Second Bank of the United States

From open-encyclopedia.com - the free encyclopedia.

The Second Bank of the United States was founded in 1816, five years after the expiration of the First Bank of the United States and the chaos that ensued. This second bank was patterned after the first. The legality of the Bank was upheld in the 1819 Supreme Court of the United States case McCulloch v. Maryland that also declared null and void any state law contrary to a federal law made in pursuance of the Constitution.

However, renewal of the Second Bank of the United States was vetoed on July 10, 1832 by Andrew Jackson, so it declined until 1836. Henry Clay and Nicholas Biddle had made the Bank a campaign issue. Tensions were still very high when on August 16, 1841 then President John Tyler vetoed a bill that called for the re-establishment of the Second Bank of the United States. This sparked a massive riot outside the White House from enraged Whig Party members.

External Links

• Jackson's veto message
• Andrew Jackson on the Web : Bank of the United States

References

• Andrew Jackson and the Bank War by Robert V. Remini ISBN 0393097579
• The Life of Andrew Jackson by Robert V. Remini ISBN 0060937351