Question

Why did the president madison and congress approve the creation of a new national bank?

Answer 1

He believed a bank was necessary to finance the war with Britain. But later that year, progress in peace negotiations led Madison to withdraw his support for the proposed national bank. After peace with Britain came in 1815, Congress rejected new efforts to create the bank.

Picture of President Madison at the bottom

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Answer 2

The country's financial woes began in 1811 when many new banks sprung up overnight without any regulation and without a national bank to constrain them. ... Madison was now urgingCongress to once again consider the operation of a National Bank and the establishment of a uniform national currency