FBUSFlood Brook Union School (Londonderry, VT)
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In fact, the FBUS was generally thought to have managed the federal government's growing fiscal resources effectively and to have provided some modest oversight to the expanding network of state banking institutions that was becoming the backbone of the American financial system.
Without the FBUS, financing the War of 1812 was greatly hampered because loans had to be obtained from many small state banks.
Initially opposed to the FBUS charter on constitutional grounds, President Madison ultimately came to support the formation of another (Second) Bank of the United States (SBUS).