Second Bank of the United States What can you tell me about it?
Biddle the Banker • A Philadelphian • Lobbied for the re-chartering of the Bank in 1816 • Became President of the Bank in 1822 • Very good and able President
Support for the Bank • Created a strong currency • Centrally controlled the economy which led to stability • Made loans to businesses • Created confidence in banks all over the country
Problems with the Bank • Was used to deposit federal funds but was a private organization • Answered to its directors and stockholders • Did not answer to the government or the people • Limited amount of money banks could lend • Disliked by southerners and westerners • Many people lost their farms in a crisis created by the bank in 1819
Re-chartering the Bank When was the Bank scheduled to be re-chartered?
Re-chartering the Bank • Biddle, Henry Clay and other supporters tried to re-charter the Bank in 1832 • They believed Congress would support it • If Jackson didn’t support it, it would cost him votes in the upcoming election "The Bank is trying to kill me, Sir, but I shall kill it!"