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It was opened to all boys for tax-supported public education. Its purpose was to prepare students for university enterance, and to be able to interpret the meaning of the Bible.
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It was the parents responsibility to see that there children are getting appropriate education. The government had the right to take away the children from parents if there educational needs weren't met. The founding fathers of the US passed this act to educate a society on the religious aspirations they preached.
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This required towns to publicly form and fund elementary schools. It was often neglected, but it developed the tradition of more formal schooling within each town.
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Students used this to learn how to read. The lessons contained moral stories based on the Old Testament.
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It helped expand the frontiers of science and invention. Books helped increase knowledge and settle disputes. Many of the books were religious and educational. Some were also about politics, philosophy and business.