Answer:
Before the establishment of the Federal Reserve System, the West was faced with financial crises. There were instances ok which there were a form of crises which led to fears and worries by bank customers. The people ran to their banks to withdraw their deposits. The failure of one bank often had a ripple effect in which customers of other banks rushed to withdraw funds from their own banks even if those banks were not involved in the crisis.
Banks needed a source of emergency reserves to prevent customer fears and banks being driven out of business.
This led to the set up of the Federal Reserve Act.
The Federal Reserve System was created to tackle these banking issues and also to make possible fostering a sound banking system and healthy economy.
The correct answer to this open question is the following.
Although there are no options attached, we can say the following.
In the federalist 39, James Madison explained this: " the House of Representatives, like that of one branch at least of all the State legislatures..." Which principle best describes Madison's argument about the federal government?
He is referring to the principle of the sovereign of the states. He said that the government should be federal and state. Under the division of powers of the federal government and the system of checks and balances, Madison considered the sovereignty of the states, explaining that the states had the right to create their own legislation according to their needs.
James Madison wrote Federalist Paper N.- 39 in January 17788, under the pseudonym of Publius, during a time when Federalists and Antifederalists were trying to confront their arguments to make the states ratify the Constitution.
Other Federalists like Jhon Adams and Alexander Hamilton also wrote Federalist Papers under pseudonyms.
Answer:
He declared Christianity to be the only legal religion.
Explanation:
