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Establishment of Second National Bank
President Madison signed into effect the creation of a second National Bank after seeing that they needed one for the country to thrive, as well as controlling the issues that were prevolent in the states notes. -
Second National Bank Opens
The Second National Bank opens up in Philadelphia with a twenty year charter on it. William Jones is named the president of the bank. -
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First President of Second Bank
William Jones became the first president of the Second National Bank. Jones eventually ran the economy into the financial panic by offering too much credit all at once, then undoing it way too fast again. Jones resigned in 1819 and Langdon Cheves took over as president. -
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Last President of Second Bank
Nicholas Biddle was elected as president of the Second National Bank in 1825. Biddle helped to grow the country economically when he took over as president. -
Request to Renew Bank Charter
A request to renew the charter for the National Bank to continue was sent to the goernment four years before it was to expire. The request made it through the House and the Senate, but ultimately was vetoed by President Jackson. -
Jackson Announces End of Second National Bank
Jackson announces that the National Bank was against the Constitution, undermines the rights of the states, and was dangerous to the people’s rights as well. The National Bank closed in 1836. -
1840 Election and the Bank
After becoming president in 1841 after President Harrison passed away in office, John Tyler became president. While serving, he vetoed two bills that would have reestablished a national bank.