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The push for the creation of a new national bank occurred during the post-war period of American history known as the Era of Good Feelings. There was a strong movement to increase the power of the federal government. Some people blamed a weak central government for America's poor performance during much of the War of 1812. Humiliated by its ...
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.
[5]: 249–250 Philadelphia banks balked at accepting the notes that Girard issued on his personal credit and lobbied the state to force him to incorporate, without success. [8] Girard's Bank was the principal source of government credit during the War of 1812, worth an outstanding $1 million. Towards the end of the war, when the financial ...
The Bank had been chartered by President Madison in 1816 to restore the United States economy after the War of 1812. Monroe had appointed Nicholas Biddle as the Bank's executive. [ 267 ] The Bank was a repository for the country's public monies which also serviced the national debt; it was formed as a for-profit entity that looked after the ...
Sovereignty and an Empty Purse: Banks and Politics in the Civil War (Princeton University Press. 1970). Klebaner, Benjamin J. American Commercial Banking: A History (Twayne, 1990). online; Mason, David L. From Buildings and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1995 (Cambridge University Press, 2004).
The Second Bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and
Early on the morning of December 15, 1813, a mixed group of men from the Loyal Kent Volunteers, Provincial Dragoons, Middlesex Militia, and Norfolk Militia scaled the icy banks of the Thames River to advance on a group of soldiers from the 26th U.S. Infantry who had taken up a post in the house of Thomas McCrae, a Captain in the 1st Kent Militia. [3]
In 1811 its twenty-year charter expired and was not renewed by Congress. Absent the federally chartered bank, the next several years witnessed a proliferation of federally issued Treasury Notes to create credit as the government struggled to finance the War of 1812; a suspension of specie payment by most banks soon followed as well.