Andrew Jackson carved it out of the Republic of Watauga. General John Sevier was elected as the first President that same year. The president was to be elected to a single term every fourteen years starting in 1793. The legislature, the Tenasee Senate, was elected every decade, starting in 1794; there were no term limits. As a small country, Tenasee placed itself as a banking state and financial haven. It made no entangling alliances, and placed emphasis on trade and commerce. Within a few decades, Tenasee become one of the richest countries on the planet.