Economic Perspectives, March 22nd, 2003
Introduction and summary
The Second Bank of the United States (1817-36) was chartered by the federal government for a 20-year period and it resembled a modem central bank in its close relationship with the U.S. Treasury and paramount position in the nation's banking system. (1) It was conceived in response to a fiscal crisis during and following the War of 1812. The bank's charter had a tortuous legislative history, and there was intense political and judicial controversy throughout the bank's existence, culminating in the "War on the Bank" by President Andrew Jackson and the ultimate refus...
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