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What is the second bank of the united states


what is the second bank of the united states

The Bank War. *The second Bank of the United States earned strong support from business people between 1816 and the 1830s because it made loans. We develop a Modigliani-Miller theorem for privately owned central banks, and test its implications using data from the Second Bank of the United States. Knodell argues that the Second Bank of the United States did not act as a modern central bank, as it did not provide services to state banks: the Bank did not.
what is the second bank of the united states

What is the second bank of the united states -

Andrew Jackson announced in 1833 that the government would no longer use Second Bank of the United States. He then removed all federal funds from the bank in what was called the final blast of the “bank wars.”

The Second Bank of the United States was founded in 1816; five years after first national bank’s (created by George Washington) charter had expired. Traditionally, the bank was biased toward the urban and industrial northern states. Jackson resented the bank’s lack of funding for expansion into the unsettled Western territories and objected to the bank’s unusual political and economic power.

Jackson called for an investigation into the bank’s policies and political agenda as soon as he settled in to the White House. He planned to challenge the constitutionality of the bank, much to the horror of its supporters. In response, the director of the bank, Nicholas Biddle, turned to members of Congress like Kentucky Senator Henry Clay to fight Jackson.

Jackson presented his case against the bank in a speech to Congress; they decided the bank was indeed constitutional. Controversy continued for the next three years. In 1932, the divisiveness led to a split in Jackson’s cabinet and Jackson vetoed an attempt by Congress to draw up a new charter for the bank. All of this took place during Jackson’s bid for re-election; the bank’s future was the focal point of a bitter political campaign between the Democratic incumbent Jackson and his opponent Henry Clay. Jackson’s promises to empower the “common man” of America appealed to the voters and paved the way for his victory. He felt he had received a mandate from the public to close the bank once and for all.

In 1833, Jackson removed all the federal funds from the second Bank and redistributed them to various state banks. Jackson had succeeded in destroying the bank; its charter officially expired in 1836.

Source: Andrew Jackson shuts down Second Bank of the U.S.
© 2017, A&E Television Networks, LLC. All Rights Reserved.

Источник: https://www.exploros.com/summary/Andrew-Jackson-shuts-down-Second-Bank-of-the-U-S

U.S. National Bank

City: Washington

State: District of Columbia

Provision for a national bank modeled on the Bank of England was one of Alexander Hamilton's prescriptions for stabilizing the federal government's fiscal and monetary health. In 1791, Congress chartered the First Bank of the United States, which operated as a private bank and the government's depository. The Bank performed well, but opponents in Congress, upset with the Bank's restrictions on state banks, fearful of concentrations of federal power, and dubious of the Bank's constitutionality, defeated a re-charter bill in 1811. Difficulties associated with financing the War of 1812 demonstrated the need for a national bank, and in 1816 Congress chartered the Second Bank of the United States. Modeled after the First Bank, the Second Bank of the United States exercised commercial and central bank responsibilities. Under the leadership of Nicholas Biddle, the Second Bank became a powerful force in the national economy. Based in Philadelphia with branch offices in twenty-five cities including St. Louis by 1832, the Second Bank defined fiscal policy and regulated note issues and lending of state banks. Biddle's monetary policies roused opposition among Jacksonian Democrats and advocates of state banks, and in 1832 the Second Bank's re-charter became the chief issue in the presidential election. Andrew Jackson vetoed the Bank re-charter bill in July 1832, and he interpreted his victory in November as a mandate for his opposition to the Second Bank. In 1833, Jackson began withdrawing federal deposits from the Second Bank, and in 1836 the Second Bank's charter expired. Abraham Lincoln had supported the Second Bank in its conflict with President Jackson, and in 1835 Lincoln voted against several resolutions introduced in the Illinois General Assembly opposing the charter of a national bank and endorsing Jackson's conduct in the Bank War. After the demise of the Second Bank, state banks filled the void in the financial markets. Lincoln remained a strong proponent of a national bank and became a staunch critic of Martin Van Buren's Independent Treasury (Sub-Treasury) System. Lincoln's speech against the Independent Treasury (Sub-Treasury) System, delivered a day after Christmas in 1839, became important in the Whig campaign to unseat Van Buren in 1840. The so-called "free banking era" ending in 1863 when Congress passed the National Banking Act.

Howard Bodenhorn, "Banking and Finance," The Oxford Companion to United States History, ed. by Paul S. Boyer (New York: Oxford University Press, 2001), 61; Robert V. Remini, Andrew Jackson and the Bank War: A Study in the Growth of Presidential Power (New York: W. W. Norton, 1967); Michael Burlingame, Abraham Lincoln: A Life (Baltimore, MD: Johns Hopkins University Press, 2008), 1:96, 150-51; Speech of Mr. Lincoln, at a Political Discussion, in the Hall of the House of Representatives, December 1839, at Springfield, Illinois.


Источник: https://papersofabrahamlincoln.org/organizations/US38351
An 1836 satirical cartoon of Andrew Jackson's campaign to destroy the Bank of the United States and its support among state banks depicts Jackson, Martin Van Buren, and Jack Downing’s struggle against a snake with heads representing the states.

This 1836 cartoon satirizes Andrew Jackson’s campaign to destroy the Bank of the United States and its support among state banks. (Library of Congress)

Conflict over renewing the charter of the Second Bank of the United States triggered the 1830s Bank War, waged between President Andrew Jackson (1767-1845) and bank president Nicholas Biddle (1786-1844). Operating from its Parthenon-style building on Chestnut Street between Fourth and Fifth Streets in Philadelphia, the bank served as a reliable depository for federal money and provided a sound national currency. The expiration of its federal charter in 1836 virtually ended Philadelphia’s standing as the nation’s banking center, and New York’s Wall Street supplanted Chestnut Street as the America’s financial hub.

Congress issued a twenty-year charter for the Second Bank of the United States in 1816, with the government controlling twenty percent of the bank’s stock. Modeled after the First Bank of the United States, established in Philadelphia in the 1790s, the Second Bank handled all federal deposits and expenditures. The bank had a rocky start (overextension of loans helped trigger the Panic of 1819), but it became a dependable institution, and Biddle was generally considered a highly successful and respected leader. By the end of the 1820s, the bank had twenty-nine branches and conducted $70 million in business annually. Nevertheless, President Jackson’s first annual message to Congress in 1829 alleged corruption and condemned the bank as an unconstitutional entity. He favored hard money over bank notes, but also blamed the bank for the Panic of 1819, particularly for his personal losses.

A satrical cartoon, published in 1834, on the failure of the combined efforts of Henry Clay, Daniel Webster, John Calhoun, and Nicholas Biddle to thwart Jackson's treasury policy

This cartoon, published in 1834, is a satire on the failure of the combined efforts of Henry Clay, Daniel Webster, John Calhoun, and Nicholas Biddle to thwart Jackson’s order to remove the federal deposits from the Bank of the United States.
(Library of Congress)

While Jackson, a Democrat, opposed the bank, National Republicans in Congress sought to renew the institution’s charter in 1832 (four years early), believing a veto would cost Jackson reelection. The House approved by 107-85 and the Senate by 28-20. Pennsylvania’s two senators and all but one of its twenty-five congressmen were among the bill’s advocates. The New Jersey and Delaware delegations were also strongly pro-bank. During congressional debates, pro-bank petitions came in from citizens of Philadelphia and Delaware County as well as from state banks, including fifteen from Pennsylvania. Despite nationwide support across various social groups, Jackson vetoed the bill.

Jackson handily won reelection in 1832, though his veto likely cost him votes. A majority of Philadelphians voted against Jackson (he did carry Pennsylvania); New Jersey voted in an anti-Jackson state legislature, but the state’s electoral votes ended up in Old Hickory’s column. He was still personally very popular. When Jackson visited Philadelphia on the first anniversary of his charter veto in June 1833, a reception in Independence Hall–just one block from the Second Bank–became so crowded with enthusiastic supporters that some had to escape the throng through open first-floor windows.

Portrait of Nicholas Biddle

This 1830 portrait of Second Bank of the United States president Nicholas Biddle was painted by James Barton Longacre. (The National Portrait Gallery)

Jackson insisted that the bank was “trying to kill me,” and he vowed to destroy it at any cost. He believed his reelection a mandate and continued to portray the bank as a corrupt tool of foreign interests that worked against Americans. In 1833, President Jackson instructed his treasury secretary to withhold federal deposits, later transferring federal money to “pet banks” (state banks with Democratic ties). Jackson dismissed two secretaries before finding a willing accomplice in Roger B. Taney (1777-1864). In response, Biddle contracted the bank’s operations by calling in loans and exchanging state notes for specie to protect the institution and its investors. The bank’s board of governors unanimously concurred.

As the Second Bank limited its operations, however, an economic depression began, businesses closed, unemployment rose, and inflation reached one of its highest rates in U.S. history. Biddle did not have the capital to make payments on the national debt. The War Department forbade the bank from carrying out its responsibility of paying Revolutionary War pensions in an attempt to turn public opinion against it. Still, the bank initially lost little support and a new political party, the Whigs, emerged to challenge Jackson’s supposed tyranny. At the height of the Bank War, 1833-34, the Senate received 243 memorials calling for the return of federal deposits and only 55 petitions supporting the president’s actions. In January 1834, the Philadelphia Board of Trade issued a statement blaming the financial panic on the Jackson administration. Other Philadelphia banks also protested the president’s actions. Tensions grew to the point that wealthy, pro-administration Philadelphians found themselves excluded or expelled from social organizations. In Congress, the Whig-controlled Senate censured Jackson for his actions against the bank. Each side blamed the other for the turmoil.

Biddle ultimately relaxed the bank’s credit policies and the economic malaise lifted. The bank thus received the brunt of the blame for the previous years’ problems. The public turned against the bank, viewing its actions as vindictive. In 1834, Election Day riots occurred in Philadelphia, and the Whigs lost seats in Congress and the state legislature. Finally, in 1836, two weeks before the U.S. charter expired, the Pennsylvania legislature granted the bank a state charter. By the time Biddle retired in 1839, the bank was in poor shape. Over the following two years, when it could not pay its debts, the bank suspended and resumed specie payments twice, closing its doors permanently in 1841.

The Bank War cost Philadelphia and the nation a central bank, shifting the nation’s financial center to New York City. Thereafter, local banks lacked any regulating authority and the resulting speculation triggered panics through the rest of the century.

Andrew Tremelis an independent researcher and public historian at the U.S. Capitol Visitor Center.


Copyright 2016, Rutgers University

Catterall, Ralph C.H. The Second Bank of the United States. Chicago: University of Chicago Press, 1903.

Daniels, Belden L. Pennsylvania: Birthplace of Banking in America. Harrisburg: Pennsylvania Bankers Association, 1976.

Govan, Thomas Payne. Nicholas Biddle: Nationalist and Public Banker 1786-1844. Chicago: University of Chicago Press, 1959.

Hammond, Bray. Banks and Politics in America from the Revolution to the Civil War. Princeton: Princeton University Press, 1957.

Howe, Daniel Walker. What Hath God Wrought: The Transformation of America, 1815-1848. Oxford: Oxford University Press, 2007.

Smith, Walter Buckingham. Economic Aspects of the Second Bank of the United States. New York: Glenwood Press, 1953.

Taylor, George Rogers, ed. Jackson versus Biddle: The Struggle Over the Second Bank of the United States. Boston: D.H. Heath and Company, 1949.

Weigley, Russell F. Philadelphia: A 300-Year History. New York: W.W. Norton, 1982.

Wilburn, Jean Alexander. Biddle’s Bank: The Crucial Years. New York: Columbia University Press, 1967.

Wright, Robert E. The First Wall Street: Chestnut Street, Philadelphia and the Birth of American Finance. Chicago: University of Chicago Press, 2005.

Bank of the United States Papers; Biddle and Craig Family Papers; Biddle Family Papers; and John Sergeant Papers, Historical Society of Pennsylvania, 1300 Locust Street, Philadelphia.

Biddle Family Papers, 1733-1919; Burr, J. Kelsey. Bank of the United States collection, 1774-1865;

Levi Woodbury Family Papers, 1638-1914; Martin Van Buren Papers, 1787-1910; and Nicholas Biddle Papers, 1681-1933, Library of Congress, Washington, D.C.

Second Bank of the United States Building, 420 Chestnut Street, Philadelphia. 

Andalusia (home of Nicholas Biddle), Andalusia, Bucks County, Pa.

Nicholas Biddle historical marker, 715 Spruce Street, Philadelphia.

Источник: https://philadelphiaencyclopedia.org/archive/bank-war/

Daniel Webster And the War on the Second Bank of the United States

Daniel Webster and the War on the Second Bank of the United StatesDaniel Webster is today remembered as one of a handful of men who was a leading statesman, lawyer and politician in our early republic. Mr. Webster was first elected into the U.S. House of Representatives from New Hampshire as a Federalist candidate in opposition to the War of 1812. He resigned his seat in Congress four years later in order to build up a lucrative law practice in Boston and in Washington. Webster argued many cases before the Supreme Court including Dartmouth College v. Woodward, McCullough v. Maryland and Gibbons v. Ogden. In Boston, his patrons and associates coerced Webster back into public service in 1823. Webster is well known for his oratorical skills and thousands of schoolchildren from New England were required to memorize verbatim one or more of his famous speeches. In the early 1830's, Webster became embroiled in the controversy surrounding the War on the Second Bank of the United States. Throughout his long career, Daniel Webster was in sympathy with the banking industry ...

Webster's Early Years

Daniel Webster was born and raised in the turbulent yet patriotic days of our nation's founding. His father, Ebenezer Webster, was a Captain of a New Hampshire militia unit and fought at Dorchester Heights (Bunker Hill) and Bennington, Vermont.[1] As a young boy, Daniel possessed a physical weakness that inclined him to studies and long walks in the countryside. Work on the father's farm was mainly done by Daniel's older brother, Ezekiel. A few years after the Revolutionary War, Daniel's father, Ebenezer, secured a position as a Lay Justice or Judge for the Court of Common Pleas.[2] It was this money ($300 a year) that was used to start Daniel's education. Daniel attended school in Salisbury under a schoolmaster as a young lad. He was not a prodigy but was known for his quick wit and verbal ability. In his early teens, Daniel was enrolled in the Exeter Academy for boys to prepare him for the college entrance exams. In 1797, at the age of sixteen, Daniel Webster was admitted to Dartmouth College. He spent four years at Dartmouth and excelled in most subjects but had some trouble with Latin and Greek. He returned to Salisbury to study law. Daniel interrupted his law studies to teach school for a year in Fryeburg, Maine, so that his older brother, Ezekiel, could also attend Dartmouth. Daniel passed the Bar exam and was admitted to practice law in Suffolk County, New Hampshire in 1805.[3] Daniel had a close relationship with his father and corresponded with him regularly. Many of the letters have been saved in The Papers of Daniel Webster: Correspondence – 3 Volumes. The following is a memorable quote from Daniel's father, Ebenezer: Daniel, in the long struggle with poverty and adverse fortune that your mother and I have made to give you and Ezekiel an education, we have often talked over these sacrifices, and the prospects of our children. Your mother has often said to me that she had no fear about Ezekiel; that he had fixed and steady habits, and an indomitable energy... But as for you she did not know. Either you would be something or nothing; she did not know which. I think... you have fulfilled her prophecy. You have come to nothing." [4] In May 1806, Daniel Webster defended Josiah Burnham who was charged with killing two of his companions in a Haverhill jail, by stabbing them with the broken end of a scythe. Webster's plea against capital punishment fell on deaf ears and Josiah Burnham was hanged on August 12, 1806. [5] In May 1807, a date that corresponds with the graduation of Ezekiel from Dartmouth, Daniel Webster moved his law practice to Portsmouth, New Hampshire. In the following year, Daniel married Grace Fletcher, a former schoolteacher from Salisbury. For nine years, Daniel and Grace lived in Portsmouth as Daniel became proficient in law, while two children were born to the happy couple. In political areas, Webster was a conservative and a Federalist. Webster's New England was deeply affected by Thomas Jefferson's embargo. In the election of 1808, New Hampshire, Massachusetts and Rhode Island voted against Jefferson's handpicked successor, James Madison. Webster, as a staunch Federalist, opposed the war of 1812. Webster gave one of his early speeches at a town gathering on the Fourth of July 1812. Two months later on August fifth, Webster wrote and delivered the "Rockingham Memorial" [6] that was published in the local newspapers and was sent to President James Madison. In November, 1812, the delegation to the US House of Representatives in New Hampshire increased from five members to six and Daniel Webster's name was put forward in a general election for this new slot. At the age of thirty-one, Daniel Webster was elected to represent New Hampshire as a Federalist in opposition to the war. In December 1813, Daniel Webster was en-route to Washington D.C. when disaster struck his hometown of Portsmouth. At seven-thirty at night, a fire broke out in a neighbor's barn and quickly spread to the town. Webster's uninsured house worth $6000 and his law library were consumed in the raging fire. "When the conflagration was checked, at about five o'clock on the following morning, fifteen acres lay in smoldering ruins, 272 buildings had been destroyed, including 108 dwelling houses and 64 stores and shops with a total loss of more than $300,000."[7] Webster's shaky finances were wrecked with the fire. Shortly after the disaster, Daniel wrote, "...the safety of my family compensates (for) the loss of property." [8] One biographer wrote of Webster's constant money problems, "Of the frugality so often ascribed to the New England Yankee, neither Daniel Webster nor his father had the slightest trace. He went through Dartmouth on borrowed funds: he assumed his father's obligations, and paid them off; and when cash came in easily, it was spent as if the source were inexhaustible." [9] A contemporary of Webster, Judge Jeremiah Smith wrote, "He does not know the value of money, and never will. No matter; he was born for something better than hoarding money-bags."[10]

Congressman

During his first session as a Congressman, Webster embarrassed the Madison administration by requesting information pertaining to the revocation of the Berlin and Milan Decrees. The implication was that Madison had secretly hidden the diplomatic papers, which would have affected the voting on the declaration of War against Great Britain. Shortly thereafter, Speaker of the House, Henry Clay, removed Daniel Webster from his seat on the Committee of Foreign Relations. As a member of the opposition party, Webster approved of expenditures that increased our defenses but voted against what he called, "futile projects of invasion."[11] In the winter session of 1814, Daniel Webster headed the opposition against the formation of a national, government-run bank. After the bill was defeated, John C. Calhoun came to Daniel Webster and pleaded for his help in framing a new act that would pass the Congress. Webster agreed and a new bill was drafted but President Madison vetoed the bill as unconstitutional. A year later a third 'bank bill' was drafted with a larger capitalization of $35 million. Webster was opposed to this bill because of the subscription of stock by the government and the appointment of government directors but the bill passed and this time, it was signed by Madison's successor, President Monroe and became law.[12] One of Webster's last votes in the House of Representatives was in favor of increasing the pay of Congressmen from six dollars a day plus mileage to $1500 a year. There was a great outcry from the public over this act of Congress and many members lost their seat, but by the next session, Daniel Webster had decided to move his family and law practice to Boston, Massachusetts and was thereby ineligible to run. Before he left Congress, Daniel Webster was challenged to a duel by John Randolph of Virginia but Daniel refused to meet him to account for "words of a general nature used in debate."[13] As a Congressman and an attorney, Webster was admitted to practice law before the Supreme Court of the United States. In 1814, Webster was employed in two cases involving prizes of war. A year later in an appeal case from Vermont, Webster took a liberal interpretation of the Constitution and argued successfully against citizens of one state claiming land under grants from another state. The modest successes that Webster enjoyed in these cases no doubt stirred his ambition to build up a larger law practice. He would need to move to a larger city than Portsmouth, New Hampshire. The Constitutional Lawyer In August 1816, Webster moved his family and law practice to Boston. It was not long before Webster was placed among the best attorneys in the country. "That Mr. Webster was the foremost American lawyer of his time," declared Senator George F Hoar, "as well in the capacity to conduct jury trials as to argue questions of the law before the full court, will not, I think, be seriously questioned by anyone who has read the reports of his legal arguments or has studied the history of his encounters before juries with antagonists like Choate or Pinkney."[14] In one famous criminal case of its day, Daniel Webster defended two brothers accused of shooting a man and stealing his wagon full of supplies. Webster's cross-examination of the man who was shot revealed inconsistencies in his earlier testimony, thus, proving to the jury that the injured man actually shot himself accidentally while faking the robbery to "avoid his obligations or perhaps also for a passion for notoriety."[15] In 1818, Daniel Webster argued the most famous case of his career before the United States Supreme Court. In Dartmouth College v. Woodward, the New Hampshire State Legislature tried to circumvent the original colonial charter that established Dartmouth College back in 1769. In his closing remarks before the Court, Daniel Webster said, "Sir, you may destroy this little institution; it is weak; it is in your hands! You may put it out; but if you do, you must carry on your work! You must extinguish one after another, all those great lights of science, which, for more than a century, have thrown their radiance over the land... It is, sir, as I have said a small college, --and yet there are those who love it..."[16]. Webster was able to guide the court through the difficult political, religious and economic issues and to prove to Chief Justice John Marshall et al, that Connecticut had violated that section of the U.S. Constitution that states, "no State... shall pass any bill of attainer, ex post facto law, or law impairing the obligation of contracts."[17] In referring to the Dartmouth case, Henry Cabot Lodge wrote "It has been cited over a thousand times in subsequent litigation and has extended the jurisdiction of the highest federal court more than any other judgement rendered by them." [18] Only three weeks after the decision was handed down in the Dartmouth case, Daniel Webster was back in the Supreme Court as junior counsel in another famous case, McCullough v. Maryland. The issues surrounding this case have some significance in examining Webster's motives ten years later in defending the Bank against Andrew Jackson's onslaught. When the Second Bank of the United States had been chartered in 1816, a branch was opened in Baltimore, Maryland. One of the special features of the Bank of the United Sates (B.U.S.) was the ability to demand payment in specie (hard currency) for bank notes derived from lesser State banks. This advantage by the B.U.S. caused resentment and in general, a curtailment of credit because the lesser banks had to keep specie on hand in case the B.U.S. decided to cash in its notes. (Similar to what the Federal Reserve does today.) The State banks in Maryland induced the Maryland Legislature to pass an act taxing all banks not chartered by the State thereby driving the B.U.S. out of State. A lawsuit worked its way up through the Maryland Appeals Court and was now in the hands of Daniel Webster and Co-counsel William Pinkney. The argument in McCullough v. Maryland covered nine full days. The questions before the Court were: 1) Does Congress have the right to charter a 'National Bank'? and 2) Can a State Legislature tax an institution created by Congress? Daniel Webster spoke for most of the first day of testimony and reminded the Court that, "an unlimited power to tax involves, necessarily, the power to destroy."[19] After the trial, Chief Justice John Marshall took only three days to hand down one of his longest opinions ever written. Marshall had probably written a preliminary draft of his opinion before the trial in early winter.[20] Marshall in essence wrote that yes, Congress does have the right to charter a bank and no, an individual State does not have the power to tax and thus 'destroy' an institution created by Congress. In 1824, Daniel Webster tried his third landmark Supreme Court case; Gibbons v. Ogden or more commonly called the 'Steamboat case'. The suit was brought about by Thomas Gibbons who started a steamboat line from Elizabethtown, New Jersey into New York City. Gibbons was opposed by powerful interests in New York. Robert Fulton, Robert Livingston and Aaron Ogden shared the monopoly of steamboat traffic in New York waters. Ogden had purchased the right to operate from New Jersey but Gibbons refused to do so. The question before the Court was: Did New York laws granting a monopoly of steamboat traffic violate that section of the U.S. Constitution that leaves to Congress the power 'to regulate commerce among the several states?"[21] Daniel Webster spoke for two and one-half hours on behalf of his client, Thomas Gibbons. Some report that his eloquence and his force of argument were never better. After a short postponement, Justice Marshall returned with the opinion that " the acts of New York must yield to the laws of Congress."[22]

The Great Orator

In 1820, on the 200th anniversary of the arrival of the Mayflower, Daniel Webster was asked to be the chief speaker for a day of ceremonies to be held in Plymouth, forty miles southeast of Boston. His passion for speaking, his skills as an orator and his profound convictions were long remembered by New Englanders. "Beginning simply, he touched briefly on the momentous nature of the anniversary, analyzed the motives which drove the Pilgrims to our shores, described the history and character of the early settlements, dwelt at some length on the government and society of our country, ...emphasized the importance of free schools, denounced the African slave trade, called attention to the religious character of our origin and concluded with a greeting to future generations."[23] Webster must have deemed this oration as one of his very best because he placed it first in a later published book on all of his important speeches. In 1825, Webster was again invited to speak at the fiftieth anniversary of the battle of Bunker Hill. The Marquis de Lafayette would attend, as would fifty or more veterans from the Revolution. While his audience in Plymouth was only about fifteen hundred, his 'Bunker Hill' speech drew a crowd of over twenty thousand. It is primarily this speech that generations of New Englanders memorized and recited verbatim: We come as Americans to mark a spot, which must forever be dear to us and our posterity. We wish that whosoever, in all coming time, shall turn his eye hither, may behold that the place is not undistinguished where the first great battle of the Revolution was fought....[24] One year later, Mr. Webster was once more on the podium eulogizing the deaths of two great Presidents: John Adams and Thomas Jefferson who both died on the same day, July 4th, 1826, exactly fifty years after the signing of the Declaration of Independence.

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1 Fuess, Daniel Webster, 7-11. Ebenezer Webster's Revolutionary War Record. There is an anecdote of a supposed quote from Gen. Washington after a brief mutiny of New Jersey and Pennsylvania troops and how glad the General was to have Captain Webster's men guarding him! 2 McMaster, Daniel Webster, 11. "$300 a year as Lay Justice of the Court of Common Pleas." 3 Fuess, D.W., 84. Admitted to the Bar in Suffolk County in 1805. 4 The Correspondence of Daniel Webster Vol. 1, 37. Father's quote: "You have come to nothing." 5 Fuess, D.W., 89. Josiah Burnham hanged on August 12, 1806. 6 Fuess, D.W., 95. Rockingham Memorial sent to Pres. Madison in opposition to the War. 7 McMaster, D.W., 89. Quote about the fire in Portsmouth. 8 Correspondence of Daniel Webster Vol. 1, 145. Quote from D.W. "the safety of my family compensates (for) the loss of property. 9 Fuess, D.W., 118. Quote from Fuess on frugality of Yankees. 10 Lewis, Speak for Yourself, Daniel, 37. Quote from Judge and later Governor Smith on "he was born for more than hoarding money bags." 11 Fuess, D.W., 162. D.W.- "futile projects of invasion." 12 Current, D.W. and the Rise of National Conservatism, 18. Third 'bank' bill signed by Monroe. 13 Fuess, D. W., 189. Quote for why Webster turned down Randolph duel. 14 Baxter, One and Inseparable- D.W and the Union., 128. Quote from Sen. Hoar on Webster as the best lawyer in the country. 15 Fuess, D.W., 212. Facts relating to the case of the two brothers accused of hijacking. 16 Fuess, D.W., 231. Dartmouth College Quote "there are those who love it" 17 Fuess, D.W., 224. U.S. Constitution- "...expost facto law, or law impairing the obligation of contracts." 18 Henry Cabot Lodge, Daniel Webster, 96. Dartmouth College Case...'cited over a thousand times in subsequent legislation." 19 Fuess, Daniel Webster, 250. "the power to destroy" quote 20 Beveridge, Marshall, IV, 290. Marshall wrote a draft of opinion before trial! 21 U.S. Constitution... "to regulate commerce among the several states." 22 Beveridge, Marshall, IV, 429. Gibbons v Ogden - "the acts of New York must yield to Congress" 23 Fuess, D.W., 289-290. Summary of the Plymouth oration. 24 Benson, Daniel Webster, 159. Quote from the 'Bunker Hill' speech. 25 Wiltse, ed., The Papers of Daniel Webster-Correspondence Vol. 2, 83, 144, 157. Letters to and from Biddle. 26 Current, Daniel Webster and the Rise of National Conservatism, 76. Biddle refused loan to National Intelligencer. 27 Wilburn, Jean Alexander, Biddle's Bank, 5. Reasons why Biddle chose 1832 vote. 28 Current, D.W., 77. Massachusetts banks in good shape. 29 Watson, Liberty and Power, 143. Quote from Jackson 'The bank is trying to kill me...' 30 Remini, Andrew Jackson and the Bank War, 158. Quote on Jackson's veto message. 31 Wilburn, Biddle's Bank,7. Van Buren's loss of the Court of St. James 32 Hammond, Banks and Politics, 369. Early Jacksonian policy — 'spoils of victory'. 33 Hammond, Banks and Politics in America, 371. Letter to Sen. Felix Grundy — "a wholly new 'national' bank. 34 Hammond, Banks and Politics, 374. Not true-1826 to 1832 'high water mark for a sound currency'. 35 Current, D.W. and the Rise of National Conservatism, 77. Quote from Webster after the bank veto. 36 Current, D.W., 79. Quote from the Louisville Journal on Webster. 37 Current, D.W., 81. Letter to Biddle requesting retainer. 38 Watson, Liberty and Power, 158. Memorials demand restoration of Bank deposits. 39 Watson, Liberty, 159. Origin of the party name 'Whigs". 40 Lodge, Daniel Webster, 208-209. Quote from Lodge on formation of Whigs. 41 Watson, Liberty, 159. 347 new State banks chartered. 42 Current, D.W., 86. New recharter bill for B.U.S.

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Источник: https://www.varsitytutors.com/earlyamerica/early-america-review/volume-8/daniel-webster-second-bank

Second Bank of the United States

This article is about the early 19th-century federal institution. It is not to be confused with the First Bank of the United States, the early 20th-century corporation the Bank of the United States, or the modern corporation Bank of America.

National bank in Philadelphia, Pennsylvania (1816–41)

The Second Bank of the United States was the second federally authorized Hamiltoniannational bank in the United States. Located in Philadelphia, Pennsylvania, it was chartered from February 1816 to January 1836.[1] The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President Directors and Company of the Bank of the United States".[2] While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government.

A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder.[3][4] Four thousand private investors held 80% of the bank's capital, including three thousand Europeans. The bulk of the stocks were held by a few hundred wealthy Americans.[5] In its time, the institution was the largest monied corporation in the world.[6]

The essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.S. Treasury, and to establish a sound and stable national currency.[7][8] The federal deposits endowed the BUS with its regulatory capacity.[1][9]

Modeled on Alexander Hamilton's First Bank of the United States,[10] the Second Bank was chartered by President James Madison in 1816 and began operations at its main branch in Philadelphia on January 7, 1817,[11][12] managing 25 branch offices nationwide by 1832.[13]

The efforts to renew the bank's charter put the institution at the center of the general election of 1832, in which the bank's president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the "hard-money"[14][15]Andrew Jackson administration and eastern banking interests in the Bank War.[16][17] Failing to secure recharter, the Second Bank of the United States became a private corporation in 1836,[1][18] and underwent liquidation in 1841.[19]

History[edit]

Establishment[edit]

The political support for the revival of a national banking system was rooted in the early 19th century transformation of the country from simple Jeffersonian agrarianism towards one interdependent with industrialization and finance.[20][21][22] In the aftermath of the War of 1812, the federal government suffered from the disarray of an unregulated currency and a lack of fiscal order; business interests sought security for their government bonds.[23][24] A national alliance arose to legislate a national bank to address these needs.[25][26]

The political climate[25]—dubbed the Era of Good Feelings[27]—favored the development of national programs and institutions, including a protective tariff, internal improvements and the revival of a Bank of the United States.[10][22][28] Southern and western support for the bank, led by Republican nationalists John C. Calhoun of South Carolina and Henry Clay of Kentucky, was decisive in the successful chartering effort.[29][30][31] The charter was signed into law by James Madison on April 10, 1816.[32] Subsequent efforts by Calhoun and Clay to earmark the bank's $1.5 million establishment "bonus", and annual dividends estimated at $650,000, as a fund for internal improvements, were vetoed by President Madison, on strict constructionist grounds.[33]

An 1824 draft on the Bank written and signed by Daniel Webster, its attorney and the director of the Boston branch
A promissory noteissued by the Second Bank of the United States, December 15, 1840, for the amount of $1,000

Opposition to the bank's revival emanated from two interests. Old Republicans, represented by John Taylor of Caroline and John Randolph of Roanoke,[34] characterized the Second Bank of the United States as both constitutionally illegitimate and a direct threat to Jeffersonian agrarianism, state sovereignty and the institution of slavery, expressed by Taylor's statement that "...if Congress could incorporate a bank, it might emancipate a slave."[35][36] Hostile to the regulatory effects of the national bank,[37] private banks—proliferating with or without state charters[38]—had scuttled rechartering of the first BUS in 1811.[39][40] These interests played significant roles in undermining the institution during the administration of U.S. President Andrew Jackson (1829–1837).[41]

Economic functions[edit]

The Bank of the US was a national bank. However, it did not serve the functions of a modern central bank: It did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort.[42]

The BUS was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars.[43] The national bank was charged with restraining uninhibited private bank note issue—already in progress[43][44]—that threatened to create a credit bubble and the risks of a financial collapse. Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form.[45] Simultaneously, the national bank was engaged in promoting a democratized expansion of credit to accommodate laissez-faire impulses among eastern business entrepreneurs and credit-hungry western and southern farmers.[46][47]

Under the management of the first BUS president William Jones, the bank failed to control paper money issued from its branch banks in the West and South, contributing to the post-war speculative land boom.[48][49] When the U.S. markets collapsed in the Panic of 1819—a result of global economic adjustments[43][50]—the national bank came under withering criticism for its belated tight money policies—policies that exacerbated mass unemployment and plunging property values.[51] Further, it transpired that branch directors for the Baltimore office had engaged in fraud and larceny.[52]

Resigning in January 1819,[53] Jones was replaced by Langdon Cheves, who continued the contraction in credit in an effort to stop inflation and stabilize the bank, even as the economy began to correct. The national bank's reaction to the crisis—a clumsy expansion, then a sharp contraction of credit—indicated its weakness, not its strength.[54] The effects were catastrophic, resulting in a protracted recession with mass unemployment and a sharp drop in property values that persisted until 1822.[51][55] The financial crisis raised doubts among the American public as to the efficacy of paper money, and in whose interests a national system of finance operated.[56] Upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s.[56] The national bank was in general disrepute among most Americans when Nicholas Biddle, the third and last president of the bank, was appointed by President James Monroe in 1823.[57]

Under Biddle's guidance, the BUS evolved into a powerful banking institution that produced a strong and sound system of national credit and currency.[58] From 1823 to 1833, Biddle expanded credit steadily, but with restraint, in a manner that served the needs of the expanding American economy.[59]Albert Gallatin, former Secretary of the Treasury under Thomas Jefferson and James Madison, wrote in 1831 that the BUS was fulfilling its charter expectations.[37]

Jackson's Bank War[edit]

Main article: Bank War

By the time of Jackson's inauguration in 1829, the national bank appeared to be on solid footing. The U.S. Supreme Court had affirmed the constitutionality of the bank under McCulloch v. Maryland, the 1819 case which Daniel Webster had argued successfully on its behalf a decade earlier,[60] the U.S. Treasury recognized the useful services it provided, and the American currency was healthy and stable.[57] Public perceptions of the national bank were generally positive.[61][62] The bank first came under attack by the Jackson administration in December 1829, on the grounds that it had failed to produce a stable national currency, and that it lacked constitutional legitimacy.[63][64][65] Both houses of Congress responded with committee investigations and reports affirming the historical precedents for the bank's constitutionality and its pivotal role in furnishing a uniform currency.[66] Jackson rejected these findings, and privately characterized the bank as a corrupt institution, dangerous to American liberties.[67]

A Democratic cartoon from 1833 showing Jackson destroying the bank with his "Order for the Removal," to the approval of the Uncle Sam-like figure to the right, and the annoyance of the bank's president, shown as the Devil himself. Numerous politicians and editors who were given favorable loans from the bank run for cover as the financial temple crashes down.

Biddle made repeated overtures to Jackson and his cabinet to secure a compromise on the bank's rechartering (its term due to expire in 1836) without success.[68][69] Jackson and the anti-bank forces persisted in their condemnation of the BUS,[63][70] provoking an early recharter campaign by pro-bank National Republicans under Henry Clay.[71][72] Clay's political ultimatum to Jackson[73]—with Biddle's financial and political support[74][75]—sparked the Bank War[76][77] and placed the fate of the BUS at center of the 1832 presidential election.[78]

Jackson mobilized his political base[79] by vetoing the recharter bill[80] and, the veto sustained,[81] easily won reelection on his anti-bank platform.[82] Jackson proceeded to destroy the bank as a financial and political force by removing its federal deposits,[83][84][85] and in 1833, federal revenue was diverted into selected private banks by executive order, ending the regulatory role of the Second Bank of the United States.[1][a]

In hopes of extorting a rescue of the bank, Biddle induced a short-lived financial crisis[57][86] that was initially blamed on Jackson's executive action.[87][88] By 1834, a general backlash against Biddle's tactics developed, ending the panic,[89][90] and all recharter efforts were abandoned.[18]

State bank[edit]

In February 1836, the bank became a private corporation under the Commonwealth of Pennsylvania law.[1] A shortage of hard currency ensued, causing the Panic of 1837 and lasting approximately seven years. The bank suspended payment in 1839 and was liquidated in 1841.[19]

Branches[edit]

The bank maintained the following branches. Listed is the year each branch opened.[91]

  • Augusta, Georgia (1817, closed 1817)
  • Baltimore, Maryland (1817)
  • Boston, Massachusetts (1817)
  • Charleston, South Carolina (1817)
  • Chillicothe, Ohio (1817)
  • Cincinnati, Ohio (1817)
  • Fayetteville, North Carolina (1817)
  • Lexington, Kentucky (1817)
  • Louisville, Kentucky (1817)
  • Middletown, Connecticut (1817)
  • New Orleans, Louisiana (1817)
  • New York City, New York (1817)
  • Norfolk, Virginia (1817)
  • Portsmouth, New Hampshire (1817)
  • Providence, Rhode Island (1817)
  • Richmond, Virginia (1817)
  • Savannah, Georgia (1817)
  • Washington, D.C. (1817)

[edit]

Share of the Second Bank of the United States, issued 18. June 1838, signed by Nicholas Biddle
  • William Jones, January 7, 1817 – January 25, 1819
  • James Fisher, January 25, 1819 – March 6, 1819 (Acting)
  • Langdon Cheves, March 6, 1819 – January 6, 1823
  • Nicholas Biddle, January 6, 1823 – March 3, 1836

Terms of charter[edit]

The Second Bank of the United States was America's national bank, comparable to the Bank of England and the Bank of France, with one key distinction – the United States government owned one-fifth (20%) of its capital. Whereas other national banks of that era were wholly private, the Second Bank of the United States was more characteristic of a government bank.[92]

Under its charter, the bank had a capital limit of $35 million, $7.5 million of which represented the government-owned share. The national bank was required to remit a "bonus" payment of $1.5 million, payable in three installments,[4] to the government for the privilege of using the public funds, interest free, in its private banking ventures.[93] The institution was answerable for its performance to the U.S. Treasury and Congress[94] and subject to Treasury Department inspection.[4]

As exclusive fiscal agent for the federal government,[95][94] it provided a number of services as part of its charter, including holding and transfer of all U.S. deposits, payment and receipt of all government transactions, and processing of tax payments.[96] In other words, the BUS was "the depository of the federal government, which was its principal stockholder and customer."[94][97]

The chief personnel for the bank comprised 25 directors, five of whom were appointed by the President of the United States, subject to Senate approval.[4] Federally appointed directors were barred from acting as officials in other banks. Two of the three BUS presidents, William Jones and Nicholas Biddle, were chosen from among these government directors.[94]

Headquartered in Philadelphia, the bank was authorized to establish branch offices where it deemed suitable, and these were immune from state taxation.[4]

BUS regulatory mechanisms[edit]

The primary regulatory task of the Second Bank of the United States, as chartered by Congress in 1816, was to restrain the uninhibited proliferation of paper money (bank notes) by state or private lenders,[37] which was highly profitable to these institutions.[98]

In this capacity, the bank would preside over this democratization of credit,[11][99] contributing to a vast and profitable disbursement of bank loans to farmers, small manufacturers and entrepreneurs, encouraging rapid and healthy economic expansion.[11]

Historian Bray Hammond describes the mechanism by which the bank exerted its anti-inflationary influence:

Receiving the checks and notes of local banks deposited with the [BUS] by government collectors of revenue, the [BUS] had constantly to come back on the local banks for settlements of the amounts which the checks and notes called for. It had to do so because it made those amounts immediately available to the Treasury, wherever desired. Since settlement by the local banks was in specie i.e. silver and gold coin, the pressure for settlement automatically regulated local banking lending: for the more the local banks lent the larger amount of their notes and checks in use and the larger the sums they had to settle in specie. This loss of specie reduced their power to lend.[100]

Under this banking regime, the impulse towards overspeculation, with the risks of creating a national financial crisis, would be avoided, or at least mitigated.[101][102][103] It was just this mechanism that the local private banks found objectionable, because it yoked their lending strategies to the fiscal operations of the national government, requiring them to maintain adequate gold and silver reserves to meet their debt obligations to the U.S. Treasury.[37] The proliferation of private-sector banking institutions – from 31 banks in 1801 to 788 in 1837[104] – meant that the Second Bank faced strong opposition from this sector during the Jackson administration.[11]

Architecture[edit]

United States historic place

The architect of the Second Bank of the United States was William Strickland (1788–1854), a former student of Benjamin Latrobe (1764–1820), the man who is often called the first professionally trained American architect. Latrobe and Strickland were both disciples of the Greek Revival style. Strickland went on to design many other American public buildings in this style, including financial structures such as the Mechanics National Bank (also in Philadelphia). He also designed the second building for the main U.S. Mint in Philadelphia in 1833, as well as the New Orleans, Dahlonega, and Charlotte branch mints in the mid-to-late 1830s.

Strickland's design for the Second Bank of the United States is in essence based on the Parthenon in Athens, and is a significant early and monumental example of Greek Revival architecture.[107] The hallmarks of the Greek Revival style can be seen immediately in the north and south façades, which use a large set of steps leading up to the main level platform, known as the stylobate. On top of these, Strickland placed eight severe Doric columns, which are crowned by an entablature containing a triglyphfrieze and simple triangular pediment. The building appears much as an ancient Greek temple, hence the stylistic name. The interior consists of an entrance hallway in the center of the north façade flanked by two rooms on either side. The entry leads into two central rooms, one after the other, that span the width of the structure east to west. The east and west sides of the first large room are each pierced by a large arched fan window. The building's exterior uses Pennsylvania blue marble, which, due to the manner in which it was cut, has begun to deteriorate due to weak parts of the stone being exposed to the elements.[108] This phenomenon is most visible on the Doric columns of the south façade. Construction lasted from 1819 to 1824.

The Greek Revival style used for the Second Bank contrasts with the earlier, Federal style in architecture used for the First Bank of the United States, which also still stands and is located nearby in Philadelphia. This can be seen in the more Roman-influenced Federal structure's ornate, colossal Corinthian columns of its façade, which is also embellished by Corinthian pilasters and a symmetric arrangement of sash windows piercing the two stories of the façade. The roofline is also topped by a balustrade, and the heavy modillions adorning the pediment give the First Bank an appearance much more like a Roman villa than a Greek temple.

Current building use[edit]

Since the bank's closing in 1841, the edifice has performed a variety of functions. Today, it is part of Independence National Historical Park in Philadelphia.[109] The structure is open to the public free of charge and serves as an art gallery, housing a large collection of portraits of prominent early Americans painted by Charles Willson Peale and many others.

The building was designated a National Historic Landmark in 1987 for its architectural and historic significance.[107]

The Wall Street branch in New York City was converted into the United States Assay Office before it was demolished in 1915. The federal-style façade was saved and installed in the American Wing of the Metropolitan Museum of Art in 1924.

In popular culture[edit]

The Bank of the United States building was described by Charles Dickens in a chapter of his 1842 travelogue American Notes for General Circulation, Philadelphia, and its solitary prison:

We reached the city, late that night. Looking out of my chamber-window, before going to bed, I saw, on the opposite side of the way, a handsome building of white marble, which had a mournful ghost-like aspect, dreary to behold. I attributed this to the sombre influence of the night, and on rising in the morning looked out again, expecting to see its steps and portico thronged with groups of people passing in and out. The door was still tight shut, however; the same cold cheerless air prevailed: and the building looked as if the marble statue of Don Guzman could alone have any business to transact within its gloomy walls. I hastened to inquire its name and purpose, and then my surprise vanished. It was the Tomb of many fortunes; the Great Catacomb of investment; the memorable United States Bank.

The stoppage of this bank, with all its ruinous consequences, had cast (as I was told on every side) a gloom on Philadelphia, under the depressing effect of which it yet laboured. It certainly did seem rather dull and out of spirits.[110]

See also[edit]

Notes[edit]

References[edit]

  1. ^ abcdeHammond 1947, p. 155.
  2. ^Hall & Clarke 1832, p. 625.
  3. ^Hammond 1947, p. 149.
  4. ^ abcdeDangerfield 1966, p. 12.
  5. ^Hofstadter 1948, pp. 60–61.
  6. ^Hammond 1956, p. 102 harvnb error: no target: CITEREFHammond1956 (help).
  7. ^Hammond 1947, p. 149–150.
  8. ^Dangerfield 1966, pp. 10–11.
  9. ^Hammond 1956, p. 9 harvnb error: no target: CITEREFHammond1956 (help).
  10. ^ abRemini 1993, p. 140.
  11. ^ abcdWilentz 2005, p. 205.
  12. ^Remini 1993, p. 145.
  13. ^Wilentz 2005, p. 365.
  14. ^Meyers 1953, pp. 212–213.
  15. ^Schlesinger 1945, pp. 115–116.
  16. ^Hammond 1956, p. 100 harvnb error: no target: CITEREFHammond1956 (help).
  17. ^Hammond 1957, p. 359.
  18. ^ abWilentz 2005, p. 401.
  19. ^ abHammond 1947, p. 157.
  20. ^Hammond 1956, p. 10 harvnb error: no target: CITEREFHammond1956 (help).
  21. ^Dangerfield 1966, pp. 88–89.
  22. ^ abWilentz 2005, p. 181.
  23. ^Wilentz 2005, pp. 204–205.
  24. ^Hammond 1947, p. 149.
  25. ^ abDangerfield 1966, p. 10.
  26. ^Wilentz 2005, pp. 204–205.
  27. ^Wilentz 2005, p. 182.
  28. ^Schlesinger 1945, p. 11.
  29. ^Wilentz 2005, pp. 203, 205.
  30. ^Schlesinger 1945, pp. 11–12.
  31. ^Dangerfield 1966, pp. 10–11.
  32. ^Dangerfield 1966, p. 11.
  33. ^Minicucci 2004[page needed]
  34. ^Remini 1981, p. 32.
  35. ^Schlesinger 1945, pp. 20–21.
  36. ^Wilentz 2005, pp. 203, 214.
  37. ^ abcdHammond 1947, p. 150.
  38. ^Dangerfield 1966, p. 87.
  39. ^Hammond 1947, p. 152.
  40. ^Wilentz 2005, pp. 203–204.
  41. ^Hammond 1947, p. 153.
  42. ^Hill 2015, online.
  43. ^ abcWilentz 2005, p. 206.
  44. ^Dangerfield 1966, p. 76.
  45. ^Dangerfield 1966, pp. 73–74.
  46. ^Hofstadter 1948, pp. 55–56.
  47. ^Wilentz 2005, pp. 205–207.
  48. ^Dangerfield 1966, pp. 80–81, 85.
  49. ^Remini 1981, p. 28.
  50. ^Dangerfield 1966, pp. pp. 86, 89.
  51. ^ abDangerfield 1966, p. 84.
  52. ^Dangerfield 1966, pp. 81, 83.
  53. ^Dangerfield 1966, p. 80.
  54. ^Dangerfield 1966, pp. 85–86.
  55. ^Wilentz 2005, pp. 207–208.
  56. ^ abDangerfield 1966, p. 89.
  57. ^ abcHammond 1947, p. 151.
  58. ^Remini 1981, p. 229.
  59. ^Hofstadter 1948, p. 62.
  60. ^Killenbeck 2006, pp. 98–109.
  61. ^Hammond 1957, p. 371.
  62. ^Schlesinger 1945, p. 77.
  63. ^ abWilentz 2005, p. 362.
  64. ^Hammond 1947, pp. 151–152.
  65. ^Remini 1981, pp. 228–229, 303.
  66. ^Hammond 1957, pp. 377–378.
  67. ^Hammond 1957, p. 379.
  68. ^Hofstadter 1948, pp. 59–60.
  69. ^Schlesinger 1945, p. 81.
  70. ^Remini 1981, pp. 301–302.
  71. ^Remini 1981, pp. 341–342.
  72. ^Hammond 1957, p. 385.
  73. ^Remini 1981, p. 365.
  74. ^Wilentz 2005, p. 369.
  75. ^Remini 1981, p. 343.
  76. ^Schlesinger 1945, p. 87.
  77. ^Remini 1981, p. 361.
  78. ^Remini 1981, p. 374.
  79. ^Schlesinger 1945, p. 91.
  80. ^Schlesinger 1945, p. 87.
  81. ^Wellman 1966, p. 132.
  82. ^Remini 1981, pp. 382–383, 389.
  83. ^Remini 1981, pp. 375–376.
  84. ^Wilentz 2005, pp. 392–393.
  85. ^Schlesinger 1945, p. 98.
  86. ^Hofstadter 1948, pp. 61–62.
  87. ^Wilentz 2005, p. 396.
  88. ^Schlesinger 1945, p. 103.
  89. ^Wilentz 2005, p. 400.
  90. ^Schlesinger 1945, pp. 112–113.
  91. ^PhiladelphiaFed 2021, p. 7.
  92. ^Hammond 1947, p. 140.
  93. ^Wilentz 2005, p. 364.
  94. ^ abcdHammond 1947, p. 149.
  95. ^Wellman 1966, p. 92.
  96. ^Wilentz 2005, p. 365.
  97. ^Hammond 1957, p. 9.
  98. ^Wilentz 2005, pp. 74–75.
  99. ^Hofstadter 1948, p. 56.
  100. ^Hammond 1956, pp. 9–10 harvnb error: no target: CITEREFHammond1956 (help).
  101. ^Hammond 1947, pp. 149–150.
  102. ^Wilentz 2005, p. 205.
  103. ^Hofstadter 1948, p. 56.
  104. ^Hammond 1947, p. 153.
  105. ^NRIS 2006, online.
  106. ^Gallery 2004, p. 35 harvnb error: no target: CITEREFGallery2004 (help).
  107. ^ abNPS 2017, online.
  108. ^NPS 2009, online.
  109. ^Independence Hall 2020, online.
  110. ^Dickens 1913, p. 81.

Bibliography[edit]

  • Browning, Andrew H. (2019). The Panic of 1819: The First Great Depression. University of Missouri. ISBN .online review
  • Bodenhorn, Howard (2000). A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building.
  • Campbell, Stephen W. (2019). The Bank War and the Partisan Press: Newspapers, Financial Institutions, and the Post Office in Jacksonian America. Lawrence, KS: University Press of Kansas. OCLC 1066117752.
  • Catterall, Ralph C. H. (1902). The Second Bank of the United States. University of Chicago.
  • Dangerfield, George (1966). The Awakening of American Nationalism: 1815–1828. New York: Harper & Row. ISBN .
  • Dickens, Charles (1913). American Notes for General Circulation. p. 81. Retrieved 2020-04-17 – via Gutenberg.
  • Feller, Daniel. "The Bank War", in Julian E. Zelizer, ed. The American Congress (2004), pp 93–111.
  • Gallery, John Andrew, ed. (2004), Philadelphia Architecture: A Guide to the City (2nd ed.), Philadelphia: Foundation for Architecture, ISBN .
  • Govan, Thomas Payne (1959). Nicolas Biddle, Nationalist and Public Banker, 1786–1844. Chicago: University of Chicago Press.
  • Hall, David A.; Clarke, Matthew St Clair (1832). Legislative and Documentary History of the Bank of the United States. Gales and Seaton. ISBN . Retrieved 25 November 2021.
  • Hammond, Bray (May 1947). "Jackson, Biddle, and the Bank of the United States". The Journal of Economic History. 7 (1): 1–23. JSTOR 2113597. in Essays on Jacksonian America. New York: Frank Otto Gatell, Holt, Rinehart and Winston, Inc. 1970.
  • Hammond, Bray (1957). Banks and Politics in America, from the Revolution to the Civil War. Princeton University Press.
  • Hammond, Bray (1953). "The Second Bank of the United States". Transactions of the American Philosophical Society. 43 (1): 80–85. JSTOR 1005664.
  • Hill, Andrew T. (December 4, 2015). "The First Bank of the United States". Federal Reserve History. Retrieved 25 November 2021.
  • Hofstadter, Richard (1948). Great Issues in American History: From the Revolution to the Civil War, 1765–1865.
  • "Historic Philadelphia Tour: Second Bank of the United States". ushistory.org. Independence Hall Association. Retrieved 2020-04-12.
  • Kahan, Paul. The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance (Yardley: Westholme, 2016. xii, 187 pp.
  • Killenbeck, Mark R. (2006). M'Culloch v. Maryland: Securing a Nation. Lawrence, KS: University Press of Kansas.
  • Knodell, Jane Ellen (2017). The Second Bank of the United States: "Central" Banker in an Era of Nation Building, 1816–1836. Routledge.online review
  • McGrane, Reginald C., ed. (1919). The Correspondence of Nicholas Biddle.
  • McGraw, Thomas K. (2012). The Founders of Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy. Cambridge, MA: Harvard University Press. pp. 315–320. ISBN .
  • Meyers, Marvin (Spring 1953). "The Jacksonian Persuasion". American Quarterly. 5 (1). in Essays on Jacksonian America. New York: Frank Otto Gatell, Holt, Rinehart and Winston, Inc. 1970.
  • Minicucci, Stephen (October 2004). "Internal Improvements and the Union, 1790–1860". Studies in American Political Development. Cambridge University Press. 18 (2): 160–185. doi:10.1017/S0898588X04000094.
  • "Pennsylvania Blue Marble". Second Bank of the United States. National Park Service. Archived from the original on 2009-06-04.
  • "NHL nomination for Second Bank of the United States". National Park Service. Retrieved 2017-03-26.
  • "National Register Information System". National Register of Historic Places. National Park Service. March 15, 2006.
  • The Second Bank of the United States: A Chapter in the History of Central Banking(PDF). Federal Reserve Bank of Philadelphia. January 2021.
  • Ratner, Sidney, James H. Soltow, and Richard Sylla. The Evolution of the American Economy: Growth, Welfare, and Decision Making. (1993)
  • Remini, Robert V. (1967). Andrew Jackson and the Bank War: A Study in the Growth of Presidential Power. New York: W. W. Norton & Company. ISBN .
  • Remini, Robert V. (1981). Andrew Jackson and the Course of American Freedom, 1822–1832. vol. II. New York: Harper & Row.
  • Remini, Robert V. (1984). Andrew Jackson and the Course of American Freedom, 1833–1845. vol. III. New York: Harper & Row.
  • Remini, Robert V. (1993). Henry Clay: Statesman for the Union. New York: W. W. Norton & Company.
  • Schlesinger, Arthur Meier Jr. (1945). Age of Jackson.
  • Schweikart, Larry. Banking in the American South from the Age of Jackson to Reconstruction (1987)
  • Taylor; George Rogers, ed. Jackson Versus Biddle: The Struggle over the Second Bank of the United States (1949).
  • Temin, Peter. The Jacksonian Economy (1969)
  • Walters, Raymond (1945). "The origins of the Second Bank of the United States". Journal of Political Economy. 53 (2): 115–131.
  • Wellman, Paul I. (1966) [1984]. The House Divides: The Age of Jackson and Lincoln. New York: Doubleday and Company.
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External links[edit]

Источник: https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States

General

By Marsha Mullin
Vice President, Collections & Research/Chief Curator

Hanging on the wall in Andrew Jackson’s library at The Hermitage are framed copies of three documents printed on silk. Printing on silk was a common practice among printers during the Jacksonian era to create a commemorative copy of a particularly important document. Jackson’s three documents are highlights of his presidency – his first message (or State of the Union) to Congress, the Nullification Proclamation and the message to Congress concerning the veto of the re-charter of the Bank of the United States. This re-charter led to the Bank War, the name given to the campaign Jackson began in 1832 to decentralize the Bank.

Although it seems odd to us, Dan Feller, editor of the Papers of Andrew Jackson, says that the system of banking and monetary policy in the early United States was not well established. In an article about Jackson and the Bank in Humanities (January/February 2008), he said “…in its day, nothing galvanized American political conflict more than banking, currency and finance. In the republic’s first half-century, no subject, save foreign relations and war, gave greater vexation to American statesmen or aroused more heated public debate.”

The headquarters of the Second Bank of the United States in Philadelphia was designed by William Strickland, who also designed the Tennessee State Capitol.

Although the United States government owned 20% of the stock, the Second Bank of the United States was a private corporation chartered in 1817. It functioned as the central bank for the country and regulated banking and the money supply. Despite fulfilling these important functions, the Bank had opponents, and President Jackson was one of them. Jackson mistrusted banks in general and the Second Bank of the United States in particular. He was especially unhappy that a private corporation held so much power.

By the mid-1820s, the Second Bank of the United States had established branches throughout the country, including one in Nashville. The president of the Nashville branch was merchant and Jackson friend, Josiah Nichol, and board members included other friends, George Washington Campbell and William B. Lewis. This image of the Nashville branch, which stood on Public Square, comes from the 1831 Ayres map of Nashville hanging in the hall outside Jackson’s library.

Although the Bank charter ran through 1836, anti-Jackson politicians persuaded Bank President Nicholas Biddle to petition for an early re-charter prior to the election of 1832. They believed that Jackson would not veto the re-charter, and if he did, his anti-bank position would give them an issue in the election. The charter passed both houses of Congress, but one week later, on July 10, 1832, Jackson issued his veto message, one of the most important documents of his presidency.

The veto was unprecedented. Previous presidents had vetoed bills sparingly and only on the basis of their constitutionality. Despite the Supreme Court’s ruling that the Bank was constitutional, Jackson challenged the charter on that issue as well as philosophically. Attorney General Roger Taney and Kitchen Cabinet member Amos Kendall wrote most of the text, but the ideas were Jackson’s. In the message, Jackson outlined his positions for the veto. One of the most famous passages of the message comes near the end:

It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth cannot be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society–the farmers, mechanics, and laborers–who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles.

Although the bill to re-charter the bank had passed in Congress, it did not have enough support to overcome the veto. Jackson’s veto of the bill was the first step in a several year process to “kill” the hated Bank. The Bank continued to function until the charter expired in 1836. In response to the veto, Bank President Nicholas Biddle severely restricted the Bank’s loans. This was in an effort to anger the public about the veto. To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making.

This pro-Jackson political cartoon from 1833 applauds the removal of the deposits. The Hermitage owns a copy of this print.

This satirical cartoon, which is not in the Hermitage collections, shows Jackson fighting the Bank and its branches, which Jackson described as a many-headed monster.

During the Bank War and the resulting economic downturn, businesses and others issued tokens called by coin collectors “hard times tokens.” There are several of these tokens in The Hermitage collection which poke fun at Jackson and the banking issue.

Although Jackson was successful in shutting down the bank, historians give mixed reviews to the results.  Bank President Nicholas Biddle’s loan restrictions tightened the monetary supply and Jackson’s veto of the bank charter and the removal of the federal deposits to the State Banks helped lead to the Panic of 1837. However, Andrew Jackson and his distrust of power in the hands of a privileged few extended the meaning of American democracy to the farmers, mechanics and laborers – not just the merchants and the bankers.

Источник: https://thehermitage.com/andrew-jackson-and-the-bank-war/

what is the second bank of the united states U.S. National Bank

City: Washington

State: District of Columbia

Provision for a national bank modeled on the Bank of England was one of Alexander Hamilton's prescriptions for stabilizing the federal government's fiscal and monetary health. In 1791, Congress what is the second bank of the united states the First Bank of the United States, which operated as a private bank and the government's depository. The Bank performed well, but opponents in Congress, upset with the Bank's restrictions on state banks, fearful of concentrations of federal power, and dubious of the Bank's constitutionality, defeated a re-charter bill in 1811. Difficulties associated with financing the War of 1812 demonstrated the need for a national bank, and in 1816 Congress chartered the Second Bank of the United States. Modeled after the First Bank, the Second Bank of the United States exercised commercial and central bank responsibilities. Under the leadership of Nicholas Biddle, the Second Bank became a powerful force in the national economy. Based in Philadelphia with branch offices in twenty-five cities including St. Louis by 1832, the Second Bank defined fiscal policy and regulated note issues and lending of state banks. Biddle's monetary policies roused opposition among Jacksonian Democrats and advocates of state banks, and in 1832 the Second Bank's re-charter became the chief issue in the presidential election. Andrew Jackson vetoed the Bank re-charter bill in July 1832, and he interpreted his victory in November as a mandate for his opposition to the Second Bank. In 1833, Jackson began withdrawing federal deposits from the Second Bank, and in 1836 the Second Bank's charter expired. Abraham Lincoln had supported the Second Bank in its conflict with President Jackson, and in 1835 Lincoln voted against several resolutions introduced in the Illinois General Assembly opposing the charter of a national bank and endorsing Jackson's conduct in the Bank War. After the demise of the Second Bank, state banks filled the void in the financial markets. Lincoln remained a strong proponent of a national bank and became a staunch critic of Martin Van Buren's Independent Treasury (Sub-Treasury) System. Lincoln's speech against the Independent Treasury (Sub-Treasury) System, delivered a day after Christmas in 1839, became important in the Whig campaign to unseat Van Buren in 1840. The so-called "free banking era" ending in 1863 when Congress passed the National Banking Act.

Howard Bodenhorn, "Banking and Finance," The Oxford Companion to United States History, ed. by Paul S. Boyer (New York: Oxford University Press, 2001), 61; Robert V. Remini, Andrew Jackson and the Bank War: A Study in the Growth of Presidential Power (New York: W. W. Norton, 1967); Michael Burlingame, Abraham Lincoln: A Life (Baltimore, MD: Johns Hopkins University Press, 2008), 1:96, 150-51; Speech of Mr. Lincoln, at a Political Discussion, in the Hall of the House of Representatives, December 1839, at Springfield, Illinois.


Источник: https://papersofabrahamlincoln.org/organizations/US38351

Second Bank of the United States (1816-1836)

The Second Bank of the U.S. was chartered in 1816 with the same responsibilities and powers as the First Bank. However, the Second Bank would not even enjoy the limited success of the First Bank. Although foreign ownership was not a problem (foreigners owned about 20% of the Bank's stock), the Second Bank was plagued with poor management and outright fraud (Galbraith). The Bank was supposed to maintain a "currency principle" -- to keep its specie/deposit ratio stable at about 20 percent. Instead the ratio bounced around between 12% and 65 percent. It also quickly alienated state banks by returning to the sudden banknote redemption practices of the First Bank. Various elements were so enraged with the Second Bank that there were two attempts to have it struck down as unconstitutional. In McCulloch v. Maryland (1819) the Supreme Court voted 9-0 to uphold the Second Bank as constitutional. 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). The Court reaffirmed this opinion in a 1824 case Osborn v. Bank of the United States (Ibid, 14).

Not until Nicholas Biddle became the Bank's president in 1823 did it begin to function as hoped. By the time the Bank had regained some control of the money supply and had restored some financial stability in 1828, Andrew Jackson, an anti-Bank candidate, had been elected President. 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). Pro-Bank members of Congress produced a renewal bill for the Bank's charter, but Jackson vetoed it. In his veto message Jackson wrote,

A bank of the United States is in many respects convenient for the Government and for the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people, I felt it my duty.to call to the attention of Congress to the practicability of organizing an institution combining its advantages and obviating these objections. I sincerely regret that in the act before me I can best bb gun none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the Constitution of our country

(Ibid, 14-15).

Jackson was not opposed to central banking, per se, but to the Second Bank in particular. No other bill to renew the Bank's charter was presented to Jackson, and so the Second Bank of the United States expired in 1836. The U.S. would be without an official central bank until 1913 when the Federal Reserve System was formed.

Jackson believed what is the second bank of the united states the nation's money supply should consist only of gold or silver coin minted by the Treasury and any foreign coin the Congress chose to accept. This view was fully impractical. The gold and silver stocks of the U.S. were terribly inadequate to provide a sufficient money supply of Jackson's preference. The U.S. at that time had no substantial mines of its own and regularly had a what is the second bank of the united states deficit, so there was no dependable method to increase the money supply under what Jackson perceived to be the only Constitutional monetary system.

However, few others shared Jackson's opinions on this matter. Even the so-called "Jacksonian" Supreme Court ruled in 1837 in Briscoe v. Bank of Kentucky that state-chartered banks, state-owned banks, and the banknotes they created were fully Constitutional (Hixson, 119). Combined with the unanimous 1819 McCulloch ruling, the legal environment of the U.S. had clearly established that central banking, state banking, and paper currency issued by both entities were Constitutional. That the U.S. chose to proceed through the balance of the nineteenth century without a central bank would lead to interesting and creative measures to construct a financial system.

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Logo American History - From Revolution to Reconstruction and what happened afterwards
Источник: http://www.let.rug.nl/usa/essays/general/a-brief-history-of-central-banking/second-bank-of-the-united-states-(1816-1836).php

The Bank War Waged by President Andrew Jackson

The Bank War was a long and bitter struggle waged by President Andrew Jackson in the 1830s against the Second Bank of the United States, a federal institution that Jackson sought to destroy. Jackson's stubborn skepticism about banks escalated into a highly personal battle between the president of the country and the president of the bank, Nicholas Biddle. The conflict over the bank became an issue in the presidential election of 1832, in which Jackson defeated Henry Clay.

Following his reelection, Jackson sought to destroy the bank and engaged in controversial tactics which included firing treasury secretaries opposed to his grudge against the bank. The Bank War created conflicts that resonated for years, and the heated controversy Jackson created came at a very bad time for the country. Economic problems which reverberated through the economy eventually led to major depression in the Panic of 1837 (which occurred during the term of Jackson's successor, Martin Van Buren). Jackson's campaign against the Second Bank ultimately crippled the institution.

The Second Bank of the U.S.

The Second Bank was chartered in April 1816, in part to manage debts the federal government had taken on during the War of 1812. The bank filled a void left when the Bank of the United States, created by Alexander Hamilton, did not have its 20-year charter renewed by Congress in 1811.

Various scandals and controversies plagued the Second Bank in the first years of its existence, and it was blamed for helping to cause the Panic of 1819, a major economic crisis. By the time Jackson became president in 1829, the problems of the bank had been rectified. The institution was headed by bank president Biddle, who exercised considerable influence over the financial affairs of the nation. Jackson and Biddle clashed repeatedly, and cartoons of the time depicted them in a boxing match, with Biddle cheered on by city dwellers, while frontiersmen rooted for Jackson.

Controversy Over Renewing the Charter

By most standards, the Second Bank was doing a good job of stabilizing the nation's banking system. But Jackson viewed it with resentment, considering it a tool of an economic elite in the East that took unfair advantage of farmers and working people. The charter for the Second Bank of the United States amazon atoz work expire, and thus be up for renewal, in 1836.

However, four years earlier, Clay, a prominent senator, pushed forward a bill that would renew the bank's charter. The 1832 charter renewal bill was a calculated political move. If Jackson signed it into law, it might alienate voters in the West and South, jeopardizing Jackson's bid for a second term. If he vetoed the bill, the controversy might alienate voters in the Northeast.

Jackson vetoed the renewal of the charter of the Second Bank of the U.S. in dramatic fashion. He issued a lengthy statement on July 10, 1832, providing the reasoning behind his veto. Along with his arguments claiming the bank was unconstitutional, Jackson unleashed some blistering attacks, including this comment near east cambridge savings bank careers end of his statement:

"Many of our rich men have not been content with equal protection and equal benefits, but have besought us to make them richer by act of Congress."

Clay ran against Jackson in the election of 1832. Although Jackson's veto of the bank's charter was an election issue, he was reelected by a wide margin.

Continued Attacks on the Bank

Jackson's war with north country savings bank potsdam ny bank placed him in bitter conflict with the Biddle, who was as determined as Jackson. The two men sparred, sparking a series of economic problems for the country. At the beginning of his second term, believing he had a mandate from the American people, Jackson instructed his treasury secretary to remove assets from the Second Bank and transfer them to state banks, which became known as "pet banks."

In 1836, his last year in office, Jackson issued a presidential order known as the Specie Circular, which required that purchases of federal lands (such as lands being sold in the West) be paid for in cash (which was known as "species"). The Specie Circular was Jackson's last major move in the bank war, and it succeeded in virtually ruining the credit system of the Second Bank.

The clashes between Jackson and Biddle likely contributed to the Panic of 1837, a major economic crisis that impacted the U.S. and doomed the presidency of Jackson's successor, President Van Buren. Disruptions caused by the economic crisis resonated for years, so Jackson's suspicion of banks and banking had an effect that outlived his presidency.

Источник: https://www.thoughtco.com/the-bank-war-by-president-andrew-jackson-1773350

General

By Marsha Mullin
Vice President, Collections & Research/Chief Curator

Hanging on the wall in Andrew Jackson’s library at The Hermitage are framed copies of three documents printed on silk. Printing on silk was a common practice among printers during the Jacksonian era to create a commemorative copy of a particularly important document. Jackson’s three documents are highlights of his presidency – his first message (or State of the Union) to Congress, the Nullification Proclamation and the message to Congress concerning the veto of the re-charter of the Bank of the United States. This re-charter led to the Bank War, the name given to the campaign Jackson began in 1832 to decentralize the Bank.

Although it seems odd to us, Dan Feller, editor of the Papers of Andrew Jackson, says that the system of banking and monetary policy in the early United States was not well established. In an article about Jackson and the Bank in Humanities (January/February 2008), he said “…in its day, nothing galvanized American political conflict more than banking, currency and finance. In the republic’s first half-century, no subject, save foreign relations and war, gave greater vexation to American statesmen or aroused more heated public debate.”

The headquarters of the Second Bank of the United States in Philadelphia was designed by William Strickland, who also designed the Tennessee State Capitol.

Although the United States government owned 20% of the stock, the Second Bank of the United States was a private corporation chartered in 1817. It functioned as the central bank for the country and regulated banking and the money supply. Despite fulfilling these important functions, the Bank had opponents, and President Jackson was one of them. Jackson mistrusted banks in general and the Second Bank of the United States in particular. He was especially unhappy that a private corporation held so much power.

By the mid-1820s, the Second Bank of the United States had established branches throughout the country, including one in Nashville. The president of the Nashville branch was merchant and Jackson friend, Josiah Nichol, and board members included other friends, George Washington Campbell and William B. Lewis. This image of the Nashville branch, which stood on Public Square, comes from the 1831 Ayres map of Nashville hanging in the hall outside Jackson’s library.

Although the Bank charter ran through 1836, anti-Jackson politicians persuaded Bank President Nicholas Biddle to petition for an early re-charter prior to the election of 1832. They believed that Jackson would not veto the re-charter, and if he did, his anti-bank position would give them an issue in the election. The charter passed both houses of Congress, but one week later, on July 10, 1832, Jackson issued his veto message, one of the most important documents of his presidency.

The veto was unprecedented. Previous presidents had vetoed bills sparingly and only on the basis of their constitutionality. Despite the Supreme Court’s ruling that the Bank was constitutional, Jackson challenged the charter on that issue as well as philosophically. Attorney General Roger Taney and Kitchen Cabinet member Amos Kendall wrote most of the text, but the ideas were Jackson’s. In the message, Jackson outlined his positions for the veto. One of the most famous passages of the message comes near the end:

It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth cannot be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to what is the second bank of the united states titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society–the farmers, mechanics, and laborers–who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There northwest farm credit services online banking no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles.

Although the bill to re-charter the bank had passed in Congress, it did not have enough support to overcome the veto. Jackson’s veto of the bill was the first step in a several year process to “kill” the hated Bank. The Bank continued to function until the charter expired in 1836. In response to the veto, Bank President Nicholas Biddle severely restricted the Bank’s loans. This was in an effort to anger the public about the veto. To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making.

This pro-Jackson political cartoon from 1833 applauds the removal of the deposits. The Hermitage owns a copy of this print.

This satirical cartoon, which is not in the Hermitage collections, shows Jackson fighting the Bank and its branches, which Jackson described as a many-headed monster.

During the Bank War and the resulting economic downturn, businesses and others issued tokens called by coin collectors “hard times tokens.” There are several of these tokens in The Hermitage collection which poke fun at Jackson and the banking issue.

Although Jackson was successful in shutting down the bank, historians give mixed reviews to the results.  Bank President Nicholas Biddle’s loan restrictions tightened the monetary supply and Jackson’s veto of the bank charter and the removal of the federal deposits to the State Banks helped lead to the Panic of 1837. However, Andrew Jackson and his distrust of power in the hands of a privileged few extended the meaning of American democracy to the farmers, mechanics and laborers – not just the merchants and the bankers.

Источник: https://thehermitage.com/andrew-jackson-and-the-bank-war/
An 1836 satirical cartoon of Andrew Jackson's campaign to destroy the Bank of the United States and its support among state banks depicts Jackson, Martin Van Buren, and Jack Downing’s struggle against a snake with heads representing the states.

This 1836 cartoon satirizes Andrew Jackson’s campaign to destroy the Bank of the United States and its support among state banks. (Library of Congress)

Conflict over renewing the charter of the Second Bank of the United States triggered the 1830s Bank War, waged between President Andrew Jackson (1767-1845) and bank president Nicholas Biddle (1786-1844). Operating from its Parthenon-style building on Chestnut Street between Fourth and Fifth Streets in Philadelphia, the bank served as a reliable depository for federal money and provided a sound national currency. The expiration of its federal charter in 1836 virtually ended Philadelphia’s standing as the nation’s banking center, and New York’s Wall Street supplanted Chestnut Street as the America’s financial hub.

Congress issued a twenty-year charter for the Second Bank of the United States in 1816, with the government controlling twenty percent of the bank’s stock. Modeled after the First Bank of the United Americas best wings golden ring, established in Philadelphia in the 1790s, the Second Bank handled all federal deposits and expenditures. The bank had a rocky start (overextension of loans helped trigger the Panic of 1819), but it became a dependable institution, and Biddle was generally considered a highly successful and respected leader. By the end of the 1820s, the bank had twenty-nine branches and conducted $70 million in business annually. Nevertheless, President Jackson’s first annual message to Congress in 1829 alleged corruption and condemned the bank as an unconstitutional entity. He favored hard money over bank notes, but also blamed the bank for the Panic of 1819, particularly for his personal losses.

A satrical cartoon, published in 1834, on the failure of the combined efforts of Henry Clay, Daniel Webster, John Calhoun, and Nicholas Biddle to thwart Jackson's treasury policy

This cartoon, published in 1834, is a satire on the failure of the combined efforts of Henry Clay, Daniel Webster, John Calhoun, and Nicholas Biddle to thwart Jackson’s order to remove the federal deposits from the Bank of the United States.
(Library of Congress)

While Jackson, a Democrat, opposed the bank, National Republicans in Congress sought to renew the institution’s charter in 1832 (four years early), believing a veto would cost Jackson reelection. The House approved by 107-85 and the Senate by 28-20. Pennsylvania’s two senators and all but one of its twenty-five congressmen were among the bill’s advocates. The New Jersey and Delaware delegations were also strongly pro-bank. During congressional debates, pro-bank petitions came in from citizens of Philadelphia and Delaware County as well as from state banks, including fifteen from Pennsylvania. Despite nationwide support across various social groups, Jackson vetoed the bill.

Jackson handily won reelection in 1832, though his veto likely cost him votes. A majority of Philadelphians voted against Jackson (he did carry Pennsylvania); New Jersey voted in an anti-Jackson state legislature, but the state’s electoral votes ended up in Old Hickory’s column. He was still personally very popular. When Jackson visited Philadelphia on the first anniversary of his charter veto in June 1833, a reception in Independence Hall–just one block from the Second Bank–became so crowded with enthusiastic supporters that some had to escape the throng through open first-floor windows.

Portrait of Nicholas Biddle

This 1830 portrait of Second Bank of the United States president Nicholas Biddle was painted by James Barton Longacre. (The National Portrait Gallery)

Jackson insisted that the bank was “trying to kill me,” and he vowed to destroy it at any cost. He believed his reelection a mandate and continued to portray the bank as a corrupt tool of foreign interests that worked against Americans. In 1833, President Jackson instructed his treasury secretary to withhold federal deposits, later transferring federal money to “pet banks” (state banks with Democratic ties). Jackson dismissed two secretaries before finding a willing accomplice in Roger B. Taney (1777-1864). In response, Biddle contracted the bank’s operations by calling in loans and exchanging state notes for specie to protect the institution and its investors. The bank’s board of governors unanimously concurred.

As the Second Bank limited its operations, however, an economic depression began, businesses closed, unemployment rose, and inflation reached one of its highest rates in U.S. history. Biddle did not have the capital to make payments on the national debt. The War Department forbade the bank from carrying out its responsibility of paying Revolutionary War pensions in an attempt to turn public opinion against it. Still, the bank initially lost little support and a new political party, the Whigs, emerged to challenge Jackson’s supposed tyranny. At the height of the Bank War, 1833-34, the Senate received 243 memorials calling for the return of federal deposits and only 55 petitions supporting the president’s actions. In January 1834, the Philadelphia Board of Trade issued a statement blaming the financial panic on the Jackson administration. Other Philadelphia banks also protested the president’s actions. Tensions grew to the point that wealthy, pro-administration Philadelphians found themselves excluded or expelled from social organizations. In Congress, the Whig-controlled Senate censured Jackson for his actions against the bank. Each side blamed the other for the turmoil.

Biddle ultimately relaxed the bank’s credit policies and the economic malaise lifted. The bank thus received the brunt of the blame for the previous years’ problems. The public turned against the bank, viewing its actions as vindictive. In 1834, Election Day riots occurred in Philadelphia, and the Whigs lost seats in Congress and the state legislature. Finally, in 1836, two weeks before the U.S. charter expired, the Pennsylvania legislature granted the bank a state charter. By the time Biddle retired in 1839, the bank was in poor shape. Over the following two years, when it could not pay its debts, the bank suspended and resumed specie payments twice, closing its doors permanently in 1841.

The Bank War cost Philadelphia and the nation a central bank, shifting the nation’s financial center to New York City. Thereafter, local banks lacked any regulating authority and the resulting speculation triggered panics through the rest of the century.

Andrew Tremelis an independent researcher and public historian at the U.S. Capitol Visitor Center.


Copyright 2016, Rutgers University

Catterall, Ralph C.H. The Second Bank of the United States. Chicago: University of Chicago Press, 1903.

Daniels, Belden L. Pennsylvania: Birthplace of Banking in America. Harrisburg: Pennsylvania Bankers Association, 1976.

Govan, Thomas Payne. Nicholas Biddle: Nationalist and Public Banker 1786-1844. Chicago: University of Chicago Press, 1959.

Hammond, Bray. Banks and Politics in America from the Revolution to the Civil War. Princeton: Princeton University Press, rate my professor west valley college, Daniel Walker. What Hath God Wrought: The Transformation of America, 1815-1848. Oxford: Oxford University Press, 2007.

Smith, Walter Buckingham. Economic Aspects of the Second Bank of the United States. New York: Glenwood Press, 1953.

Taylor, George Rogers, ed. Jackson versus Biddle: The Struggle Over the Second Bank of the United States. Boston: D.H. Heath and Company, 1949.

Weigley, Russell F. Philadelphia: A 300-Year History. New York: W.W. Norton, 1982.

Wilburn, Jean Alexander. Biddle’s Bank: The Crucial Years. New York: Columbia University Press, 1967.

Wright, Robert E. The First Wall Street: Chestnut Street, Philadelphia and the Birth of American Finance. Chicago: University of Chicago Press, 2005.

Bank of the United States Papers; Biddle and Craig Family Papers; Biddle Family Papers; and John Sergeant Papers, Historical Society of Pennsylvania, 1300 Locust Street, Philadelphia.

Biddle Family Papers, 1733-1919; Burr, J. Kelsey. Bank of the United States collection, 1774-1865;

Levi Woodbury Family Papers, 1638-1914; Martin Van Buren Papers, 1787-1910; and Nicholas Biddle Papers, 1681-1933, Library of Congress, Washington, D.C.

Second Bank of the United States Building, 420 Chestnut Street, Philadelphia. 

Andalusia (home of Nicholas Biddle), Andalusia, Bucks County, Pa.

Nicholas Biddle historical marker, 715 Spruce Street, Philadelphia.

Источник: https://philadelphiaencyclopedia.org/archive/bank-war/

Daniel Webster And the War on the Second Bank of the United States

Daniel Webster and the War on the Second Bank of the United StatesDaniel Webster is today remembered as one of a handful of men who was a leading statesman, lawyer and politician in our early republic. Mr. Webster was first elected into the U.S. House of Representatives from New Hampshire as a Federalist candidate in opposition to the War of 1812. He resigned his seat in Congress four years later in order to build up a lucrative law practice in Boston and in Washington. Webster argued many cases before the Supreme Court including Dartmouth College v. Woodward, McCullough v. Maryland and Gibbons v. Ogden. In Boston, his patrons and associates coerced Webster back into public service in 1823. Webster is well known for his oratorical skills and thousands of schoolchildren from New England were required to memorize verbatim one or more of his famous speeches. In the early 1830's, Webster became embroiled in the controversy surrounding the War on the Second Bank of the United States. Throughout his long career, Daniel Webster was in sympathy with the banking industry .

Webster's Early Years

Daniel Webster was born and raised in the turbulent yet patriotic days of our nation's founding. His father, Ebenezer Webster, was a Captain of a New Hampshire militia unit and fought at Dorchester Heights (Bunker Hill) and Bennington, Vermont.[1] As a young boy, Daniel possessed a physical weakness that inclined him to studies and long walks in the countryside. Work on the father's farm was mainly done by Daniel's older brother, Ezekiel. A few years after the Revolutionary War, Daniel's father, Ebenezer, secured a position as a Lay Justice or Judge for the Court of Common Pleas.[2] It was this money ($300 a year) that was used to start Daniel's education. Daniel attended school in Salisbury under a schoolmaster as a young lad. He was not a prodigy but was known for his quick wit and verbal ability. In his early teens, Daniel was enrolled in the Exeter Academy for boys to prepare him for the college entrance exams. In 1797, at the age of sixteen, Daniel Webster was admitted to Dartmouth College. He spent four years at Dartmouth and excelled in most subjects but west valley mall utah some trouble with Latin and Greek. He returned to Salisbury to study law. Daniel interrupted his law studies to teach school for a year in Fryeburg, Maine, so that his older brother, Ezekiel, could also attend Dartmouth. Daniel passed the Bar exam and was admitted what is the second bank of the united states practice law in Suffolk County, New Hampshire in 1805.[3] Daniel had a close relationship with his father and corresponded with him regularly. Many of the letters have been saved in The Papers of Daniel Webster: Correspondence – 3 Volumes. The following is a memorable quote from Daniel's father, Ebenezer: Daniel, in the long struggle with poverty and adverse fortune that your mother and I have made to give you and Ezekiel an education, we have often talked over these sacrifices, and the prospects of our children. Your mother has often said to me that she had no fear about Ezekiel; that he had fixed and steady habits, and an indomitable energy. But as for you she did not know. Either you would be something or nothing; she did not know which. I think. you have fulfilled her prophecy. You have come to nothing." [4] In May 1806, Daniel Webster defended Josiah Burnham who was charged with killing two of his companions in a Haverhill jail, by stabbing them with the broken end of a scythe. Webster's plea against capital punishment fell on deaf ears and Josiah Burnham was hanged on August 12, 1806. [5] In May 1807, a date that corresponds with the graduation of Ezekiel from Dartmouth, Daniel Webster moved his law practice to Portsmouth, New Hampshire. In the following year, Daniel married Grace Fletcher, a former schoolteacher from Salisbury. For nine years, Daniel and Grace lived in Portsmouth as Daniel became proficient ode to the west wind imagery law, while two children were born to the happy couple. In political areas, Webster was a conservative and a Federalist. Webster's New England was deeply affected by Thomas Jefferson's embargo. In the election of 1808, New Hampshire, Massachusetts and Rhode Island voted against Jefferson's handpicked successor, James Madison. Webster, as a staunch Federalist, what is the second bank of the united states the war of 1812. Webster gave one of his early speeches at a town gathering on the Fourth of July 1812. Two months later on August fifth, Webster wrote and delivered the "Rockingham Memorial" [6] that was published in the local newspapers and was sent to President James Madison. In November, 1812, the delegation to the US House of Representatives in New Hampshire increased from five members to six and Daniel Webster's name was put forward in how do i delete my amazon payments account general election for this new slot. At the age of thirty-one, Daniel Webster was elected to represent New Hampshire as a Federalist in opposition to the war. In December 1813, Daniel Webster was en-route to Washington D.C. when disaster struck his hometown of Portsmouth. At seven-thirty at night, a fire broke out in a neighbor's barn and quickly spread to the town. Webster's uninsured house worth $6000 and his law library were consumed in the raging fire. "When the conflagration was checked, at about five o'clock on the following morning, fifteen acres lay in smoldering ruins, 272 buildings had been destroyed, including 108 dwelling houses and 64 stores and shops with a total loss of more than $300,000."[7] Webster's shaky finances were wrecked with the fire. Shortly after the disaster, Daniel wrote, ".the safety of my family compensates (for) the loss of property." [8] One biographer wrote of Webster's constant money problems, "Of the frugality so often ascribed to the New England Yankee, neither Daniel Webster nor his father had the slightest trace. He went through Dartmouth on borrowed funds: he assumed his father's obligations, and paid them off; and when cash came in easily, it was spent as if the source were inexhaustible." [9] A contemporary of Webster, Judge Jeremiah Smith wrote, "He does not know the value of money, and never will. No matter; he was born for something better than hoarding money-bags."[10]

