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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.
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.
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.
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.
As described by Gresham's law, soon bad money from state banks drove out the new, good money; [9] the government imposed a 10% tax on state bank bills, forcing most banks to convert to national banks. By 1865, there were already 1,500 national banks.
Secretary of State Antony Blinken is due to ... saying Beijing was the key contributor to Moscow's war in Ukraine through its provision of critical components for weaponry. ... such as the Bank of ...
The repression began in 2018 when Ortega's regime went after the Catholic Church for mediating between the state ... The regime has frozen church bank accounts, confiscated properties, and shut ...
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.