Second Bank of the United States

The Second Bank of the United States was founded in 1816, five years

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after the expiration of the First Bank of the United States out of desperation to stabilize the currency. This second bank was patterned after the first. The legality of the Bank was upheld in the 1819 Supreme Court of the United States case McCulloch v. Maryland that also declared null and void any state law contrary to a federal law made in pursuance of the Constitution.

Related Topics:
First Bank of the United States - 1819 - Supreme Court of the United States - McCulloch v. Maryland

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However, renewal of the Second Bank of the United States was vetoed on July 10, 1832 by Andrew Jackson, so it declined until 1836. Henry Clay and Nicholas Biddle had made the Bank a campaign issue. Tensions were still very high when on August 16, 1841 then-President John Tyler vetoed a bill that called for the re-establishment of the Second Bank of the United States. This sparked a massive riot outside the White House from enraged Whig Party members.

Related Topics:
July 10 - 1832 - Andrew Jackson - 1836 - Henry Clay - Nicholas Biddle - August 16 - 1841 - John Tyler - White House - Whig Party

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