What was chartered in 1816 by congress

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The labor movement in the United States grew out of the need to protect the common interest of workers. For those in the industrial sector, organized labor unions fought for better wages, reasonable hours and safer working conditions. The labor movement led efforts to stop child As much of the nation was just starting the day on the morning of September 11, , 19 terrorists hijacked four East Coast flights, crashing three of the airplanes into targets in New York and Washington, D. The election of Abraham Lincoln in caused seven southern states to secede and form the Confederate Live TV.

This Day In History. History Vault. Background Banking, currency and monetary policy was a source of great controversy in the early United States. Recommended for you. Bank War. Run on the Banks. In his annual report, Dallas again called for the establishment of a national bank. After much debate and a couple of additional attempts, Madison finally signed in April an act establishing the second Bank of the United States. The Bank opened for business in Philadelphia in January It had much in common with its forerunner, including its functions and structure.

Also like its predecessor, the Bank had a twenty-year charter and operated as a commercial bank that accepted deposits and made loans to the public, both businesses and individuals. Its board consisted of twenty-five directors, with five appointed by the president and confirmed by the Senate. Subscriptions went on sale in July , and the sale period was set at three weeks.

To make it easier for investors to buy subscriptions, sales were held in twenty cities. Its branches eventually totaled twenty-five in number, compared to only eight for the first Bank. The branches provided credit to businesses and farmers, and these loans helped finance the production of goods and agricultural output as well as the shipment of these goods to domestic and foreign destinations.

Unlike modern central banks, the Bank did not set monetary policy as we know it today. It also did not regulate, hold the reserves of, or act as a lender of last resort for other financial institutions. Nonetheless, its prominence as one of the largest U.

By managing its lending policies and the flow of funds through its accounts, the Bank could — and did — alter the supply of money and credit in the economy and hence the level of interest rates charged to borrowers. In the course of business, it would accumulate the notes of the state banks and hold them in its vault.

The first president of the Bank was William Jones, a political appointee and a former secretary of the Navy who had gone bankrupt. The result was a financial panic that drove the economy into a steep recession. When Jones resigned in , shareholders elected Langdon Cheves, an attorney from South Carolina who had served as speaker of the House of Representatives, as president of the Bank. He presented state banknotes for specie, a request that sent many state-chartered financial institutions into bankruptcy because they did not have enough gold and silver on hand to cover the redemptions.

Another depression, characterized by deflation and high unemployment, ensued. Public opinion started turning against the Bank as many believed it contributed to the recession. In , Cheves withdrew his name from consideration for reelection to the top Bank post, and Nicholas Biddle, a member of a wealthy and prominent Philadelphia family, became head of the Bank.

The Bank contributed significantly to economic stability and growth. In , Andrew Jackson, hero of the Battle of New Orleans and a determined foe of banks in general and the second Bank of the United States in particular, was elected president of the United States. In contrast, the election of , which sent Jackson back to the White House, put the Bank in the spotlight. Why was Jackson so opposed to the Bank? On a personal level, Jackson brought with him to Washington a strong distrust of banks in general, stemming, at least in part, from a land deal that had gone sour more than two decades before.

In that deal, Jackson had accepted paper notes — essentially paper money — as payment for some land he had sold. When the buyers who had issued the notes went bankrupt, the paper he held became worthless. Finally, Jackson had succeeded in destroying the bank; its charter officially expired in Jackson did not emerge unscathed from the scandal.

In , Congress censured Jackson for what they viewed as his abuse of presidential power during the Bank War. But if you see something that doesn't look right, click here to contact us!

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