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Not at all. Elected in 1809,President James Madison led a prosperous country with a $ 9.5 million dollar surplus that was paying down the national debt. However after declaring war against Great Britain in 1812, the United States found it difficult (but not impossible) to finance the war since it lacked a national bank, and its traditional lenders (France and Spain) were fighting in Europe and unable to provide the financing America requested.


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