feb 1, 1811 - Closure of the National Bank
Description:
In need of a renewal vote, the National Bank was voted on in Congress in 1811. In a tie-breaking vote cast by George Clinton, the Vice President, the bank was closed in February of 1811. While the long-term consequences seemed dire, state banks were actually a large motivation behind the closure. Due to the increasing population of state banks and anti-federalist concerns over too much power in the federal government (National Bank), the renewal failed. This allowed for people to get their financial resources from their local states, and more flexibility throughout different sections of the US in regards to financial operations.
Added to timeline:
Antebellum America Critical Events Timeline (Work, Exchange, and Technology) #11
By Sourav Mahanty
Period 5
Date:
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