Many people began to buy up the cheap land on the frontier and make investments in "wildcat" banks that would rise up to make fast money off of the high demands.
When Alexander Hamilton (the Secretary of Treasury) proposed the idea of a National Bank, president Washington disliked the idea but allowed its creation anyway. Thomas Jefferson claimed that it would give too much power to the Bank and that it was unconstitutional.
Later, the banks on the frontier began to shake the balance of the nation's financial stability due to unsound practices and lack of unity. So in 1816 the government created the Second Bank of the United States which would regulate the frontier banks.
Although, this bank was not well respected by the people.
