Search results
Results from the WOW.Com Content Network
The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks.
Nathaniel Prentice (or Prentiss) [1] Banks (January 30, 1816 – September 1, 1894) was an American politician from Massachusetts and a Union general during the Civil War.A millworker, Banks became prominent in local debating societies and entered politics as a young adult.
In March 1862, during the American Civil War, Union forces led by Major General George B. McClellan began the Peninsula campaign on the Virginia Peninsula.To the west, in the Shenandoah Valley, Union Major General Nathaniel Banks pushed the Confederate troops of Major General Thomas J. "Stonewall" Jackson to the south.
After the war, a number of state banks were chartered, including in 1784: the Bank of New York and the Bank of Massachusetts. In the last decade of the 18th century the United States had just three banks but many different currencies in circulation: English, Spanish, French, Portuguese coinage, scrip issued by states, and localities.
The Bank demanded that private and state-chartered commercial banks, many of which had loaned excessively and previously served as fiscal agents during the War of 1812, now pay the Second Bank in specie, which was then sent to Europe to pay the federal government's creditors.
The revival of the Bank of the United States had two primary objectives: first, to reverse the post-war inflationary practices of state-chartered banks by inducing resumption of convertibility, and second, to expand the opportunities for the common man to acquire bank credit, promoting enterprise and an orderly and profitable westward expansion.
[12] [13] The act allowed the creation of national banks, set out a plan for establishing a national currency backed by government securities held by other banks, and gave the federal government the ability to sell war bonds and securities (in order to help the war effort). National banks were chartered by the federal government, and were ...
Jay Cooke, founder of the bank. Jay Cooke & Company was a U.S. bank that operated from 1861 to 1873. Headquartered in Philadelphia, Pennsylvania, with branches in New York City and Washington, D.C., [1] the bank helped underwrite the Union Civil War effort.