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Dec 15, 2009 · Panic of 1837 The charter of the Second Bank of the United States expired in 1836, and a defeated Biddle accepted an offer from Pennsylvania to turn it into a state-chartered bank.
- 4 min
Nov 16, 2009 · In September 1833, in his final act of the Bank War, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known...
- Missy Sullivan
- 4 min
The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded. The panic had both domestic and foreign origins.
The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks.
The Second Bank of the United States (SBUS), itself deeply enmeshed in these inflationary practices, sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818.
May 23, 2018 · The Panic of 1819 affected the nation in a variety of complex ways. Because of its origins in contractions by both state banks and the new Bank of the United States, hostility towards banking in general, and towards the second bank in particular, intensified.
The nation made its second attempt at creating a central bank in 1816 following an economic downturn. But, like its predecessor, the institution’s charter was not renewed. ×
