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