may 24, 1816 - Second Bank of the US
Description:
In the years during and following the War of 1812 with the British blockade on U.S ports having cause the U.S economy to be crippled and under massive debt again. People talked about having a national bank again in the hopes that like last time it would help relieve the debt and get the country back on track. Even as such the bank establishment was not easy, with President Madison who originally opposed the first national bank was tempted to establish the second one. But with peace negotiation beginning to occur between Britain and the U.S, President Madison pulled back a little. Before a greater economic deficit caused Madison to sign the idea of having a second bank. The problem was that as troubling as the start was, its existence could be argued as being more unstable. Through a series of bad leadership and management the bank had worsen many economic situations causing more public distrust. The bank charter was 20-years long like the first one and in 1832 with the charter expiration coming soon, the bank applied to renew the charter. The problem was President Andrew Jackson who had a problem with banks in general due to a personal event where the banks failed him. This combined with a decision that backfired cause the Second Bank of the U.S to shut down. The Second Bank of the U.S is located on Chestnut Street, between 4th and 5th Street in Philadelphia, although its function and ownership has changed throughout the years causing little to remain of the interior while the exterior remains mostly intact.
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History of Banking
Module 13 Lesson 2 Mastery Assignment
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