Congressman

During his first session as a Congressman, Webster embarrassed the Madison administration by requesting information pertaining to the revocation of the Berlin and Milan Decrees. The implication was that Madison had secretly hidden the diplomatic papers, which would have affected the voting on the declaration of War against Great Britain. Shortly thereafter, Speaker of the House, Henry Clay, removed Daniel Webster from his seat on the Committee of Foreign Relations. As a member of the opposition party, Webster approved of expenditures that increased our defenses but voted against what he called, "futile projects of invasion."[11] In the winter session of 1814, Daniel Webster headed the opposition against the formation of a national, government-run bank. After the bill was defeated, John C. Calhoun came to Daniel Webster and pleaded for his help in framing a new act that would pass the Congress. Webster agreed and a new bill was drafted but President Madison vetoed the bill as unconstitutional. A year later a third 'bank bill' was drafted with a larger capitalization of $35 million. Webster was opposed to this bill because of the subscription of stock by the government and the appointment of government directors but the bill passed and this time, it was signed by Madison's successor, President Monroe and became law.[12] One of Webster's last votes in the House of Representatives was in favor of increasing the pay of Congressmen from six dollars a day plus mileage to $1500 a year. There was a great outcry from the public over this act of Congress and many members lost their seat, but by the next session, Daniel Webster had decided to move his family and law practice to Boston, Massachusetts and was thereby ineligible to run. Before he left Congress, Daniel Webster was challenged to a duel by John Randolph of Virginia but Daniel refused to meet him to account for "words of a general nature used in debate."[13] As a Congressman and an attorney, Webster was admitted to practice law before the Supreme Court of the United States. In 1814, Webster was employed in two cases involving prizes of war. A year later in an appeal case from Vermont, Webster took a liberal interpretation of the Constitution and argued successfully against citizens of one state claiming land under grants from another state. The modest successes that Webster enjoyed in these cases no doubt stirred his ambition to build up a larger law practice. He would need to move to a larger city than Portsmouth, New Hampshire. The Constitutional Lawyer In August 1816, Webster moved his family and law practice to Boston. It was not long before Webster was placed among the best attorneys in the country. "That Mr. Webster was the foremost American lawyer of his time," declared Senator George F Hoar, "as well in the capacity to conduct jury trials as to argue questions of the law before the full court, will not, I think, be seriously questioned by anyone who has read the reports of his legal arguments or has studied the history of his encounters before juries with antagonists like Choate or Pinkney."[14] In one famous criminal case of its day, Daniel Webster defended two brothers accused of shooting a man and stealing his wagon full of supplies. Webster's cross-examination of the man who was shot revealed inconsistencies in his earlier testimony, thus, proving to the jury that the injured man actually shot himself accidentally while faking the robbery to "avoid his obligations or perhaps also for a passion for notoriety."[15] In 1818, Daniel Webster argued the most famous case of his career before the United States Supreme Court. In Dartmouth College v. Woodward, the New Hampshire State Legislature tried to circumvent the original colonial charter that established Dartmouth College back in 1769. In his closing remarks before the Court, Daniel Webster said, "Sir, you may destroy this little institution; it is weak; it is in your hands! You may put it out; but if you do, you must carry on your work! You must extinguish one after another, all those great lights of science, which, for more than a century, have thrown their radiance over the land. It is, sir, as I have said a small college, --and yet there are those who love it."[16]. Webster was able to guide the court through the difficult political, religious and economic issues and to prove to Chief Justice John Marshall et al, that Connecticut had violated that section of the U.S. Constitution that states, "no State. shall pass any bill of attainer, ex post facto law, or law impairing the obligation of contracts."[17] In referring to the Dartmouth case, Henry Cabot Lodge wrote "It has been cited over a thousand times in subsequent litigation and has extended the jurisdiction of the highest federal court more than any other judgement rendered by them." [18] Only three weeks after the decision was handed down in the Dartmouth case, Daniel Webster was back in the Supreme Court as junior counsel in another famous case, McCullough v. Maryland. The issues surrounding this case have some significance in examining Webster's motives ten years later in defending the Bank against Andrew Jackson's onslaught. When the Second Bank of the United States had been chartered in 1816, a branch was opened in Baltimore, Maryland. One of the special features of the Bank of the United Sates (B.U.S.) was the ability to demand payment in specie (hard currency) for bank notes derived from lesser State banks. This advantage by the B.U.S. caused resentment and in general, a curtailment of credit because the lesser banks had to keep specie on hand in case the B.U.S. decided to cash in its notes. (Similar to what the Federal Reserve does today.) The State banks in Maryland induced the Maryland Legislature to pass an act taxing all banks not chartered by the State thereby driving the B.U.S. out of State. A lawsuit worked its way up through the Maryland Appeals Court and was now in the hands of Daniel Webster and Co-counsel William Pinkney. The argument in McCullough v. Maryland covered nine full days. The questions before the Court were: 1) Does Congress have the right to charter a 'National Bank'? and 2) Can a State Legislature tax an institution created by Congress? Daniel Webster spoke for most of the first day of testimony and reminded the Court that, "an unlimited power to tax involves, necessarily, the power to destroy."[19] After the trial, Chief Justice John Marshall took only three days to hand down one of his longest opinions ever written. Marshall had probably written a preliminary draft of his opinion before the trial in early winter.[20] Marshall in essence wrote that yes, Congress does have the right to charter a bank and no, an individual State does not have the power to tax and thus 'destroy' an institution created by Congress. In 1824, Daniel Webster tried his third landmark Supreme Court case; Gibbons v. Ogden or more commonly called the 'Steamboat case'. The suit was brought about by Thomas Gibbons who started a steamboat line from Elizabethtown, New Jersey into New York City. Gibbons was opposed by powerful interests in New York. Robert Fulton, Robert Livingston and Aaron Ogden shared the monopoly of steamboat traffic in New York waters. Ogden had purchased the right to operate from New Jersey but Gibbons refused to do so. The question before the Court was: Did New York laws granting a monopoly of steamboat traffic violate that section of the U.S. Constitution that leaves to Congress the power 'to regulate commerce among the several states?"[21] Daniel Webster spoke for two and one-half hours on behalf of his client, Thomas Gibbons. Some report that his eloquence and his force of argument were never better. After a short postponement, Justice Marshall returned with the opinion that " the acts of New York must yield to the laws of Congress."[22]

The Great Orator

In 1820, on the 200th anniversary of the arrival of the Mayflower, Daniel Webster was asked to be the chief speaker for a day of ceremonies to be held in Plymouth, forty miles southeast of Boston. His passion for speaking, his skills as an orator and his profound convictions were long remembered by New Englanders. "Beginning simply, he touched briefly on the momentous nature of the anniversary, analyzed the motives which drove the Pilgrims to our shores, described the history and character of the early settlements, dwelt at some length on the government and society of our country. .emphasized the importance of free schools, denounced the African slave trade, called attention to the religious character of our origin and concluded with a greeting to future generations."[23] Webster must have deemed this oration as one of his very best because he placed it first in a later published book on all of his important speeches. In 1825, Webster was again invited to speak at the fiftieth anniversary of the battle of Bunker Hill. The Marquis de Lafayette would attend, as would fifty or more veterans from the Revolution. While his audience in Plymouth was only about fifteen hundred, his 'Bunker Hill' speech drew a crowd of over twenty thousand. It is primarily this speech that generations of New Englanders memorized and recited verbatim: We come as Americans to mark a spot, which must forever be dear to us and our posterity. We wish that whosoever, in all coming time, shall turn his eye hither, may behold that the place is not undistinguished where the first great battle of the Revolution was fought.[24] One year later, Mr. Webster was once more on the podium eulogizing the deaths of two great Presidents: John Adams and Thomas Jefferson who both died on the same day, July 4th, 1826, exactly fifty years after the signing of the Declaration of Independence.

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1 Fuess, Daniel Webster, 7-11. Ebenezer Webster's Revolutionary War Record. There is an anecdote of a supposed quote from Gen. Washington after a brief mutiny of New Jersey and Pennsylvania troops and how glad the General was to have Captain Webster's men guarding him! 2 McMaster, Daniel Webster, 11. "$300 a year as Lay Justice of the Court of Common Pleas." 3 Fuess, D.W., 84. Admitted to the Bar in Suffolk County in 1805. 4 The Correspondence of Daniel Webster Vol. 1, 37. Father's quote: "You have come to nothing." 5 Fuess, D.W., 89. Josiah Burnham hanged on August 12, 1806. 6 Fuess, D.W., 95. Rockingham Memorial sent to Pres. Madison in opposition to the War. 7 McMaster, D.W., 89. Quote about the fire in Portsmouth. 8 Correspondence of Daniel Webster Vol. 1, 145. Quote from D.W. "the safety of my family compensates (for) the loss of property. 9 Fuess, D.W., 118. Quote from Fuess on frugality of Yankees. 10 Lewis, Speak for Yourself, Daniel, 37. Quote from Judge and later Governor Smith on "he was born for more than hoarding money bags." 11 Fuess, D.W., 162. D.W.- "futile projects of invasion." 12 Current, D.W. and the Rise of National Conservatism, 18. Third 'bank' bill signed by Monroe. 13 Fuess, D. W., 189. Quote for why Webster turned down Randolph duel. 14 Baxter, One and Inseparable- D.W and the Union., 128. Quote from Sen. Hoar on Webster as the best lawyer in the country. 15 Fuess, D.W., 212. Facts relating to the case of the two brothers accused of hijacking. 16 Fuess, D.W., 231. Dartmouth College Quote "there are those who love it" 17 Fuess, D.W., 224. U.S. Constitution- ".expost facto law, or law impairing the obligation of contracts." 18 Henry Cabot Lodge, Daniel Webster, 96. Dartmouth College Case.'cited over a thousand times in subsequent legislation." 19 Fuess, Daniel Webster, 250. "the power to bangor to belfast international airport quote 20 What is the second bank of the united states, Marshall, IV, 290. Marshall wrote a draft of opinion before trial! 21 U.S. Constitution. "to regulate commerce among the several states." 22 Beveridge, Marshall, IV, 429. Gibbons v Ogden - "the acts of New York must yield to Congress" 23 Fuess, D.W., 289-290. Summary of the Plymouth oration. 24 Benson, Daniel Webster, 159. Quote from the 'Bunker Hill' speech. 25 Wiltse, what is the second bank of the united states, The Papers of Daniel Webster-Correspondence Vol. 2, 83, 144, 157. What is the second bank of the united states to and from Biddle. 26 Current, Daniel Webster and the Rise of National Conservatism, 76. Biddle refused loan to National Intelligencer. 27 Wilburn, Jean Alexander, Biddle's Bank, 5. Reasons why Biddle chose 1832 vote. 28 Current, D.W., 77. Massachusetts banks in good shape. 29 Watson, Liberty and Power, 143. Quote from Jackson 'The bank is trying to kill me.' 30 Remini, Andrew Jackson and the Bank War, 158. Quote on Jackson's veto message. 31 Wilburn, Biddle's Bank,7. Van Buren's loss of the Court of St. James 32 Hammond, Banks and Politics, 369. Early Jacksonian policy — 'spoils of victory'. 33 Hammond, Banks and Politics in America, 371. Letter to Sen. Felix Grundy — "a wholly new 'national' bank. 34 Hammond, Banks and Politics, 374. Not true-1826 to 1832 'high water mark for a sound currency'. 35 Current, D.W. and the Rise of National Conservatism, 77. Quote from Webster after the bank veto. 36 Current, D.W., 79. Quote from the Louisville Journal on Webster. 37 Current, D.W., 81. Letter to Biddle requesting retainer. 38 Watson, Liberty and Power, 158. Memorials demand restoration of Bank deposits. 39 Watson, Liberty, 159. Origin of the party name 'Whigs". 40 Lodge, Daniel Webster, 208-209. Quote from Lodge on formation of Whigs. 41 Watson, Liberty, 159. 347 new State banks chartered. 42 What is the second bank of the united states, D.W., 86. New recharter bill for B.U.S.

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Источник: https://www.varsitytutors.com/earlyamerica/early-america-review/volume-8/daniel-webster-second-bank

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