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An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established. While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.
President Andrew Jackson fought many battles, but equally important, in the 1830s he campaigned passionately to limit the power of the federal government and that of the central bank. He argued vehemently that the Bank gave privilege and unfair advantage to the elite few at the expense of the public. The events retold in this book foreshadowed some of the conflicts dividing the U.S. today. Questions about how much power the President ought to have and how much the central bank could exercise in controlling the economy riled the nation. The Senate session of the 23rd Congress (often called the “Panic Session”) served as the main arena for two battles: what form the American presidency would take and the economic direction the country would follow. This became the most crucial political debate during the antebellum period, outside of the slavery issue. Offering a deep analysis of the arguments put forth by Jackson’s Senate allies and their opponents, this book fills an important void. These debates are crucial to understanding the formation of the second party system, the evolution of the presidency under Jackson, and the economic direction the country took as it spiraled uncontrollably towards the Civil War. The debates of the session are often condensed down to the words of Senate giants such as Henry Clay, John C. Calhoun, and Daniel Webster, but this book argues that others’ contributions to the session were equally significant. The Bank War altered the economic course the country had followed since its birth, but further, the manner in which Jackson waged the war forever changed the nature and power of the American president, as well as its relationship to the people.
Examines Jackson's role in destroying the Second Bank of the United States and the effect of his actions on the power of the Presidency
The Battle over the Charter of the Second Bank of the United States and Its Lasting Impact on the American Economy Late one night in July 1832, Martin Van Buren rushed to the White House where he found an ailing President Andrew Jackson weakened but resolute. Thundering against his political antagonists, Jackson bellowed: "The Bank, Mr. Van Buren, is trying to kill me, but I shall kill it!"With those famous words, Jackson formally declared "war" against the Second Bank of the United States and its president Nicholas Biddle. The Bank of the United States, which held the majority of Federal monies, had been established as a means of centralizing and stabilizing American currency and the economy, particularly during the country's vulnerable early years. Jackson and his allies viewed the bank as both elitist and a threat to states' rights. Throughout his first term, Jackson had attacked the bank viciously but failed to take action against the institution. Congress' decision to recharter the bank forced Jackson to either make good on his rhetoric and veto the recharter or sign the recharter bill and be condemned as a hypocrite. In The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance, historian Paul Kahan explores one of the most important and dramatic events in American political and economic history, from the idea of centralized banking and the First Bank of the United States to Jackson's triumph, the era of "free banking," and the creation of the Federal Reserve System. Relying on a range of primary and secondary source material, the book also shows how the Bank War was a manifestation of the debates that were sparked at the Constitutional Convention--the role of the executive branch and the role of the federal government in American society--debates that endure to this day as philosophical differences that often divide the United States.
Alexander Hamilton was an American revolutionary, statesman, and Founding Father of the United States. In this report of 1791, he advocated a national bank called the Bank of the United States, modeled after the Bank of England. Hamilton believed that a national bank was required to stabilize and improve the nation's credit and to improve the financial order, clarity, and precedence of the United States government under the newly legislated Constitution.
President Andrew Jackson’s conflict with the Second Bank of the United States was one of the most consequential political struggles in the early nineteenth century. A fight over the bank’s reauthorization, the Bank War provoked fundamental disagreements over the role of money in politics, competing constitutional interpretations, equal opportunity in the face of a state-sanctioned monopoly, and the importance of financial regulation—all of which cemented emerging differences between Jacksonian Democrats and Whigs. As Stephen W. Campbell argues here, both sides in the Bank War engaged interregional communications networks funded by public and private money. The first reappraisal of this political turning point in US history in almost fifty years, The Bank War and the Partisan Press advances a new interpretation by focusing on the funding and dissemination of the party press. Drawing on insights from the fields of political history, the history of journalism, and financial history, The Bank War and the Partisan Press brings to light a revolving cast of newspaper editors, financiers, and postal workers who appropriated the financial resources of preexisting political institutions and even created new ones to enrich themselves and further their careers. The bank propagated favorable media and tracked public opinion through its system of branch offices, while the Jacksonians did the same by harnessing the patronage networks of the Post Office. Campbell’s work contextualizes the Bank War within larger political and economic developments at the national and international levels. Its focus on the newspaper business documents the transition from a seemingly simple question of renewing the bank’s charter to a multisided, nationwide sensation that sorted the US public into ideologically polarized political parties. In doing so, The Bank War and the Partisan Press shows how the conflict played out on the ground level in various states—in riots, duels, raucous public meetings, politically orchestrated bank runs, arson, and assassination attempts. The resulting narrative moves beyond the traditional boxing match between Jackson and bank president Nicholas Biddle, balancing political institutions with individual actors, and business practices with party attitudes.
Reveals how the Rothschild Banking Dynasty fomented war and assassination attempts on 4 presidents in order to create the Federal Reserve Bank • Explains how the Rothschild family began the War of 1812 because Congress failed to renew a 20-year charter for their Central Bank as well as how the ensuing debt of the war forced Congress to renew the charter • Details Andrew Jackson’s anti-bank presidential campaigns, his war on Rothschild agents within the government, and his successful defeat of the Central Bank • Reveals how the Rothschilds spurred the Civil War and were behind the assassination of Lincoln In this startling investigation into the suppressed history of America in the 1800s, Xaviant Haze reveals how the powerful Rothschild banking family and the Central Banking System, now known as the Federal Reserve Bank, provide a continuous thread of connection between the War of 1812, the Civil War, the financial crises of the 1800s, and assassination attempts on Presidents Jackson and Lincoln. The author reveals how the War of 1812 began after Congress failed to renew a 20-year charter for the Central Bank. After the war, the ensuing debt forced Congress to grant the central banking scheme another 20-year charter. The author explains how this spurred General Andrew Jackson--fed up with the central bank system and Nathan Rothschild’s control of Congress--to enter politics and become president in 1828. Citing the financial crises engineered by the banks, Jackson spent his first term weeding out Rothschild agents from the government. After being re-elected to a 2nd term with the slogan “Jackson and No Bank,” he became the only president to ever pay off the national debt. When the Central Bank’s charter came up for renewal in 1836, he successfully rallied Congress to vote against it. The author explains how, after failing to regain their power politically, the Rothschilds plunged the country into Civil War. He shows how Lincoln created a system allowing the U.S. to furnish its own money, without need for a Central Bank, and how this led to his assassination by a Rothschild agent. With Lincoln out of the picture, the Rothschilds were able to wipe out his prosperous monetary system, which plunged the country into high unemployment and recession and laid the foundation for the later formation of the Federal Reserve Bank--a banking scheme still in place in America today.