About: Banking in the Jacksonian Era

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The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The Second Bank of the United States was headquartered in Carpenter's Hall, Philadelphia, the same as the First Bank, and had branches throughout the nation. The Second Bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently, the credit and borrowing status of the United States was at its lowest level since its founding.

Attributes	Values
rdfs:label	Banking in the Jacksonian Era (en)
rdfs:comment	The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The Second Bank of the United States was headquartered in Carpenter's Hall, Philadelphia, the same as the First Bank, and had branches throughout the nation. The Second Bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently, the credit and borrowing status of the United States was at its lowest level since its founding. (en)
dcterms:subject	Presidency of Andrew Jackson Economic history of the United States History of banking in the United States
Wikipage page ID	48337073 (xsd:integer)
Wikipage revision ID	1113083565 (xsd:integer)
Link from a Wikipage to another Wikipage	President of the United States Democratic Party (United States) History of central banking in the United States United States Depository institution Inflation Jacksonian Democrats Panic of 1837 Class conflict Coin Presidency of Andrew Jackson Andrew Jackson Arthur M. Schlesinger, Jr. Specie Circular Economic history of the United States Bank War War of 1812 Whig Party (United States) Credit First Bank of the United States North Carolina Carpenter's Hall Hard times token Jacksonian democracy Financier Pet banks History of banking in the United States Misnomer Philadelphia South Carolina Executive order (United States) Michigan Nicholas Biddle Second Bank of the United States
Link from a Wikipage to an external page	http://harrisschool.uchicago.edu/Academic/workshops/pol_econ_papers/Grynaviski.pdf). https://web.archive.org/web/20110604181219/http:/www.questia.com/PM.qst%3Fa=o&d=960190 https://www.questia.com/PM.qst%3Fa=o&d=960190 http://eh.net/bookreviews/library/sylla.shtml)
sameAs	Banking in the Jacksonian Era Banking in the Jacksonian Era
dbp:wikiPageUsesTemplate	dbt:No_footnotes dbt:Portal dbt:Short_description dbt:Webarchive
date	2011-06-04 (xsd:date)
url	https://web.archive.org/web/20110604181219/http:/www.questia.com/PM.qst%3Fa=o&d=960190
has abstract	The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The Second Bank of the United States was headquartered in Carpenter's Hall, Philadelphia, the same as the First Bank, and had branches throughout the nation. The Second Bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently, the credit and borrowing status of the United States was at its lowest level since its founding. The charter of the Second Bank of the United States (B.U.S.) was for 20 years and therefore up for renewal in 1836. Its role as the depository of the federal government's revenues made it a political target of banks chartered by the individual states who objected/envied the B.U.S.'s relationship with the central government. Partisan politics came heavily into play in the debate over the renewal of the charter. "The classic statement by Arthur Schlesinger was that the partisan politics during the Jacksonian period was grounded in class conflict. Viewed through the lens of party elite discourse, Schlesinger saw inter-party conflict as a clash between wealthy Whigs and working class Democrats." (Grynaviski) President Andrew Jackson strongly opposed the renewal of its charter, and built his platform for the election of 1832 around doing away with the Second Bank of the United States. Jackson's political target was Nicholas Biddle, financier, politician, and president of the Bank of the United States. Apart from a general hostility to banking and the belief that specie (gold and/or silver) were the only true monies, Jackson's reasons for opposing the renewal of the charter revolved around his belief that bestowing power and responsibility upon a single bank was the cause of inflation and other perceived evils. During September 1833, President Jackson issued an executive order that ended the deposit of government funds into the Bank of the United States. After September 1833, these deposits were placed in the state chartered banks, commonly referred to as Jackson's "pet banks". While it is true that 6 out of the 7 initial depositories were controlled by Jacksonian Democrats, the later depositories, such as the ones in North Carolina, South Carolina, and Michigan, were run by managers who opposed Jacksonian politics. It is probably a misnomer to label all the state chartered repositories “pet banks”. (en)
prov:wasDerivedFrom	wikipedia-en:Banking_in_the_Jacksonian_Era?oldid=1113083565&ns=0
page length (characters) of wiki page	4806 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Banking_in_the_Jacksonian_Era
is Link from a Wikipage to another Wikipage of	Jacksonian democracy Banking in the jacksonian era Second Bank of the United States
is Wikipage redirect of	Banking in the jacksonian era
is foaf:primaryTopic of	wikipedia-en:Banking_in_the_Jacksonian_Era

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