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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.
Nicholas Biddle was born into a prominent family in Philadelphia, in the Commonwealth of Pennsylvania, [6] on January 8, 1786. [7] Ancestors of the Biddle family had immigrated to the Pennsylvania colony along with the famous Quaker proprietor, William Penn, and subsequently fought in the pre-Revolutionary colonial struggles. [8]
In 1829, in his first annual message to the United States Congress, Jackson criticized the bank. Jackson believed that the bank was unconstitutional and worried about its centralization of financial influence. [7] He believed it favored the elites over farmers and laborers. In 1832, he successfully vetoed a bill to recharter the bank. [8]
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.
Others reported that bank locations and hours of operation were inconvenient. ... Black-owned banks originated during the post-Civil War era to serve communities excluded from the mainstream ...
Blinken on Friday criticized Chinese support for Russia's defense industry, saying Beijing was the key contributor to Moscow's war in Ukraine through its provision of critical components for weaponry.
[1] [2] The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. The ailing economy of early 1837 led investors to panic, and a bank run ensued, giving the crisis its name. The bank run came to a head on May 10, 1837 ...
[207] [208] In the aftermath of the Bank War, Jackson asked Congress to pass a bill to regulate the pet banks. [209] Jackson sought to restrict the issuance of paper banknotes under $5, and also to require banks to hold specie (gold or silver coins) equal to one fourth of the value of banknotes they issued.