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. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. Burying Biddle’s Bank Know: Mandate, Pet Banks, Specie Circular 11. The Biddle family of Philadelphia, Pennsylvania is a prominent Old Philadelphian family descended from English immigrants William Biddle (1630–1712) and Sarah Kempe (1634–1709), who arrived in the Province of New Jersey in 1681. Mr. Biddle's Bank. Cited by lists all citing articles based on Crossref citations.Articles with the Crossref icon will open in a new tab. He was Pres. Ancestry and early life; Lewis and Clark No potential conflict of interest was reported by the author. After the veto, he wrote to Congress explaining his logic. Although arrested on charges of criminal conspiracy in 1842, he was exonerated. The Bank War was a long and bitter struggle waged by President Andrew Jackson in the 1830s against the Second Bank of the United States, a federal institution that Jackson sought to destroy. Upgrade to remove ads. Jackson and the Bank War. Nicholas Biddle, president of the Second Bank of the United States, was deeply concerned that the bank's charter would not be renewed in 1836. In 1819, his friend James Monroe – now President of the United States – made Biddle a director of the Second Bank of the United States. By 1822, the rechartered Second Bank of the United States was run by Nicholas Biddle who boasted of having more personal power than the President. This article analyzes Biddle’s interactions with lawmakers, During this period, the Bank once again assumed the central role in the economy which Hamilton had envisioned. Or, as Biddle might see it, as least bring in a veto proof majority in Congress for the bank. If Jackson did veto the bill, he might lose the critical votes of Pennsylvania, the home of the bank, and other states with a strong commercial interest. A precocious youth, Biddle at age 15 was valedictorian of the graduating class at Princeton. $127.51. Do you agree or disagree with Nicholas Biddle’s nickname, “Czar Nicholas I?” Explain. Biddle countered by establishing a new bank, the United States Bank, under a Pennsylvania state charter. A brother, Major Thomas Biddle, served in the U. S. Army and another brother, Commodore James Biddle, was a noted Naval officer. The Bank War was between the Second Bank of the United Sates and Andrew Jackson. In 160 concise pages, I learned about I have no particular interest in banking or finance. Clay in 1834 pushed a resolution through the Senate censuring Jackson for removing the deposits. USD 251.00 Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. On April 10, 1816, the Second Bank of the United States received its charter. 48 hours to view or download: For support, Biddle turned to the National Republicans—especially Henry Clay and Daniel Webster—turning the issue into a political battle. 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). He is best known for his role in the Bank War. The first Bank of the United States, chartered in 1791 over the objections of Thomas Jefferson, ceased in 1811 when Jeffersonian Republicans refused to pass a new federal charter. Get exclusive access to content from our 1768 First Edition with your subscription. Let us know if you have suggestions to improve this article (requires login). Jackson’s decisive reelection in 1832 was once interpreted as a sign of popular agreement with the Democratic interpretation…. The affair resulted in the shutdown of the Bank and its replacement by state banks. 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. Contents. STUDY. This article was most recently revised and updated by, https://www.britannica.com/event/Bank-War, The White House Historical Association - The Bank War. The "Bank War" of 1832–36 was initiated by Biddle when he applied for the Bank's re-charter four years before the charter was scheduled to expire. Us Know if you have suggestions to improve this article have read investment decisions and National economic.! Conflict ( 1832–36 ) that resulted in termination of the Bank ’ s Know. On their advice, Biddle turned to the plight of the financial institution he commanded a... 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