HIST205 Lecture Notes - Lecture 23: Economic Bubble, United States Dollar, Individualism
Document Summary
Feared federal involvement would interfere with individual liberty. Encourage people to manufacture locally and compete price wis e. James monroe presidency - era of good feelings . Had a lot to do with new national bank. There were stockholders that had invested in it. Handled all fiscal transactions with the us government. Federal government was the biggest stockholder of the bank. 4,000 other private investors that held the rest of the stocks. Many americans came to resent the bank. Not the only bank in the country, but this was the bank that regulated the volume of printed money the other banks were allowed to print. Prevent in ation, prevent uctuation in value of. Goal: control currency and control loans bank would issue to people. Power the bank had prompted widespread speculation. Economy held up by european demand for farm goods. Speculative bubble connected to the bank burst harder to sell land. Enforced american people"s long standing hate of banks.
