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Topic: Second Bank of the United States

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	Second Bank of the United States - Wikipedia, the free encyclopedia
		The south façade of the Second Bank of the United States in August 2006.
		Renewal of the Second Bank was vetoed on July 10, 1832 by Andrew Jackson, and it slowly declined until the expiration of its charter in 1836.
		The bank was created after James Madison and Albert Gallatin found the government unable to finance the War of 1812 after the closing of the First Bank of the United States in 1811.
	en.wikipedia.org /wiki/Second_Bank_of_the_United_States (1562 words)

	From Revolution to Reconstruction: Essays: central banking USA 04
		The Second Bank of the U.S. was chartered in 1816 with the same responsibilities and powers as the First Bank.
		Chief Justice Marshall wrote "After the most deliberate consideration, it is the unanimous and decided opinion of this court that the act to incorporate the Bank of the United States is a law made in pursuance of the Constitution, and is part of the supreme law of the land" (Hixson, 117).
		Although the Second Bank was not a campaign issue (Biddle actually voted for Jackson), by 1832, four years before the Bank's charter was to expire, political divisions over the Bank had already formed (Ibid).
	odur.let.rug.nl /~usa/E/usbank/bank04.htm (687 words)

	Second Bank of the United States
		It concerned the rechartering of the second Bank of the United States.
		It became increasingly clear that state banks could not provide the country with a uniform currency, and in 1816 a second Bank of the United States, similar to the first, was again chartered for 20 years.
		In the election campaign that followed, the bank question caused a fundamental division between the merchant, manufacturing and financial interests (generally creditors who favored tight money and high interest rates), and the laboring and agrarian elements, who were often in debt to banks and therefore favored an increased money supply and lower interest rates.
	cybersleuth-kids.com /americanhistory/chapter5/battlebank.htm (498 words)

	National Park Service: The U.S. Constitution
		The Second Bank of the United States, at 420 Chestnut Street, was designed by architect William Strickland and built between 1819 and 1824 at the cost of nearly half-a-million dollars.
		The Second Bank of the United States first established itself in Carpenters' Hall in 1817, after Congress determined that a federal bank might spare the country a repeat of the financial crisis the country experienced during the War of 1812.
		The Second Bank of the United States is primarily significant in the areas of Constitutional History and Architecture.
	www.cr.nps.gov /history/online_books/butowsky2/constitution7.htm (1643 words)

	The Bank of the United States
		The Bank of the United States is a symbol of the long held American fear of centralization and government control.
		The fact that the Constitution did not state that the government could not incorporate a bank was a main argument against it, and ultimately, the bank was not rechartered.
		Jackson was fully anti-bank and was intent on destroying the Second Bank of the United States.
	www.bu.edu /econ/faculty/kyn/newweb/Ec341_money/Papers/Morick_paper.htm (1617 words)

	First Bank of the United States
		The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency.
		Up to the time of the bank's charter, coins and bills issued by state banks served as the currency of the young country.
		The bank was originally housed in Carpenters' Hall from 1791 to 1795.
	www.ushistory.org /tour/tour_1bank.htm (282 words)

	The Second Bank of the United States (Site not responding. Last check: 2007-10-07)
		In the case now to be determined, the defendant, a sovereign State, denies the obligation of a law enacted by the legislature of the Union, and the plaintiff, on his part, contests the validity of an act which has been passed by the legislature of that State.
		The result is a conviction that the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control, the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the general government.
		We are unanimously of opinion, that the law passed by the legislature of Maryland, imposing a tax on the Bank of the United States, is unconstitutional and void.
	home.earthlink.net /~jkash2/bank.html (1071 words)

	Bank of the United States
		But the Bank of the United States was a private institution and foreign buyers purchased ownership shares of the bank until the 70 percent of the bank was owned by foreigners.
		Support for the second Bank of the United States came from political figures such as President James Monroe and Senator John C. Calhoun who were concerned with the low credit and financial solvency of the Federal government, as revealed by the difficulties financing the costs of the War of 1812.
		The Bank was controlled by a boaard of twenty directors, 15 elected by the private stockholders and 5 appointed by the President of the United States.
	www.sjsu.edu /faculty/watkins/BofUS.htm (950 words)

	Second Bank of the United States
		Congress finally passed a law chartering the Second Bank of the United States, which was created to help the national treasury out of its uncomfortable financial situation and to regulate the currency.
		The Bank was authorised to issue as many bank notes as the president and cashier were physically able to sign, but was required to be able to pay specie for currency on demand.
		The State of Maryland attempted to tax the Second Bank of the United States, although the body was legally exempt from state taxation.
	www.multied.com /Ant/Economics/Second.html (707 words)

