Answer:
C. They were able to import timber from Lebanon and luxury goods, such as the gemstone lapis lazuli from the Indus River Valley.
Explanation:
Actions by the federal reserve system to expand or contract the money supply
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Benjamin Franklin....
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States, foreign coins like the Spanish dollar were widely circulated. Colonial governments sometimes issued paper money to facilitate economic activities. The British Parliament passed Currency Acts in 1751, 1764, and 1773 that regulated colonial paper money.
During the American Revolution, the colonies became independent states. Freed from British monetary regulations, they issued paper money to pay for military expenses. The Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. Both state and Continental currency depreciated rapidly, becoming practically worthless by the end of the war. This depreciation was caused by the government printing large amounts of currency in order to meet the demands of war.
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It is clear from their respective historical contexts that "Clay supported founding the National Bank, which Jackson opposed" is the aptest phrase comparing and contrasting Henry Clay and Andrew Jackson's political stances. This is further explained below.
<h3>What was Henry Clay's contribution?</h3>
Generally, In 1831 Henry Clay, as the head of the Senate, backed the formation of the national bank but Andrew Jackson opposed it based on a lack of funds for West development.
In conclusion, From a historical perspective, "Clay supported founding the National Bank, which Jackson opposed" is the most illuminating comparative or contrastive statement between Henry Clay and Andrew Jackson's political ideologies.
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