of the United States
Definition: Name of the
first and second federal banks in American history. The
brainchild of Alexander Hamilton, the Bank of the U.S. was
set up to handle the monetary affairs of the federal
government. The first bank was in existence from 1791 to
1811. The head office was in Philadelphia, and eight other
cities had branch banks. Certain of the bank's policies
angered state banks, farmers, and people from the West.
Opposition grew so fierce that the Bank's charter was not
renewed in 1811, despite support from President James
Madison. After the War of 1812 proved yet again that the
federal government needed a central bank, Congress granted a
charter for the Second Bank of the United States. This bank
functioned much like the first one (with 25 branch offices)
and met with much the same opposition from state banks,
farmers, and people from the West. One of these Westerners,
Andrew Jackson, was elected president in 1828. He detested
the Bank of the U.S. and wanted it done away with. He
finally succeeded in 1836.
Find out more about the period between the signing of the
Constitution and the year 1800.
Get a glimpse of what life was like in the exciting
on the Web:
Entry: Bank of the United
Just the facts about the first two federal banks.
the United States Bank Was Closed, by Andrew
the man better by reading his own words.
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