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Hamilton proposes his economic plan
Included in this plan are blueprints for a national bank -
Erie Canal opens
The Erie Canal opens. This would help the Northeastern United States become the center of American commerce. -
The Embargo Act is proposed
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Steamboat becomes popular
In 1807, Robert Fulton introduced the first steamboat. The steamboat went on to become extremely popular, especially for carrying heavy freight. -
The American textile industry is revolutionized
By mechanizing all the stages in the manufacture of cloth, this lets people manufacture cloths more easily and they can get more money for what they produce. -
The Tarrif Act of 1816 is proposed
Tariffs on imports were proposed by Madison and promoted by Henry Clay. Placing a tariff on imports would increase the cost of foreign goods and eliminate their price advantage. Second Bank of the United States is formed. -
The cottage industry revolutionizes
Before this event, women had to make all their own clothes. Manufacturers provided materials for goods to be produced at home. -
The Second Bank of the United State's Charter ends
It then becomes just a regular bank and 5 years later, it goes out of business. -
Telegraph invented
Samuel F.B. Morse invents the telegraph. This provides businesses with instant communication to other cities. -
National Road reaches Springfield, MO
The road now extends from Cumberland, Maryland to Springfield, Missouri -
Immigration increases
Between now and 1854, 3 million people immigrate from around the world. Most are German and Irish. -
South Carolina secedes
Leading the way for Alabama, Georgia, Louisiana and Texas, South Carolina left the union. This divided the company and weakened their economy -
The Emancipation Proclamation goes into effect
This transformed the future of the southern economy -
Congress fashions the first income tax
This was put into place to help combat the cost of the war. -
Riots break out in the south due to food shortages
The southern economy is getting destroyed by the war. -
The Confederates Surrender
The road to recovering the economy and returning it to its former glory begins.
