Title: The American Economy During the 1800s | Synonym
Headings: The American Economy During the 1800s
The American Economy During the 1800s
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1 Land and Resources
2 Government and Economy
3 Manufacturing
4 Booms and Busts

Content: Territorial expansion spurred immigration and provided prime agricultural land for raising surplus food, enormous forests for lumber and fuel, coal reserves for fuel and mineral reserves for smelting iron and other metals. 2 Government and Economy
The debate between Thomas Jefferson and Alexander Hamilton in the 1790s shaped how the federal government was going to intervene in the economy in the 19th century. Hamilton believed that the government should strongly involve itself in banking and economic affairs, but Jefferson advocated a lesser role in which the market should be free of governmental intrusion. Jefferson opposed the idea of a national bank, and the country was deeply divided over the idea of a central bank. Some felt a national bank was needed to help regulate the economy and mitigate the effects of depressions. Others, particularly influenced by Jefferson and Jackson, saw a national bank as an unnecessary intrusion of the government, and the U.S. lacked a national bank for much of the 19th century. Banking was controlled by the states and the value of paper currency and banknotes varied greatly and were subject to corruption and speculation. It was not until the creation of the Federal Reserve in 1913 that the country possessed a permanent central bank. 3 Manufacturing
Jefferson, at the turn of the 19th century, envisioned America as an agrarian country, but instead, it became increasingly industrialized throughout the 1800s. The second half of the 19th century witnessed railroads crisscrossing the country, the development of steam engines, power-driven production equipment, and a cheap labor force infused with newly arrived immigrants.