Biddle had the Bank curtail loans throughout the nation—they went down by eighteen million dollars in a few months—and demand the immediate redemption of state bank notes in specie as fast as possible. Originally, wealth was measured in precious metals of gold, silver, or copper. The Bank War : Andrew Jackson, Nicholas Biddle, and the Fight for American Finance. the bank can make loans. The Bank War, according to Kahan, was a conflict between democratic accountability on the one hand (Jackson) and technocratic expertise on the other (Biddle). Nicholas Biddle (January 8, 1786 – February 27, 1844) was an American financier who served as the third and last president of the Second Bank of the United States (chartered 1816–1836). In doing so, The Bank War and the Partisan Press shows how the conflict played out on the ground level in various states--in riots, duels, raucous public meetings, politically orchestrated bank runs, arson, and assassination attempts. President Andrew Jackson’s protracted conflict with Nicholas Biddle, known colloquially as the “Bank War,” endures as a seminal chapter in the nation’s political and economic history. 2020-07-10. In The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance, historian Paul Kahan explores one of the most important and dramatic events in American political and economic history, from the idea of centralized banking and the First Bank of the United States to Jackson’s triumph, the era of “free banking,” and the creation of the Federal Reserve System. Biddle retaliated by making it more difficult for businesses and others to get the money they needed. He is best known for his role in the Bank War. T able of Contents Section Name Page Number Introduction 1 Beginnings Andrew Jackson 3 Nicholas Biddle 7 Central Banking First Bank of the United States 11 Henry Clay and the American System 13 Second Bank of the United States 14 The Bank War Begins 18 Arguments Against, and the Veto 21 Clay, Webster, and Arguments For 28 The Election of 1832 33 The War Rages On Removing the Deposits 35 … Money supply has a mixed history. Most troubling to me was that Kahan didn’t provide footnotes for long sections of his book. during the presidency of Andrew Jackson (1829–1837). An enemy to Jackson just by association with the Second Bank, Biddle applied for the Bank’s re-charter four years early, believing that if Jackson were to veto the charter, the common people would be outraged and it would cost Jackson his re-election. Cheves resigned in 1823 and was replaced by Nicholas Biddle. The Bank War was prompted in part by the political ambitions of Henry Clay. The affair resulted in the shutdown of the Bank and its replacement by state banks. In The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance, historian Paul Kahan explores one of the most important and dramatic events in American political and economic history, from the idea of centralized banking and the First Bank of the United States to Jackson's triumph, the era of "free banking," and the creation of the Federal Reserve System. He was a much better choice. Biddle's work as a banker has been extensively treated in Ralph C. H. Catterall, The Second Bank of the United States (1903); Fritz Redlich, The Molding of American Banking: Men and Ideas (2 vols., 1947-1951); Walter B. Smith, Economic Aspects of the Second Bank of the United States (1953); and Bray Hammond, Banks and Politics in America from the Revolution to the Civil War (1957). Money supply has a mixed history. American Minute with Bill Federer. STUDY. How did Jackson feel about the bank? PLAY. Nicholas Biddle. The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance: Kahan, Paul: Amazon.com.au: Books The central political struggle of the Age of Jackson was the president’s war on the Bank of the United States. Originally, Jackson did not want to completely shut down the bank; rather, he sought to bring the bank under his control. These actions subjected the Bank to public criticism. Jackson’s veto was only one part of the war on the “monster bank.” In 1833, the president removed the deposits from the national bank and placed them in state banks. c. Nicholas Biddle d. Charles Winchester. In "The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance, " historian Paul Kahan explores one of the most important and dramatic events in American political and economic history, from the idea of centralized banking and the First Bank of the United States to Jackson s triumph, the era of free banking, and the creation of the Federal Reserve System. Many ordinary Americans shared the thoughts and fears of a National Bank, claiming that a currency based on paper could be easily counterfeited and manipulated to the benefit of wealthy businessman.Nicholas Biddle's views on the Bank War were shared by both Henry Clay and Daniel Webster. The chronology begins to get confusing in the third chapter and he doesn’t tell the reader why he drifts around all over the place. Jackson's election set up a war with Biddle over the future of the second Bank of the United States. This caused an economic contraction at the end of 1833 and into 1834. Andrew Jackson’s chief antagonist in a conflict (1832–36) that resulted in termination of the bank. Little did either of the two know that their selfish quarrel would throw many Americans into a financial crisis. He was Pres. Nicholas Biddle was a wealthy politician … c. Nicholas Biddle. The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) AMERICAN MINUTE WITH BILL FEDERER . He became the first president ever to veto a bill passed by Congress b. A "shekel" was a fixed unit of weight. Langdon Cheves wasn't much better than Jones and his actions added to the plight of the people. There were only seven years remaining in the charter of the second Bank when Jackson came to office. Though he would quickly restore order to the Bank and bring stability to American finance, he also would also be the Bank’s last president and the man who would lead it into its fatal confrontation with Jackson. Henry Clay and the Bank Wars Personal feuds and political posturing marked the Bank Wars of 1832. This article analyzes Biddle’s interactions with lawmakers, financiers, newspaper editors, and intellectuals during the Second Bank’s campaign for recharter from early 1830 to mid-1832. Bank War. The Bank War Primary Source #1: Nicholas Biddle, head of the bank, brought forth a bill to recharter the Second Bank of the United States. Episode 761: The Bank War : ... but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle, the president of the Second Bank … Bill Federer. Short history of money and attempts to control it. Jackson became more and more insistent over the next three years as Biddle and the bank’s supporters fought to save it. A political struggle that developed over the future of the United Sates and Andrew Jackson enhanced power! 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