Andrew Jackson was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as a general in the U.S. Army and served in both houses of the U.S. Congress. Although often praised as an advocate for ordinary Americans and for his work in preserving the union of states, Jackson has also been criticized for his racial policies, particularly his treatment of Native Americans.
The Second Bank of the United States was the second federally authorized Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January 1836. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President Directors and Company of the Bank of the United States". While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government.
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act of 1834. It required payment for government land to be in gold and silver.
The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded.
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy.
Nicholas Biddle was an American financier who served as the third and last president of the Second Bank of the United States. Throughout his life Biddle worked as an editor, diplomat, author, and politician who served in both houses of the Pennsylvania state legislature. He is best known as the chief opponent of Andrew Jackson in the Bank War.
The United States twenty-dollar bill ($20) is a denomination of U.S. currency. A portrait of Andrew Jackson, the seventh U.S. president (1829–1837), has been featured on the obverse of the bill since 1928; the White House is featured on the reverse.
This history of central banking in the United States encompasses various bank regulations, from early wildcat banking practices through the present Federal Reserve System.
Wildcat banking was the issuance of paper currency in the United States by poorly capitalized state-chartered banks. These wildcat banks existed alongside more stable state banks during the Free Banking Era from 1836 to 1865, when the country had no national banking system. States granted banking charters readily and applied regulations ineffectively, if at all. Bank closures and outright scams regularly occurred, leaving people with worthless money.
Hard money policies support a specie standard, usually gold or silver, typically implemented with representative money.
The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems. It was created on August 6, 1846 by the 29th Congress, with the enactment of the Independent Treasury Act of 1846. It was expanded with the creation of the national banking system in 1863. It functioned until the early 20th century, when the Federal Reserve System replaced it. During this time, the Treasury took over an ever-larger number of functions of a central bank and the U.S. Treasury Department came to be the major force in the U.S. money market.
The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks.
The presidency of Andrew Jackson began on March 4, 1829, when Andrew Jackson was inaugurated as President of the United States, and ended on March 4, 1837. Jackson, the seventh United States president, took office after defeating incumbent President John Quincy Adams in the bitterly contested 1828 presidential election. During the 1828 presidential campaign, Jackson founded the political force that coalesced into the Democratic Party during Jackson's presidency. Jackson won re-election in 1832, defeating National Republican candidate Henry Clay by a wide margin. He was succeeded by his hand-picked successor, Vice President Martin Van Buren, after Van Buren won the 1836 presidential election.
Hard-times tokens are American large or half cent-sized copper tokens, struck from about 1833 through 1843, serving as unofficial currency. These privately made pieces, comprising merchant, political and satirical pieces, were used during a time of political and financial crisis in the United States.
The state Bank of Indiana was a government chartered banking institution established in 1833 in response to the state's shortage of capital caused by the closure of the Second Bank of the United States by the administration of President Andrew Jackson. The bank operated for twenty-six years and allowed the state to finance its internal improvements, stabilized the state's currency problems, and encouraged greater private economic growth. The bank closed in 1859. The profits were then split between the shareholders, allowing depositors to exchange their bank notes for federal notes, and the bank's buildings and infrastructure were sold and reincorporated as the privately owned Second Bank of Indiana.
The Coinage Act of 1834 was passed by the United States Congress on June 28, 1834. It raised the silver-to-gold weight ratio from its 1792 level of 15:1 to 16:1 thus setting the mint price for silver at a level below its international market price.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
This article is about the history of monetary policy in the United States. Monetary policy is associated with interest rates and availability of credit.
The Forstall System was a banking system developed by Edmund J. Forstall in 1842 and used until the end of the Civil War. After the Panic of 1837, banks underwent two main reformations. New York adapted a free banking system while Louisiana set up a banking system with specie reserve requirements. The Forstall System propelled Louisiana to economic maturity with its sound and credible banking system. It has been called one of the building blocks of the modern financial system still in place today.
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.
