Chapter 8 Study Guide.docx - Chapter 8 Study Guide Varieties of American Nationalism I Building a National Market Banking Currency and Protection War of

Chapter 8 Study Guide.docx - Chapter 8 Study Guide...

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Chapter 8 Study Guide Varieties of American Nationalism I. Building a National Market Banking, Currency, and Protection: War of 1812 may have stimulated the growth of manufacturing by cutting off imports, but it also produced chaos in shipping and banking and exposed the inadequacy of the existing transportation and financial systems Congress charted a second Bank of the US in 1816 and had more capital and was able to dominate state banks American textile industry: total number of cotton spindles increased more than fifteen fold from 8000 to 130,000 -Boston merchant Francis Cabot Lowell developed power loom that was better than its English counterpart and organized the Boston Manufacturing Company and founded the 1 st mill in America to weave and spin “Infant industries” cried out for protection against these tactics arguing that they needed time to grow strong enough to withstand the foreign competition (result from British determination to recapture lost markets) 1816: Congress passed tariff that limited competition from abroad on a wide range of items, among the most important which was cotton cloth II. Transportation: Gallatin proposed that revenues from the Ohio land sales should help finance a National Road from the Potomac River to the Ohio River and began in 1811 State of Penn gave 100,000 to a private company to extend Lancaster pike westward to Pitts.
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