	Second Bank of the United States/Portrait Gallery
		The Second Bank of the United States was chartered for many of the same reasons as its predecessor, the First Bank of the United States.
		State bankers felt the central bank's influence frustrated their ability to function.
		Westerners and farmers claimed the bank was a baleful tool of city folks and overseas interests.
	www.ushistory.org /tour/tour_2bank.htm (402 words)

	Second Bank of the United States
		The First Bank of the United States, a private institution, was chartered by the Bank of England in 1791 and operated for 20 years as the government’s fiscal agent and depository of funds.
		The state of Maryland imposed a tax on the bank's operations, and when James McCulloch, the cashier of the Baltimore branch of the Second BUS, refused to pay the taxes, the issue quickly rose to the Supreme Court.
		Supreme Court Chief Justice John Marshall wrote the unanimous decision for the court that declared the tax imposed by the state of Maryland against the Second BUS was unconstitutional.
	www.u-s-history.com /pages/h256.html (1821 words)

	SECOND BANK OF THE UNITED STATES (Site not responding. Last check: 2007-10-07)
		Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That a bank of the United States of America shall be established, with a capital of thirty-five millions of dollars, divided into three hundred and fifty thousand shares, of one hundred dollars each share.
		None but a stockholder, resident citizen of the United States, shall be a director; nor shall a director be entitled to any emoluments; but the directors may make such compensation to the president for his extraordinary attendance at the bank, as shall appear to them reasonable.
		And be it further enacted, That no other bank shall be established by any future law of the United States during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged.
	landru.i-link-2.net /monques/2ndbank.html (1291 words)

	The White House Historical Association > Classroom
		Members of the House of Representatives served only their own districts; senators represented their own states (and were at this time chosen by the state legislatures, not elected directly by the voters); and Supreme Court justices and federal judges were appointed, not elected.
		To identify and evaluate the arguments for and against re-chartering the Second Bank of the United States as stated in Andrew Jackson's veto message and Daniel Webster's reply.
		In 1823, as the economy rebounded from the Panic, Nicholas Biddle, an aristocratic Philadelphian, became president of the Second Bank of the United States.
	www.whitehousehistory.org /04/subs/04_b_1832.html (1282 words)

	The Second Bank of the United States (Site not responding. Last check: 2007-10-07)
		Commissioned by Congress, the Second Bank of the United States was established in 1816 during a time when our Nation experienced the weight of the financial debt left from the Second War of American Independence - the War of 1812.
		Every aspect of the Second Bank was created as a symbol for what the American public and its leaders were seeking for our new Nation: economic strength, democracy, truth, stability, and prosperity.
		The Second Bank was one of the most influential financial institutions in the world until 1832 when the charter was not renewed.
	www.friendsofindependence.org /secondbank/bank.htm (340 words)

	First Bank of the United States
		Now the creditors of the United States, which included the Bank of England, wanted to be paid the interest on the loans that were granted to the United States.
		State and local bank interests were displeased with the competition and lobbied hard for the demise of the BUS.
		United States was chartered for many of the same reasons as its predecessor, the First Bank of the United States.
	www.u-s-history.com /pages/h443.html (899 words)

	[No title]
		Designed by William Strickland, this building, built between 1819 and 1824, is one of the finest examples of Greek Revival architecture in the United States.
		The Second Bank was incorporated in 1816 and was one of the most influential financial institutions in the world until 1832, when it became the center of bitter controversy between bank president Nicholas Biddle and President Andrew Jackson.
		The bank ceased to exist in 1836 after Jackson vetoed the bill to renew its charter.
	www.nps.gov /inde/second-bank.html (157 words)

	Bank of the United States: The Second Bank
		Financing the War of 1812 proved difficult because of the lack of a central bank, and by the end of the war the financial system of the country was in chaos.
		The second bank, capitalized at $35 million, operated much as did the first one, 25 branches being established.
		, but was criticized by state banks and frontiersmen on the grounds that it was too powerful and that it operated in the interests of the commercial classes of the East.
	www.factmonster.com /ce6/history/A0856841.html (265 words)

	Attack on Second Bank, fiscal policies bring 'Hard Times' 1/16/06
		But his action to weaken the bank before its charter expired in 1836, coupled with other financial crises around the world, not only caused financial calamity for the United States but doomed his successor to a one-term presidency.
		The crisis in part revolved around Jackson's attack on the Second Bank of the United States, a federally chartered private institution that was the closest the nation had to a central bank.
		The Second Bank of the United States had been chartered in April 1816 for 20 years, as the successor to Alexander Hamilton's Bank of the United States, chartered from 1792 to 1812.
	www.coinworld.com /news/011606/BW_0116.asp (2201 words)

