49 Facts About Bank War

Supporters of the Bank War regarded it as a stabilizing force in the economy due to its ability to smooth out variations in prices and trade, extend credit, supply the nation with a sound and uniform currency, provide fiscal services for the treasury department, facilitate long-distance trade, and prevent inflation by regulating the lending practices of state banks.

Bank War's veto message was a polemical declaration of the social philosophy of the Jacksonian movement that pitted "the planters, the farmers, the mechanic and the laborer" against the "monied interest", benefiting the wealthy at the expense of the common people.

Opponents of the Bank War defeated recharter by a single vote in both the House and Senate in 1811.

The federal government purchased a fifth of the Bank War's stock, appointed a fifth of its directors, and deposited its funds in the Bank War.

Bank War eventually began to call in loans, but nonetheless was removed by the Bank's directors.

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In Mississippi, the Bank War did not open branches outside of the city of Natchez, making small farmers in rural areas unable to make use of its capital.

In McCulloch v Maryland, the Supreme Court ruled that the Bank was both constitutional and that, as an agent of the federal government, it could not be taxed.

Biddle believed that the Bank had the right to operate independently from Congress and the Executive, writing that "no officer of the Government, from the President downwards, has the least right, the least authority" to meddle "in the concerns of the Bank".

Bank War did not win an electoral majority, which meant that the election was decided in the House of Representatives, which would choose among the top three vote-getters in the Electoral College.

Jackson himself, though naturally averse to the Bank War, had recommended the establishment of a branch in Pensacola.

Bank War signed a certificate with recommendations for president and cashier of the branch in Nashville.

The Bank War had largely recovered in the public eye since the Panic of 1819 and had grown to be accepted as a fact of life.

The Bank War printed much of the nation's paper money, which made it a target for supporters of hard money, while restricting the activities of smaller banks, which created some resentment from those who wanted easy credit.

Unfortunately for Biddle, there were rumors that the Bank War had interfered politically in the election of 1828 by supporting Adams.

Bank War approached Lewis in November 1829 with a proposal to pay down the national debt.

Bank War went on to argue that if such an institution was truly necessary for the United States, its charter should be revised to avoid constitutional objections.

The Bank War's currency circulated in all or nearly all parts of the country.

Jackson's statements against the Bank War were politically potent in that they served to "discharge the aggressions of citizens who felt injured by economic privilege, whether derived from banks or not".

Bank War helped finance and distribute thousands of copies of pro-B.

Bank War called for a substitute national bank that would be wholly public with no private stockholders.

Bank War denounced the Bank as a "moneyed tribunal" and argued for "a hard money policy against a paper money policy".

Bank War secretly worked with Biddle to create a reform package.

The report praised the Bank War's performance, including its regulation of state banks, and explicitly called for a post-1832 rechartering of a reconfigured government bank.

Bank War assured Blair that he had no intention of replacing him.

On January 6,1832, bills for Bank War recharter were introduced in both houses of Congress.

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The Bank War would have a new fifteen-year charter; would report to the Treasury Department the names of all of the Bank War's foreign stockholders, including the amount of shares they owned; would face stiff penalties if it held onto property for longer than five years, and would not issue notes in denominations of less than twenty dollars.

Jacksonians argued that the Bank War often cheated small farmers by redeeming paper with discounted specie, meaning that a certain amount was deducted.

Bank War believed that the Bank was unconstitutional and that the Supreme Court, which had declared it constitutional, did not have the power to do so without the "acquiescence of the people and the states".

Bank War characterized the B US as merely an agent of the executive branch, acting through the Department of the Treasury.

Jackson gave no credit to the Bank for stabilizing the country's finances and provided no concrete proposals for a single alternate institution that would regulate currency and prevent over-speculation—the primary purposes of the B US The practical implications of the veto were enormous.

Bank War stated that one fifth of the Bank's stockholders were foreign and that, because states were only allowed to tax stock owned by their own citizens, foreign citizens could more easily accumulate it.

Benton replied by criticizing the Bank War for being corrupt and actively working to influence the 1832 election.

Bank War had tens of thousands of Jackson's veto messages circulated throughout the country, believing that those who read it would concur in his assessment that it was in essence "a manifesto of anarchy" addressed directly to a "mob".

Bank War sent a letter of acceptance to Jackson on January 13,1833, and was sworn in on June 1.

Bank War presented five state-charted "pet" banks with drafts endorsed by the US Treasury totaling $2.

Bank War planned to use "external pressure" to compel the House to adopt the resolutions.

Bank War deliberately instigated a financial crisis to increase the chances of Congress and the President coming together in order to compromise on a new Bank charter, believing that this would convince the public of the Bank's necessity.

Bank War has millions of specie in his vaults, at this moment, lying idle, and yet you come to me to save you from breaking.

When House committee members, as dictated by Congress, arrived in Philadelphia to investigate the Bank War, they were treated by the Bank War's directors as distinguished guests.

The national economy following the withdrawal of the remaining funds from the Bank War was booming and the federal government through duty revenues and sale of public lands was able to pay all bills.

Bank War claimed that with the President dead, "money would be more plenty", and that he "could not rise until the President fell".

Bank War drew black lines through the text recording the censure and beside it wrote: "Expunged by order of the Senate, this 16th day of January, 1837".

In February 1836, the Bank War became a private corporation under Pennsylvania commonwealth law.

The Bank War's directors raised interest rates from three to five percent and restricted some of the open trade practices that they had previously granted to American import merchants.

Bank War has proven to be a controversial subject in the scholarly community long after it took place.

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Richard Hofstadter accepts that the Bank had too much power to interfere in politics but excoriates Jackson for making war on it.

Bank War had caused Biddle to create one depression and the pet banks to aggravate a second, and he had left the nation committed to a currency and credit system even more inadequate than the one he had inherited.

Bank War praises the Bank and Biddle's conduct, claiming that Jackson's war on it created a periodic of economic instability that would not be remedied until the creation of the Federal Reserve in 1913.

Daniel Walker Howe criticizes Jackson's hard money policies and claims that his war on the Bank "brought little if any benefit" to the common men who made up the majority of his supporters.