... that state banks happily fuelled with generous issue of notes. Most state banks began lending indiscriminately without the specie to back it up. Specie was the value of the bank's paper money, held in gold and silver in its vaults. Nonetheless, this period of financial excess could not have been expected to last forever, and the first sign of trouble emerged ... that if left unregulated, caused inflation and exaggerated the business cycle. The Bank's stabilizing policies won it many supporters, but it did have many opponents: hard money advocates who feared paper money and many state ba...

• Word Count: 3716
• Approx Pages: 15
• Has Bibliography
• Grade Level: High School

... Smith, a theology student, wrote the patriotic poem "America," to be sung to the tune of the British National Anthem. C. The New York Herald Founded-(1835) "The New York Herald," a penny paper intended to have, according to its publisher, James Gordon Bennet, "industry, good taste, brevity, variety, point, and piquancy," was founded on May 6, 1835. XII. Major Technological Advances A. Revolver- (1835), Samuel ... ...

• Word Count: 3842
• Approx Pages: 15
• Grade Level: High School