-
Charter of the 2nd Bank
The establishment of the second bank was carried out in 1816 after the failure of the first and was signed off by President James Madison. Much like the first, this bank served as a way to stabilize the country's economy. -
T.H Benton's Speech
The bank caused a lot of controversy. Thomas Hart Benton, the senator of Missouri, gave a speech against the bank, argued for hard money against paper money, and wanted a debate on rechartering the bank. -
Panic of 1837
The Panic of 1837 was one of the first national financial crises in the United States. Because of the expiration of the second national bank ending in 1837, Biddle, the president of the bank, turned it into a state-chartered bank, and states essentially started going into a lending spree with money. This led to a very bad road of inflation and many banks closing.