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Westward Expansion and Regional Differenc12

Westward Expansion and Regional Differenc12 - newer states...

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Westward Expansion and Regional Differences Nation, slavery grow in new frontier To the Northeastern financial and commercial establishment, the central bank was a  needed enforcer of prudent monetary policy, but from the beginning it was resented by  Southerners and Westerners who believed their prosperity and regional development  depended upon ample money and credit. The Republican Party of Jefferson and  Madison doubted its constitutionality. When its charter expired in 1811, it was not  renewed. For the next few years, the banking business was in the hands of state-chartered banks,  which issued currency in excessive amounts, creating great confusion and fueling  inflation. It became increasingly clear that state banks could not provide the country with  a reliable currency. In 1816 a second Bank of the United States, similar to the first, was  again chartered for 20 years.  From its inception, the second bank was unpopular in the 
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Unformatted text preview: newer states and territories, especially with state and local bankers who resented its virtual monopoly over the country's credit and currency, but also with less prosperous people everywhere, who believed that it represented the interests of the wealthy few. On the whole, the bank was well managed and rendered a valuable service; but Jackson long had shared the Republican distrust of the financial establishment. Elected as a tribune of the people, he sensed that the bank’s aristocratic manager, Nicholas Biddle, was an easy target. When the bank’s supporters in Congress pushed through an early renewal of its charter, Jackson responded with a stinging veto that denounced monopoly and special privilege. The effort to override the veto failed....
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