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Intro to the Bank of the United States

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1 Intro to the Bank of the United States
Andrew Jackson Intro to the Bank of the United States

2 The1st National Bank Chartered by the Department of the Treasury
Alexander Hamilton Became First National Bank of U.S. in 1791 Bank met financial needs of federal government Main goal Pay off the Revolutionary War debt Charter expired in 1811

3 2nd National Bank Seen by James Madison a way to uniform the currency
Chartered in 1816 Given a 20 year charter Private bank/NOT PUBLIC U.S. was unable to finance country after the War of 1812 Part of Henry Clay’s American System Private business invested money into the bank and it loaned money out Federal government deposited funds into it Bank set policies that controlled nation’s economy Mandated small bank loans Strict policies made loans difficult to obtain for western settlers

4 Political Alliances Bank president Nicholas Biddle pushed the bank for early renewal 1832 instead of 1836 Sought an ally in presidential candidate Henry Clay & Senator Daniel Webster Henry Clay intended to use it in the election against Jackson Hoped to ruin Jackson if the renewal bill was vetoed Biddle Clay Jackson Webster

5 Will Jackson Veto the Bank?
Why did Biddle want to present Jackson with a bank renewal before it expired? Would you risk your chance at winning an election to make a point? Who first questioned the constitutionality of the National Bank? What court case stated that the bank is in fact constitutional?

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