Allie asked in Arts & HumanitiesHistory · 1 decade ago

What is the Second Bank of the United States?

I'm learning about Andrew Jackson in history and I keep reading about what he did with the Second Bank, but I don't really understand.

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  • 1 decade ago
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    Here are first two paragraphs in the Wikipedia article on ...

    The Second Bank of the United States was a bank chartered in 1816, five years after the expiration of the First Bank of the United States. It was founded out of a desperation to stabilize the currency by the administration of U.S. President James Madison. The Second Bank of the United States was located in Philadelphia, Pennsylvania, where its building, designed by the architect William Strickland, still stands as part of Independence National Historical Park.

    The Bank served as the depository for Federal funds until 1833, when President Andrew Jackson instructed his Secretaries of the Treasury to cease depositing the funds. Two refused to obey, so he fired them, one after the other, until he got one who obeyed: Roger B. Taney, his former Attorney General and the future Supreme Court Chief Justice. This decision, at least in part, grew out of Jackson's famous dispute with the Bank's president, Nicholas Biddle. The Bank, always a privately owned institution, lost its Federal charter in 1836,[2] and ceased operations in 1841.

  • 1 decade ago

    It has been suggested that Banking in the Jacksonian Era be merged into this article or section. (Discuss)

    Second Bank of the United States

    (U.S. National Historic Landmark)

    The south façade of the Second Bank of the United States in August 2006.

    The south façade of the Second Bank of the United States in August 2006.

    Location: Philadelphia, Pennsylvania

    Coordinates: [show location on an interactive map] 39°56′54.86″N 75°8′55.2″W / 39.9485722, -75.148667Coordinates: [show location on an interactive map] 39°56′54.86″N 75°8′55.2″W / 39.9485722, -75.148667

    Built/Founded: 1816

    Architect: Strickland,William

    Architectural style(s): Greek Revival

    Added to NRHP: May 04, 1987

    NRHP Reference#: 87001293 [1]

    Governing body: National Park Service

    The Second Bank of the United States was a bank chartered in 1816, five years after the expiration of the First Bank of the United States. It was founded out of a desperation to stabilize the currency by the administration of U.S. President James Madison. The Second Bank of the United States was located in Philadelphia, Pennsylvania, where its building, designed by the architect William Strickland, still stands as part of Independence National Historical Park.

    The Bank served as the depository for Federal funds until 1833, when President Andrew Jackson instructed his Secretaries of the Treasury to cease depositing the funds. Two refused to obey, so he fired them, one after the other, until he got one who obeyed: Roger B. Taney, his former Attorney General and the future Supreme Court Chief Justice. This decision, at least in part, grew out of Jackson's famous dispute with the Bank's president, Nicholas Biddle. The Bank, always a privately owned institution, lost its Federal charter in 1836,[2] and ceased operations in 1841. Jackson instructed sec.treas. Taney to deposit the monies belonging to the USA IN STATE BANKS WHERE IT WOULD BE AVAILABLE FOR LAND SPECULATORS AND ENTREPRENEURS TO Borrow. Jackson had an ongoing feud with the president of the bank of the USA and it was only settled by Biddles death from a stroke.

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