What French and British practice hurt American trade during the war they fought against one another in
the early 1800s? - Intercepting American vessels
What did the Embargo Act of 1807 require of American ships? - They couldn't leave port bound for
Britain unless they paid a large bond.
What was the effect of the Embargo Act on American business? - It caused a serious loss of trade.
How did the federal government fund the War of 1812? - By borrowing from state banks
What was rechartered in 1816? - Bank of the United States
What did the federal government sell to help pay off debt after the War of 1812? - Frontier lands
What international events contributed to the Panic of 1819? - The Napoleonic Wars ended, causing a
decline in demand for American agricultural products, and Britain found a cheaper source for cotton in
the East Indies.
What was the outcome of the Supreme Court's decision in Gibbons v. Ogden (1824) on the U.S.
economy? - It created a national economy based on free trade and guided only by Congress instead of a
patchwork of conflicting state regulations.
What was Andrew Jackson's response to congressional renewal of the Bank of the United States in
1832? - He vetoed it.
What was the name of the system begun in 1840 to hold federal funds and pay the federal
government's bills? - Independent Treasury or Subtreasury System
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