Apush Chapter 8 - Chapter 8 I)A Growing Economy Banking...

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Chapter 8 I)A Growing Economy Banking, Currency and Protection 1. Postwar Issues produced chaos in shipping and banking, and it exploded dramatically the inadequacy of the existing transportation and financial systems. 2. Second Bank of the U.S could not forbid state banks from issuing currency, but its size and power enabled it to dominate the state banks. 3. Francis Cabot Lowell developed a power loom that was better than its English counterpart. 4. In 1813, Lowell organized the Boston Manufacturing Company and, at Waltham, Massachusetts, founded the first mill in America to carry on the process of spinning and weaving under a single roof. 5. In 1816, protectionists in congress won passage of a tariff law that effectively limited competition from abroad on a wide range of items. Transportation 1. In 1807, Jefferson’s secretary of treasury, Albert Gallatin, proposed that revenues from the Ohio land sales should help finance a National Road from Potomac River to the Ohio River. 2. The state of Penn goave $100,000 to a private company to extend the Lancaster pike westward to Pittsburgh. 3. Steamboat stimulated the agricultural economy of the West and the South, by providing much readier access to markets at greatly reduced cost. 4. Once the British blockade cut off the Atlantic shipping, the coastal roads became choked by the unaccustomed volume of north-south traffic. 5. Difficulty of transportation raised up manufactured prices. 6. Madison suggested a Constitutional amendment to give Congress authority for construction. 7. Congress passed Calhoun’s internal improvements bill-use the funds owed by the govt by the Bank of the U.S, but Madison, on his last day in office, vetoed it. 8. He believed that Congress lacked authority to fund the improvements w/o constitutional amendments. II)Expanding Westward The Great Migrations. 1. Population pressures and economic pressures pushed many Americans from the East; the availability of new lands and the decline of Indian resistance drew them to the West. 2. The govt pushed the Natives more and more towards the west. 3. Created a “factor” system by which govt factors(or agents) supplied the tribes w/ goods at cost. White Settlers in the Old Northwest 1. A rough existence, plagued by loneliness, poverty, dirt, and disease.
2. The labor shortage in the interior led neighbors to develop systems of mutual aid, gathering periodically to raise a barn, clear land, harvest crops, or make quilts. 3. Settlers built thriving farm economy based ;arge;y on family units. 4. Families were in constant mobility and often sold their lands as the price increase then moved to another region. The Plantation System in the Southwest 1. Farmers sought for fresh soil in a climate suitable for growing cotton. 2. Balch Belt of central Alabama and Mississippi is a vast prairie with a dark, productive soil of rotted limestone.

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