Who was the president of the 2nd Bank of the United States at the time it was shut down?

Andrew Jackson
President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833.

Who was in charge of the Second Bank of the United States?

Six men figured prominently in establishing this new entity, commonly referred to as the second Bank of the United States: the financiers John Jacob Astor, David Parish, Stephen Girard, and Jacob Barker; Alexander Dallas, who would become secretary of the Treasury in 1814; and Rep. John C. Calhoun of South Carolina.

Who was the president of the Bank of the United States?

Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century.

Why was the 2nd Bank of the United States created?

The Second Bank of the United States was created in 1816. Congress finally passed a law chartering the Second Bank of the United States, which was created to help the national treasury out of its uncomfortable financial situation and to regulate the currency.

Which president was accused of making a corrupt bargain to become president?

John Quincy Adams was the last President to serve before Andrew Jackson turned the American political process upside-down with his popular sovereignty. It even took a “corrupt bargain” to get Adams in office.

What was the problem with the Second National Bank?

Although foreign ownership was not a problem (foreigners owned about 20% of the Bank’s stock), the Second Bank was plagued with poor management and outright fraud (Galbraith). The Bank was supposed to maintain a “currency principle” — to keep its specie/deposit ratio stable at about 20 percent.

Who opposed the Second Bank of the United States?

Supporters of Biddle’s bank outnumbered detractors: 128,117 people signed memorials to save the bank as opposed to 17,027 who signed memorials opposing the bank.

Why the national bank is bad?

Andrew Jackson hated the National Bank for a variety of reasons. Proud of being a self-made “common” man, he argued that the bank favored the wealthy. As a westerner, he feared the expansion of eastern business interests and the draining of specie from the west, so he portrayed the bank as a “hydra-headed” monster.

Why was the second bank bad?

Although foreign ownership was not a problem (foreigners owned about 20% of the Bank’s stock), the Second Bank was plagued with poor management and outright fraud (Galbraith). It also quickly alienated state banks by returning to the sudden banknote redemption practices of the First Bank.

What was the corrupt bargain Apush?

Corrupt Bargain: Alleged deal between presidential candidates John Quincy Adams and Henry Clay to throw the election, to be decided by the House of Representatives, in Adams’ favor.

Who was the third president of the Second Bank of the US?

Nicholas Biddle (January 8, 1786 – February 27, 1844) was an American financier who served as the third and last president of the Second Bank of the United States (chartered 1816–1836). Throughout his life Biddle worked as an editor, diplomat, author, and politician who served in both houses of the Pennsylvania state legislature.

When did the US no longer have a second bank?

On this day in 1833, President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank.

Who was the director of the Second Bank?

In response, the director of the bank, Nicholas Biddle, flexed his own political power, turning to members of Congress, including the powerful Kentucky Senator Henry Clay and leading businessmen sympathetic to the bank, to fight Jackson.

Why was the Second Bank of the US a threat to the Republic?

In the late 1820s a titanic clash erupted between President Jackson and bank President Nicholas Biddle. On one side was Andrew Jackson, Old Hickory, and his supporters who claimed the Bank was a threat to the republic due to its economic power. State bankers felt the central bank’s influence frustrated their ability to function.