the north american colonies experienced a steady increase in population since the first settlement in jamestown in 1607. by 1775, the colonies' population was around 2,500,000, and most of the colonists lived east of the allegheny mountains.
oligarchy - power is by a small group of usually elite people.
one of the biggest points of debate between whigs and democrats in terms of economic policies was the existence of a national bank.
during this era (1830's-1840's) these two groups debated over whether or not a national bank should exist. whigs were advocates of a national bank because they believed it to stabilize the american economy. democrats, like andrew jackson, felt that the bank was an excessive use of federal power and felt that this institution only existed to benefit wealthy northern merchants. this debate would result in andrew jackson vetoing the charter for the second national bank during his presidency.