1. The New Republic

2. How did American values both challenge and promote new economic ideals?

3.  Mercantilism  U.S. gained trade advantages during war  Robert Oliver  John Jacob Astor  US Bank allows Americans to be independent of Brit  Aft 1811 State Banks  Profitable  Loaned money  Panic of 1819  Natural Business cycle

4.  Pittsburgh 1817

5.  Regional Divide  Banking & Manufacturing  Northeast  Power & Money  Port Cities prosper  Rural Expansion  Artisans  Ex: shipbuilders  Entrepreneurs develop a system  From subsistence to profit  Environmental impact  Efficiency and dependency

6.  The Commonwealth System  Legislatures promote “common wealth”  Eminent domain  State court judges follow Marshall  States provided charter to corps.  Individual rights compromised  Private property  Power shifted to corporations  State aid to private businesses

7. First Bank of the U.S.

8.   Courts viewed slaves as property  Virginians feared manumissions in North  Individual liberty and equality for WHITES only Slavery Defended

9.  Sources: Government & the Economy  Fletcher v. Peck  1810 1.Why did the framers place restrictions on state legislatures? 2.Do you agree with Marshall’s interpretation of Article 1, sect. 10  Madison’s Veto of Calhoun’s Internal Improvements Bill  1817 1.Why does Madison believe the bill is unconstitutional? 2.How do you interpret Madison’s conclusion?