America’s Second National Bank President
Nicholas Biddle was a genius who was wrongly accused in 1837. He was born into wealth but he made his own path in the United States. His genius was recognized by President James Monroe and he was assigned to be the Federal Government Director of the Second United States National Bank also called B.U.S by Nicholas Biddle. Soon after being the Federal Government Director he would become the President the Second United States Nation bank started by President Monroe.
Nicolas Biddle was a person who wore man hats. He was accomplished in literature as well as finance to politics. Nicolas Biddle was the country's first central banker, and he was a master of his trade. Nicholas Biddle was people who always succeed in any venture he tried. He had “a fatal self-confidence, a disposition to underrate the opponents and a lack of political immigration.”(Taylor 78) This false sense of always succeed that was his down fall in the end.
Early Life
Nicholas Biddle was born January 8th of 1786 in Philadelphia, Pennsylvania. He comes from a line of prominent people in the United States. “Nicholas father, Charles Biddle had been the vice president of the Supreme Executive Council of Pennsylvania. His mother was Hannah Shepherd Biddle.” () Nicholas Biddle was also named after his uncle with the same. His uncle was a famous revolutionary war general who died in battle. His older brother Thomas Biddle was a War of 1812 hero. His brother, Thomas Biddle was also named after an uncle with the same name who was a very famous financial broker.
Nichols Biddle was born ahead of his peer. “He was a brilliant student and writer; he entered the University of Pennsylvania at age 10” (). He was not allowed to obt...
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...and silver” (295 Davidson et al.) such as Andrew Jackson. Andrew Jackson took all of the government Federal deposits out of the bank and in the end it put a strain on the National Bank. The bank failed to be re-charted by congress.
After this Biddle retired in 1839 after Van Buren depression when inflation with banks printing their own money since there was no national bank to monitor the printed money. When Biddle retired the bank claimed the “bank he owed “an over-advance” of about 320,000” ( Taylor 65).He won this case and many others that followed that claimed he stole or misused banks money. Many of them were thrown out because they had lack of evidence to prove that any of this happened.
After the bank failed of recharger, Biddle operated it as a private bank until it is down fall in 1841. He moved to Delaware and was able to publish many books and
Robert Fulton, Edward K. Collins and Samuel Cunard are a few political entrepreneurs, that Folsom tells about. All three of these men worked in the steamboat industry and received federal aid to run their businesses. Also, they all had high prices for passenger fair and mail postage. Unfortunately, Cornelius Vanderbilt, a market entrepreneur, defeated Fulton, Collins and Cunard.
Andrew Jackson didn’t like the bank, he thought it was evil. In his mind he saw that the bank only helped the wealthy people. The president of the 2nd bank was Nicholas Biddle. He always challenged Jackson’s investigations of the bank. Andrew Jackson takes $ and puts it in state banks. The Inflation leads to the Panic of 1837.
The issue of whether or not America should have a National Bank is one that is debated throughout the whole beginning stages of the modern United States governmental system. In the 1830-1840’s two major differences in opinion over the National Bank can be seen by the Jacksonian Democrats and the Whig parties. The Jacksonian Democrats did not want a National Bank for many reasons. One main reason was the distrust in banks instilled in Andrew Jackson because his land was taken away. Another reason is that the creation of a National Bank would make it more powerful than...
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When he was fifteen years old, his mother died from appendicitis. From fifteen years of age to his college years, he lived in an all-white neighborhood. From 1914-1917, he shifted from many colleges and academic courses of study as well as he changed his cultural identity growing up. He studied physical education, agriculture, and literature at a total of six colleges and universities from Wisconsin to New York. Although he never completed a degree, his educational pursuits laid the foundation for his writing career.
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The Second Bank of the United States was a corporation controlled by Congress to ensure a national paper currency, and manage government's banking. Similar to Thomas Jefferson, Jackson believed such a bank to be dangerous and corrupt. In 1832, he vetoed a bill to extend the Bank's charter beyond its scheduled expiration in 1836. Jackson's veto mess...
He believed the bank and those who controlled it had too much power and could ruin the country financially for their own gains. In 1833, Jackson fired his Treasury Secretary for refusing to remove deposits from the Second Bank and became the only President censured by the Senate for his actions, although the censure was expunged at the end of his second term. In January 1835, Jackson paid off the entire national debt, the only time in U.S. history that has been accomplished. However, in 1837, depression ensued and the national debt rose
In the summer of 1832 and Congress renewed the Bank’s charter even though it wasn’t due until 1836. Jackson hesitated to approve of the charter, so Henry Clay and Nicholas Biddle went on the offensive to attempt to persuade Jackson to pass the bill. Jackson, having had his opinion on the banks cemented by Clay’s presence in the organization, then committed to de-establishing the Second National Bank. He waged war against Biddle in particular to make sure Biddle lost power. He vetoed the bank bill, and after winning the race to be reelected, he closed Biddle’s bank. He ordered his Secretary of the Treasury to move money from the Second National Bank to smaller, state banks. When Congress returned from its summer recess, it censured him for his actions. In 1836, Bank of US was dead, and the new democratic-congressmen expunged Jackson’s censure. Because Jackson had no formal plan for managing the nation’s funds after the Second National Bank closed, it caused problems in Van Buren’s administration. He destroyed the Bank of the United States, in the main, for personal reasons. Jackson hated the bank before his presidency because as a wealthy land and slave owner he had lost money due to its fiscal policies. He believed that Congress had no right under the constitution to charter a
In fighting against an aristocratic economic overtake, like many before, the Jacksonian Democrats were vehemently opposed to the encroachment upon individual economic equality. For Andrew Jackson, that threat was the Second Bank of the United States. Criticizing the National Bank because, “it appears that more than a fourth part of the stock is held by foreigners and the ...
The bank would be more for the rich and the foreign, but have no benefits for the poor. Jackson’s political rival, Daniel Webster, believes that this letter from Jackson showed just how evil Jackson was. Webster does not think Jackson was vetoing for the good of the people, but to ‘stir the pot’. By Jackson sending this letter, it causes a stir between the rich and the poor. The poor would feel imbalanced against the poor, and arguments would rush out.
The use of Richard Hoggart’s The Uses of Literacy in this story is very thought-provoking. While we are presented with the image of a young Richard Rodriguez and his struggle to deal with his education and family life. We are also presented Hoggart’s image of the “Scholarship boy” the student who has ...
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