Which of the following events most directly caused the formation of the Second Bank of the US?
 The establishment of what became known as the Second Bank of the United States can be traced to the actions of several men John Jacob Astor, David Parish, Stephen Girard, and Jacob Barker; Alexander Dallas (become secretary of the Treasury in 1814) and Rep. John C. Calhoun of South Carolina. Show A petition signed by businessmen from New York City was sent to Congress in 1814 urging them to create a second national bank and twice that year Calhoun introduced bills to create a bank, though neither passed. President James Madison supported the creation of a second Bank as a way to finance the war with Britain but with peace negotiations he pulled back. However, the war had hurt the economy and in April 10, 1816 (14 Stats. 266) Madison signed the act establishing the second Bank of the United States with a 20 year charter. In January 1817 the Bank opened for business opened in Philadelphia with William Jones as its first president though he resigned that same year. He as followed by Langdon Cheves and in 1823 Nicholas Biddle. Much of the structure and mission differed little from its immediate predecessor but its reach was much broader—it ended up with 25 branches throughout the country. The first few years there was hostility toward the bank but that diminished somewhat. However, the fight over the Bank began again in 1828 with the election of Andrew Jackson as president, though it really heated up when he was reelected in 1832. Beginning in 1832 a series of events signaled the end for the Bank - often referred to as the Bank War. On July 10, 1832 External President Andrew Jackson vetoed the re-chartering of the Bank, in 1833 federal deposits were removed, in April 1834, Congress could not override the President's veto, and by 1836 it was over. In February 1836, the bank became a private corporation under the Commonwealth of Pennsylvania law. External There would be no central bank until after a commission investigating the Panic of 1907 led to the creation of the Federal Reserve System in 1913. One lasting impact of the Second Bank came in 1819 when the Supreme Court decided in McCulloch v. Maryland (17 U.S. (4 Wheat.) 316 (1819)). This case was focused around the question of whether the state could tax the federal government. The answer according to the decision was no, but the decision ultimately established that the "Necessary and Proper" Clause of the Constitution gives the federal government certain implied powers not explicitly enumerated in the Constitution, and that the American federal government is supreme over the states.
Why did the United States created the Second Bank of the United States quizlet?Why did the United States create the Second Bank of the United States? The United States wanted to pay for debt accumulated after the War of 1812.
What did the Second Bank of the US do?It had much in common with its forerunner, including its functions and structure. It would act as fiscal agent for the federal government — holding its deposits, making its payments, and helping it issue debt to the public — and it would issue and redeem banknotes and keep state banks' issuance of notes in check.
What was the Second Bank of the United States Apush?The Second Bank of the United States was the second federally authorized Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, it was chartered from February 1816 to January 1836.
Who created the Second Bank of the United States quizlet?Terms in this set (28) Why did Congress set up the second Bank of the United States? Congress set up the Bank in 1816 to hold the federal governments money and to control the nation's money supply. President Jackson disliked the Second Bank even before he was president.
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