Biddle took no responsibility for the financial crisis.
He then made a very bad decision. Biddle asked the governor of Pennsylvania to make a speech supporting the bank. At the same time, Biddle refused to lend the state of Pennsylvania $300,000.
The governor was furious. Instead of making a speech supporting the bank, he made one that sharply criticized it.
Two days later, the governor of New York proposed that the state sell $4 or $5 million of stock for loans to help state banks. The New York legislature approved selling even more.
Strengthening state banks helped break the power of the Bank of the United States. Nicholas Biddle began to see that the battle was lost. He started making more loans to businesses. The economic panic slowly ended.
Jackson's victory over the Bank of the United States was clear. Biddle started to lose the support of many members of Congress. In the House of Representatives, James Polk proposed four resolutions about the bank. One said the bank should not get a new charter in 1836.
The second resolution said government money should not be deposited in the bank.The third said the government should continue to put its money in state banks. And the fourth proposed an investigation of the bank and the reasons for the economic panic in the country. All four of these anti-bank resolutions were approved.
One of Biddle's aides described the feelings of bank officials. This day, he said, should be ripped from the history of the republic. He said the president of the United States had seized the public treasury and the representatives of the people had approved it.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25