History test 2 essay

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/20/2008 for the course HIST-H 105 taught by Professor Sword during the Spring '08 term at Indiana.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online