Document Preview: THE END OFTHE ?RsT B??K OF T?E U? rED sTnTEs · The banks20year charter expired in1

Document Preview:

THE END OFTHE ?RsT B??K OF T?E U? rED sTnTEs · The banks20year charter expired in1811 · COngress refused to renew the Bank?s charter by1vote · Banks stock:building and furnishings purchased by stephen Girard ?0pened”Girards Banu in1812 · He a”owed trustees ofthe First Bank to use o?iCe space and vauIts to continue process ofVVinding down the c?osure ofthe First Bank sT?RT OF T?E sECoND B??K OFTH?U?r?ED sTnTEs · Federal Debt began to cIirnb??th the sta?ofThe Warof1812 · Congress cha?ered a ne?`bank?The second Bank ofThe United states · Began operations on January7:1817 · Prirnary focus was to promote a unifor? ? currency by geuing banks to resume specie payments sECoND BANK OF T? E UNrrED sTnTEs · VVas sirn”arto the First Bank,but bigger : 8??;{??I?:I?%h s the sha?o Headqua?ered in Ph”adelphia · Had o? cesin29m?°rc?ies · VVas poorIy managed and was on the verge ofinso?vency ?lnsolVencV-Inab”ity ofthe debtorto ?ay the debt sECo?D BnNK OF T?E U???D sTATEs · A?er a congressiona?inquiry Langd9n Cheves Was broughtin as presidentin1819I and saved itfrom co? apse · CheVes??as succeeded by Nicholas Bidd?e in1822 · Andrew Jackson o The Bank?s susceptibIe t° c°rmpuon and hord to control lntended to close the bank BIDD??VsJ?CKsoN??D T?E END OF THE sECOND BANK OFT?? UNrED sTATEs · Jackson intended to cIose the bank,so E3iddIe used bank resources against him ?Ignited a bitter struggle · Jackson refused to renew the banks cha?erin1832 ?Pu”ed federal deposits?on? 1s Vaults · The struggIe beMeen Jackson and Biddlel and Jacksons opposition ofthe bank from the beginning cripp?ed the bank and it vvithered untilthe Charter expired in1836 FR?? BANK1NG(1?s7-1868) · The Safety Fund insured t? the1860?s?· safety Fund did not get any new business a?er1838 ‘ · Enter Free BankingI anyone couId open a bank anywhere. · To get startedI a bankerjust needed to deposk government bonds`?ith state auditors, · By1860:18states had?ee banking:which??ere a”rnode?ed after New York. · The safety Fund and…



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