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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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1. National Banking Acts of 1863 and 1864 The National Banking Acts of 1863 and 1864 were attempts to assert some degree of federal control over the banking system without the formation of another central bank. The Act had consists three primary purposes such as (1) create a system of national banks, (2) to create a uniform national currency, and (3) to create an active secondary market for Treasury securities to help finance the Civil War (for the Union 's side).

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He disliked the bank so much that he moved all the money to all the state banks he created. In document J, it shows Jackson standing a the constitution which is ripped up to shreds. When you walk all over something you are taking advantage of it and abusing its power and this is what Jackson was doing to the constitution. He is holding veto papers in who hand which stands for vetoing the bank and a scepter in the other. He has a crown on his head that represents as the king because he is forgetting about the people and acting like a kink and a dictator.

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Jackson as well contemplated whether the bank benefited the “common people.” He argued that the wealthy and elite economically benefited more from the national bank than compared to the rest of the public or “common people.” After Jackson saw all perspectives of the national bank he chose to deny the bill to recharter the second national bank. So Andrew Jackson used his highest executive power to overrule the supreme court and the Congress on their decision to pass the bill of rechartering the bank. This veto is a demonstration of how he analyzed the effects and the removal of the bank, and how he made a decision based on the welfare of the Unites States rather than vetoing based on his own personal

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Jackson 's push to abolish national banks other wise known as "the bank wars" was one of his more well known pushes for small government. In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired

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Andrew Jackson was very against the growth of the new upcoming banking system in the

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However, Hamilton, our first secretary of state, Thomas Jefferson usually never agreed with each other, but that didn’t stop Hamilton to create our first National Bank that was submitted on December 14, 1790. Unfortunately, not everybody liked Hamilton’s ideas because in 1804 Hamilton had died. (“Alexander Hamilton”). After Hamilton's death in 1804, Jonathan Dayton who was elected a seat in our first Congress, he still supported “Hamilton’s financial program” and was “pressed for suppression of the Whiskey Rebellion” (“Jonathan Dayton”). In the end, Hamilton showed leadership by creating our first National Bank, fought in our war like Odysseus fought for his men on his journey home from the Trojan, and wrote two-third of our new

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From what I read and what he said, I thought it sounded like he didn’t want to shut down the United States Bank. And then in Document 5, Webster acted like Jackson should put an end to the bank by saying, “It manifestly seeks to inflame the poor against the rich, it wantonly attacks whole classes of the people, for the purposes of turning against them the prejudices and resentment of the other classes.”

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The creation of the first bank in the United States prompted a political debate which started in 1791, and went on in the following years. Hamilton’s plan foresaw a bank provided with special powers and privileges, which gave birth to a wide opposition. Although Hamilton 's idea continues to exist in today’s economic environment, at that time his proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson, who considered the creation of a federal bank as unconstitutional. Following to a broad interpretation of the Constitution, Hamilton argued that in order to have an effective bank, Congress should be provided with all the powers required. Jefferson disagreed with Hamilton, and claimed that the establishment of such a bank was not consistent with the powers that the Constitution granted to Congress.

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Andrew Jackson was the 7th President of the United States. His face appears on the $20 dollar bill but there is discussion of removing him and replacing him with another well known figure. Looking back through the history of his time did Andrew Jackson do more harm than good. He was born March 15, 1767 in a log cabin on the frontier between the Carolinas. He was a “common man” so the common folk loved him.

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Throughout the early 19th century, changing politics and an evolving society in America impacted all classes of people, specifically the white working class. Jacksonian Democratic ideals was influenced by the working class, and the white working class benefited from President Jackson’s decisions. During the year of Jackson’s presidential election, the Workies, which consisted of working men, wanted to protect individuals who earned money from arduous labor, but failed to make payments punctually. Jacksonian Democrats realized the Workies language was valuable in the fact that beliefs of the Workies group echoed through Jackson’s party.

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During Andrew Jackson’s presidency, he was not the best president. Some might consider him the worst. Most of Jackson’s actions during his presidency were deemed unconstitutional and illegal but were allowed due to the people’s support for Jackson. His plans for America didn’t include women, blacks or Indians. Jackson replaced all the Cabinet members with his selection friends, also known as the “Kitchen Cabinet”.

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In the document “Jackson Battles the Bank”, it shows Jackson fighting off a monster, or the national bank, with a veto stick. Jackson was fighting to destroy the national bank. He wanted to do this because it favored the rich and not the common people. He was fighting for people to have equal rights. Instead of having no bank at all, he came up with the idea to create state banks which wouldn’t be as powerful as the National Bank.

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One of the biggest thing that Jackson had done as a president was in 1832. Jackson vetoed a bill that would renew the second bank charter early. Jackson stated “I will kill it!”. He said this because he didn’t like the bank at all and he believed that it made the rich richer and the poor poorer. He said in his veto message “It is easy to conceive that great evils to our country and its institutions might flow from such a concentration of power in the hands of a few men irresponsible to the people.”

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Jackson went against the Supreme Court “Although the bank was found to be constitutional by the Supreme Court, Jackson was determined to eliminate it.” Proving that, once again, Andrew Jackson went outside his jurisdiction. Jackson was a cause of the Panic of 1837, “The Panic of 1837 was influenced by the economic policies of President Jackson”. Leading me to the conclusion that Jackson's personal opinions caused an economic crisis.

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Andrew Jackson was a tough man. He even went by the name of ‘Old Hickory’. Andrew Jackson was a terrible president, but also a good president. There are many reasons why Andrew Jackson was a bad president. These are only the few reasons that we all already know or they are major events stated in US history.

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