Second Bank Of America Research Paper

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What was The Second Bank of America? Why was it such a huge deal in American history? Who supported it, and who did not? Why did it fail? This essay will help explain the answer to each of these questions about the Second Bank of America, or how it was more commonly called, The Bank of the United States, and will inform you of what is used for today. The Second Bank of America was established in 1816 and had a set term of twenty years. The bank was modeled on Alexander Hamilton's First Bank of the United States; the bank was chartered in 1816 by President James Madison, and began to start operating at its main branch in Philadelphia on January 7, 1817. The Second Bank of the United States was considered America's central bank and the bank…show more content…
At the begging of Jackson’s Presidential term, he was not as antagonistic outwardly against the bank as he would soon become. His was mainly concerned about the bank’s integrity. He was also sympathetic towards paper money supporters in the west who wanted paper money to replace the gold and silver, because it would be a more reliable source of currency for the people to…show more content…
With all the heavy attacks against the Bank in the press many would call it an obsession, so naturally Jackson vetoed the Bank Recharter Bill when it came to his desk. He even went as far as ordering the federal government’s deposits to be removed from the Bank of the United States and put into state banks. Surprisingly to Biddle and his supporters, the people were with Jackson in the decision to vetoing of the bill, and he was overwhelmingly reelected to a second term when the next election came around in 1832. Biddle tried to retaliate by making it extremely difficult for businesses and other people to get the money they needed, which caused an economic decrease at the end of 1833 and into 1834. Eventually the day came when the Bank’s charter was due to expire in 1836 causing an end to the economic crisis and the Second Bank of America. The bank’s building has been used for a variety of uses. Today, it is used as a part of the Independence National Historical Park in Philadelphia. The structure is used as an art gallery, housing a collection of portraits of noticeable early
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