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Macon's Bill Number 2, enacted in 1810, was significant because it aimed to restore trade relations with Britain and France during the Napoleonic Wars while asserting American neutrality. The bill allowed the U.S. to resume trade with either nation that recognized American maritime rights, effectively putting pressure on both to abandon their restrictions on American shipping. This legislation illustrated the challenges the U.S. faced in maintaining its sovereignty and economic interests amidst global conflicts, ultimately leading to increased tensions that contributed to the War of 1812.

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