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5 Cards in this Set
- Front
- Back
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Why did many western banks collapse in 1819?
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The western banks had issued their own bank notes without sufficient silver and gold to back them up. When the time came for them to repay the loans, they did not have the money to repay, and so they folded.
This time was called "The Panic of '19." |
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What was the strategy behind the state's taxation of the national bank?
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The states wanted to drive up the expenses of the National Bank so that they could force it out of business by competition with the state banks.
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Name the Supreme Court decision that reinforced the idea that the national government was supreme over state governments.
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McCulloch v. Maryland
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Why were northern and southern states concerned by Missouri's request to join the Union?
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The addition of Missouri at that time would have given the slave states a majority, thereby upsetting the balance between free and slave states.
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What were the terms of the compromise that settled this issue?
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The Missouri Compromise allowed Missouri to join the Union as a slave state and Maine as a free state to keep the balance; also a boundary at 36 degrees 30' was set to divide slave from free states as western states were added to the Union.
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