History test 2 essay

History test 2 essay - Hist-H 105 Wed. 4:40-5:30 How...

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Hist-H 105 Wed. 4:40-5:30 How American Identity and Security Changed Over Time Economically American identity and security saw dramatic changes from the 1790s through the 1800. One huge impact on the U.S. economy was the First Bank of the U.S. started in 1791 when Congress approved its 20 year charter. It held government deposits and issued bank notes that could be received in payment of all debts owed by the federal government. The idea of a national bank frightened many politicians and caused split views with the people. Later this would cause problems with Andrew Jackson and he would begin the Bank War which put the nation’s economy in a series of booms and busts. The invention of the Cotton Gin had a large impact on the nation’s economy during these times. Invented in 1793 by Eli Witney, the device removed the seed from the lint and could clean 50 lbs a day compared to the 1lb per day when handpicked. Cotton became huge in the U.S. with the south supplying 60% of the world supply. This came with a huge boost in their economy but later, when cotton prices fell, their economy began to
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History test 2 essay - Hist-H 105 Wed. 4:40-5:30 How...

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