rights reserved. No distribution allowed without express authorization.
L
A
W
S
O
N
,
A
N
G
E
L
A
6
8
5
3
B
U
Economic Nationalism 167
“The rise of localized, commercial agriculture changed the way
Americans lived their lives.”
In the years following the War
of 1812, America became rela-
tively isolated from Europe. It
focused inward. There was a
strong feeling that the United
States needed to strengthen
its economy to protect itself
against further incursion from
outside powers. This view took
tangible form as politicians
and citizens designed what
they called an “American System” of economics that focused on
keeping American goods within the United States.
The American System of economics was a fantastic success,
and it facilitated so many economic and social changes between
1812 and the 1860s that historians see this period as the social
and economic equivalent of the political revolution of the 1770s.
They describe all these transitions under the umbrella term
Market Revolution. Aided by numerous transportation, commu-
nication, and technological innovations, the Market Revolution refers to the time when
an increasing number of farmers willingly turned away from the ideal of being self-
sufficient to focus on a single crop that could be sold at market. This change encouraged
specialization and the growth of a dynamic string of market hubs within the United
States. The United States had always been a part of the colonial world market, and
between 1810 and 1860 the markets moved closer to home. Instead of American com-
merce focusing on transactions between the Atlantic seaboard and Europe, it shifted,
focusing now on transactions between the East Coast and the lands extending to and
beyond the Mississippi River.
The rise of localized, commercial agriculture changed the way Americans lived their
lives. It moved them closer to the world of the marketplace and allowed many to leave
the world of agriculture altogether. At the dawn of the 1800s, more than 80 percent of the
American labor force worked in agriculture. By 1850, that figure had declined to 55 per-
cent. By the 1880s, less than half of America’s work force was engaged in farming. Local
markets needed local salesmen, lawyers, factories, marketers, economists, ...
Colonial Documents
This document summarizes several important colonial documents that influenced the development of self-government in the American colonies:
The First Virginia Charter granted the Virginia Company authority to govern its own colony, setting a precedent where the king delegated power to others. The Mayflower Compact established the first governing agreement and basis for law in the Plymouth colony. The Charter of the Massachusetts Bay Colony allowed Puritans to control the colony by bringing the charter with them from England. The Fundamental Orders of Connecticut established the first written constitution and the idea that governmental authority comes from the consent of the people, not outside powers like the king. Finally, the Maryland Toleration Act protected freedom of religion by allowing Catholics to practice without persecution.
9the federalist era
The document summarizes the development of political parties during the Federalist Era in the United States. It explains that Alexander Hamilton and Thomas Jefferson disagreed on economic and foreign policy issues, as well as the degree of power held by the federal government. These disagreements led to the formation of the first two political parties - the Federalists led by Hamilton and the Republicans led by Jefferson. The election of 1796 was the first in which presidential candidates openly identified with political parties, with John Adams elected as the Federalist candidate and Thomas Jefferson becoming Vice President as the Republican candidate.
Fed Ed White Paper
The document provides a history of central banking in the United States from the Revolutionary War to the present day. It details the establishment of the First and Second Banks of the United States in the late 18th/early 19th centuries, followed by periods of unstable "free banking" and the creation of the Federal Reserve System in 1913 to provide a more uniform currency and stabilize the banking system. Over the past century, the Federal Reserve's powers and responsibilities have expanded greatly, for better and worse, unintentionally contributing to economic booms and busts along the way.
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Bank of the us
- 1. By: Rachel Fletcher 6th period 9/17/12
- 2. The First Bank of the United States was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791.
- 3. • In this period, only state-chartered banks existed. So congress wanted to create a bank that stabilize and improve national credit. • Alexander Hamilton was the first one who proposed the idea the a bank to the congress. • It provided safeguard all pecuniary transactions. The Bank would not only stimulate the economy but also enhance the shaky credit of the government. The English financial system, particularly the Bank of England, provided an important model for Hamilton.
- 4. Why was it important? • Established financial order, clarity and precedence in and of the newly formed United States. • Establish credit, both in country and overseas for the new nation. • To resolve the issue of the fiat currency, issued by the Continental Congress immediately.