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The Bank of the US. Jacksonian Era. History of the Bank. First Bank of the US Created in 1791 by Hamilton under the Washington presidency Remember the Hamilton Plan? When was the Second Bank of the US created? 1816 under James Madison Lasted until 1836 Its Purpose…?

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the bank of the us

The Bank of the US

Jacksonian Era

history of the bank
History of the Bank
  • First Bank of the US
    • Created in 1791 by Hamilton under the Washington presidency
      • Remember the Hamilton Plan?
  • When was the Second Bank of the US created?
    • 1816 under James Madison
    • Lasted until 1836
  • Its Purpose…?
    • Establish credit (domestic & foreign)
    • Hold the country’s money
    • Create order with the nation’s financial structure
jackson and the bank
Jackson and the Bank
  • Jackson believed the bank was unconstitutional
    • Why?
      • It favored only the rich and made the rich richer
      • Only states had the right to charter banks, not the federal govt.
    • Other reasons for disliking the bank of the US
      • It concentrated too much of the nation’s money in one place
      • The bank exercised (too much) influence over members of Congress
      • It favored Northeastern states over Southern or Western states
  • Jackson disliked Bank President Nicholas Biddle
    • Biddle came from a wealthy and powerful family
    • Biddle was the opposite of the “self-made” Andrew Jackson
the bank the election of 1832
The Bank: The Election of 1832
  • Henry Clay (W) and Daniel Webster (W) had a plan to defeat Andrew Jackson in the election of 1832…
    • They convinced Nicholas Biddle to apply early for an extension of the bank’s charter
      • Charter: A written grant for authority.
    • They knew Jackson would VETO the charter application, and they believed that would anger the American people
  • What Actually Happened…
    • Biddle applied for the charter & Jackson VETOED it.
    • The American people supported his VETO and re-elected Jackson
    • Plan Backfired!
the end of the bank of the us
The End of the Bank of the US
  • Jackson’s plan to end the bank
    • He VETOED the bill to renew the bank’s charter.
      • Charter expired in 1836
    • He ordered the withdrawal of ALL government money from the bank
      • The money was dispersed among what came to be known as his “pet banks”
        • PET BANKS: Smaller state banks