Andrew Jackson vs. Nicolas Biddle and the Second Bank of the

This name, however, was very misleading. "The BankaE, as it was referred to, was actually under private control; stock was held by both domestic and foreign investors. Congress chartered the bank for twenty years in 1816, which "enabled the two separate entities to share in financial ventures which would have proven to be mutually prosperousaE (D'Urso 4). The Bank had served regular commercial banking purposes but also acted as the collection and disbursement agent for the federal government, which held one-fifth of its thirty-five-million-dollar capital stock (Weisberger 1).The Bank was a storehouse for public funds, and could use these funds for its own purposes without paying interest. It could issue bank notes, was not required to pay state taxes, and it was understood that Congress was not to charter any comparable institution (D'Urso 4). From the day it was created it faced serious problems -- private business could not be clearly or easily separated from its public functions. According to Weisberger, "as the holder of the fast-growing nation's swelling revenues it had the biggest reserves and readily became the most powerful lending institution in the land -- a


 
 
 
 
 
 
Some topics in this essay:
Bank Ultimately, Bank United, Andrew Jackson,



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