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Date Posted: 17:29:54 10/05/02 Sat
Author: mallory
Subject: Ch.8-Banking, Currency, & Protection

A. Postwar Issues
1. War of 1812 produced chaos in shipping and banking, and exposed the inadequacy of the current transportation and financial systems
2. Political issues connected with national economic development:
a. reestablishing the Bank of the United States
b. protecting the new industries
c. providing a nationwide network of roads and waterways
B. Second Bank of the United States
1. chartered in 1816
2. the national bank’s size and power enabled it to dominate the state banks
C. Growth of the Textile Industry
1. 1810 – 269 cotton mills & 24 wool mills were listed
2. between 1807 & 1815 – number of cotton mills increased from 8,000 to 130,000
3. until 1814, textile factories only made yarn and thread
4. Francis Cabot Lowell – Boston Merchant
a. in 1813 he organized the Boston Manufacturing Company
b. in Waltham, Massachusetts, he founded the first mill to carry on the process of spinning and weaving together
c. Lowell’s company was an important step in revolutionizing American manufacturing and in shaping the character of the early industrial work force
D. The end of the war dimmed prospects fro American industry
1. British ships swarmed American ports and unloaded their goods, determined to regain the market
E. A Protective Tariff
1. 1816 – Congress passed a tariff law that limited trade from abroad

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