	Smith
		Clayton votes that the Bank ought not to be rechartered, and yet advocate the restoration of the public deposits to that Bank.
		He stated: It was never my intention to injure the present bank, or to destroy its existing rights merely for those objects...My whole purpose was to prevent its re-establishment upon principle, and under the firm conviction that it was not authorized by the constitution.
		The Destruction of the Second Bank of the United States
	www.arches.uga.edu /~mgagnon/students/mSmith.htm (2680 words)

	First Bank of the United States - Wikipedia, the free encyclopedia
		The First Bank of the United States was proposed by Alexander Hamilton to relieve the war debt from the United States Revolutionary War, develop a national currency, and dispose of the western territories.
		It followed the Bank of North America and it was succeeded by the Second Bank of the United States.
		Secretary of State Thomas Jefferson argued that the Bank violated traditional property laws and that its relevance to constitutionally authorized powers was weak.
	en.wikipedia.org /wiki/First_Bank_of_the_United_States (378 words)

	Bank of the United States (Andrew Jackson on the Web) (Site not responding. Last check: 2007-10-07)
		The article Bank of the United States also covers the first bank (which expired in 1811).
		Student Essay: "The Destruction of the Second Bank of the United States: Rationale and Effects" by Gareth Davis.
		Seeks to "analyse from the perspective of a historian of economic thought and policy the rationale and implications of the destruction of the Second bank of the United States." Wrong-headed.
	www.isidore-of-seville.com /jackson/8.html (578 words)

	Federal Reserve Bank of Philadelphia - Economic Education - History of Central Banking
		The history of central banking in the United States begins almost with the founding of the country.
		The bank would be the only national bank, and it would hold the federal government’s deposits and lend to the government and business.
		The first Bank of the United States, also called the First Bank, helped transform the country into a more unified national economy, but it was a private institution and foreigners owned 70 percent.
	www.phil.frb.org /education/history/history_of_Banking1.html (333 words)

	National Park Service: The U.S. Constitution
		The bank is a three-story brick structure with a marble front and trim.
		The First Bank of the United States is significant because the institution provoked the first great debate over strict, as opposed to an expansive interpretation of the Constitution.
		In adopting Hamilton's proposal and chartering the bank both the Congress and the President took the necessary first steps toward implementing a sound fiscal policy that would eventually ensure the survival of the new federal government and the continued growth and prosperity of the United States.
	www.cr.nps.gov /history/online_books/butowsky2/constitution5.htm (1378 words)

	Primary Sources
		Congress was not able to override Jackson's veto and the Bank of the United States ceased to exist.
		The Bank of the United States enjoys an exclusive privilege of banking under the authority of the General Government, a monopoly of its favor and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange.
		Should the stock of the bank principally pass into the hands of the subjects of a foreign country, and we should unfortunately become involved in a war with that country, what would be our condition?All its operations within would be in aid of the hostile fleets and armies without.
	college.hmco.com /history/us/resources/students/primary/veto.htm (1209 words)

	H-Net Review: Larry Schweikart on The Second Bank of the United States and Ohio ...
		Although controversy about the Second Bank of the United States--and Andrew Jackson's "war" on it (predating James Carville's "war" on Ken Starr)--has quieted down recently, there is still much work to be done, especially at the local/state level.
		For example, she refers to studies done by Charles Calormiris (which she misspells both times) and myself that showed that Ohio's banks were relatively better off than those of other northern states after the Panic of 1857 not because of the state systems or the safety fund, but because of the widespread branch network.
		The Second Bank of the United States and Ohio
	www.h-net.org /reviews/showrev.cgi?path=30221916781521 (880 words)

	Bank of the US in North Carolina
		The Bank of the United States in North Carolina
		At that time the abundance of paper money issued by banks, states (in the South), municipalities, and merchants of all sort was taxed out of existence, and the first federal paper money was left with little competition.
		Among the 28 branches of the Second Bank of the United States was one in Fayetteville, operating between 1817 and 1835.
	www.unc.edu /~rcs/odd/bankofus (627 words)

	The Destruction of the Second Bank of the United States
		The second Bank of the United States (BUS) was founded in 1816 on the basis of a twenty year charter.
		With the destruction of the bank, the power of intervention in the banking and monetary system was left in the hands of individual states until the civil war.
		Frass (1974) notes how the bank acted under a congressional mandate to establish and maintain a uniform national currency by policing the state banks to ensure that convertibility was maintained at a high level.
	www.maths.tcd.ie /local/JUNK/econrev/ser/html/destruction.html (3825 words)

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