Historian Bray Hammond notes that at the time, the Bank of the United States was the richest corporation in the world.
The Bank of the United States also printed the country’s paper money. And it was the only bank permitted to have offices across the nation.
By making it easy or difficult for businesses to borrow money, the bank’s owners could control the economy in almost any part of the United States.
“What this means is that you are granting -- and Congress did grant -- exclusive privileges to the Bank of the United States, which meant exclusive money-making opportunities to its stockholders.”
Historian Daniel Feller explains that the Bank of the United States helped the government to do its business effectively and efficiently. But it also helped the people who owned stock in the bank.
Nicholas Biddle
During Jackson's presidency, a man named Nicholas Biddle led the Bank of the United States. Biddle was an extremely intelligent man. He had completed his studies at the University of Pennsylvania when he was only 13 years old. When he was 18, he was sent to Paris as secretary to the American minister.
During America's war with Britain in 1812, Biddle helped establish the Bank of the United States. He became its president when he was only 37 years old.
Biddle clearly understood his power as president of the Bank of the United States. In his mind, the government had no right to interfere in any way with the bank's business.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25