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What were the programs proposed by the nationalist to deal with problems of currency?
Wiki User
∙ 10y ago
1)A Growing Economy
a)Banking, Currency, and Protection
i)War of 1812 stimulated manufacturing, but after war produced chaos in shipping and banking- need for new Bank of the United States charter its expiration 1811 and not renewed, protecting new industries, transport systems
ii)After expiration of charter state banks offered difft currencies at difft values- confusion and counterfeiting. Congress passed new charter for Bank of US 1816- its size and power essentially forced state banks to issue safer currency
iii)Manufacturing had grown tremendously due to imports being cut off, textile industry increased exponentially btwn Embargo of 1807 and War. Factories in NE no longer family operations. Francis Lowell developed new loom 1813 in Boston Manufacturing Company- first process of both spinning and weaving
iv)After war English ships swarmed American ports, wanted to reclaim old markets with prices below cost. 1816 Congress passed tariff to protect "infant industries" from competition aboard- farmers objected b/c paid higher price.Wiki User
∙ 10y ago
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