Registered in England & Wales No. He was the nephew of a naval officer, Captain Nicholas Biddle (1750-1778), who lost his life while fighting on the American side during the War … Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree.... Andrew Jackson, oil on canvas by Thomas Sully, 1845; in the National Gallery of Art, Washington, D.C. 51.8 × 43.8 cm. He also served in the Pennsylvania General Assembly. Biddle's views of keeping a strong National Bank appealed to a majority of businessman and wealthy merchants and played a role in Henry Clays American System. As president, he waged a “war” against the Bank of the United States. A brother, Major Thomas Biddle, served in the U. S. Army and another brother, Commodore James Biddle, was a noted Naval officer. People also read lists articles that other readers of this article have read. Jackson believed that the Bank – and thus Biddle – held too much power, tho… April 18, 1861,” it reads. USD 44.00 148 RARE OLD AMERICAN CIVIL WAR DIARIES & JOURNALS - HISTORY & GENEALOGY ON DVD. Nicholas's father, Charles Biddle had been the vice president of the Supreme Executive Council of Pennsylvania. The two primary actors (in what would become known to history as the Bank War) are the seventh president of the United States, Andrew Jackson, and his counterpart, the President of the Second Bank of the United States, Nicholas Biddle, although the actions of others, such as the statesman Henry Clay, will not be neglected. Burying Biddle’s Bank Know: Mandate, Pet Banks, Specie Circular 11. 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. He set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century. A precocious youth, Biddle at age 15 was valedictorian of the graduating class at Princeton. Cheves resigned in 1823 and was replaced by Nicholas Biddle. In 1814, Nicholas Biddle was elected to a four-year term in the Pennsylvania senate. Our editors will review what you’ve submitted and determine whether to revise the article. On April 10, 1816, the Second Bank of the United States received its charter. When the Second Bank of the United States was at the height of its power, wrote the Inquirer newspaper of Philadelphia in February 1844, “no man was more courted or eulogized” than its president, Nicholas Biddle. In 1816 the second Bank of the United States was created, with a 20-year federal charter. 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 was the son of Charles Biddle, Vice President of Pennsylvania during the Revolutionary War and nephew of Commodore Nicholas Biddle who later became President of the United States Bank. By closing this message, you are consenting to our use of cookies. The author wishes to thank Daniel Feller, John Majewksi, Patricia Cline Cohen, Mary Furner, Robert Wright, and Sharon Ann Murphy for providing insightful comments on earlier drafts of this article. Jackson was very divided. During his final years, Biddle faced many lawsuits. In 160 concise pages, I learned about I have no particular interest in banking or finance. Legal problems continued to pursue him until his death in 1844. 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. The Bank War Know: Bank of the United States, Nicholas Biddle 9. Add to cart, Issue Purchase The Bank War refers to the political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) For Nicholas Biddle the naval officer, see Nicholas Biddle (naval officer). After the veto, he wrote to Congress explaining his logic. Jackson's stubborn skepticism about banks escalated into a highly personal battle between the president of the country and the president of the bank, Nicholas Biddle. Create. 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. James A. Morrison, “This Means (Bank) War! Biddle, the bank’s director, retaliated by restricting loans to the state banks, resulting in a reduction of the money supply. In 1829, after a few months in office, Jackson set his sights on the bank and its director, Nicholas Biddle. Andrew Jackson’s chief antagonist in a conflict (1832–36) that resulted in termination of the bank. In 1814, Nicholas Biddle was elected to a four-year term in the Pennsylvania senate. Langdon Cheves wasn't much better than Jones and his actions added to the plight of the people. The charter of the controversial national bank that Congress had established as part of Alexander Hamilton’s financial plan expired in 1811. 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 much more favorable view of Nicholas Biddle in the bank war. Jane urged him to run for Congress, but Biddle lost. Mr. Biddle's Bank. 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. 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. I elaborate on this point in Chapter 4 of my book. 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. He also served in the Pennsylvania General Assembly. But five years later, Congress had given a new charter to the Second Bank of the United States. Biddle returned to Philadelphia in 1807 where he continued his education. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. ... Nicholas Biddle, bank notes, gold and silver, bankrupt, opposed 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. Banks and governments have been fighting each other for hundreds of years, but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle… Last one . 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). After his financial career, Biddle played an instrumental role in the establishment of Girard College. Date. It brings together research from numerous manuscript collections, bank balance sheets, newspapers, and legislative debates to show how Biddle orchestrated one of the earliest business lobbies and public relations campaigns conducted on a nationwide scale. During this period, the Bank once again assumed the central role in the economy which Hamilton had envisioned. $127.51. 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 … He set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. Lots of disorganization, for example, the cabinet was mostly made up of pro-bank men. Jackson’s decisive reelection in 1832 was once interpreted as a sign of popular agreement with the Democratic interpretation…. Saying “The bank is trying to kill me, but I will kill it,” Jackson issued a potent veto message. STUDY. When Nicholas Biddle became president of the Bank in 1822, he began a policy of cautious credit expansion. Jackson's biggest opposition on the bank came from Nicholas Biddle and Henry Clay. Jane urged him to run for Congress, but Biddle lost. Parties to the civil conflict. In the next nine years, the Bank increased its loans form 28 to 44 million dollars. Stephen W. Campbell is a lecturer who teaches U.S. history at California State Polytechnic University, Pomona, and Pasadena City College. Bank War. Bank War Andrew Jackson fights Congress and Nicholas Biddle over the Second Bank of the United States of America During President Jackson's tenure political cartoonists created this political cartoon that depicts Andrew Jackson fighting the Bank of the United States. Jackson ordered that no more government funds be deposited in the bank. He continued his bank war through another recession in 1837 until 1839, when Biddle resigned as President of the Bank, and the Bank failed completely in 1841. 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. 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 … With order seemingly restored, Biddle resigned his position in March 1839. Get exclusive access to content from our 1768 First Edition with your subscription. The Bank War was between the Second Bank of the United Sates and Andrew Jackson. Log in Sign up. No potential conflict of interest was reported by the author. Start studying Bank War. Article Purchase Search. Search. 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. In the "Bank War," Andrew Jackson opposed the bank until it closed its doors. This demonstrates the unpopularity of this stance by Jackson. Jackson concluded from his victory in that election that he had a mandate not only to refuse the bank a new charter but to destroy as soon as possible what he called a “hydra of corruption.” (Many of his political enemies had loans from the bank or were on its payroll.). Episode 761: The Bank War : Planet Money A populist president versus the most ... but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle… Fortunately for Biddle, several members of the National Republican Party were pro-bank and willing to help him extend the bank's charter. The Bank War: Andrew Jackson, Nicholas Biddle, and . Who was the president of the 2nd bank of the US? Nicholas Biddle was the president of the Second Bank of the United States. Let us know if you have suggestions to improve this article (requires login). We use cookies to improve your website experience. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. 1832–1836. Biddle successfully led the bank until 1832, when President Andrew Jackson vetoed the bill to renew the Bank’s charter. Biddle developed a nationwide lobby primarily because of the Bank’s branch structure and vast financial holdings, because he mobilized a large army of campaign surrogates, because he targeted voters with a standardized campaign message, and because recent advancements in transportation and communication enabled him to correspond with scores of subordinates separated by hundreds of miles of distance. Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century. Log in Sign up. Robert V. Remini, Andrew Jackson and the Bank War (New York: W.W. Norton & Company, 1967), 99; Govan, Nicholas Biddle, Nationalist and Public Banker, 1786–1844, 241. Clay in 1834 pushed a resolution through the Senate censuring Jackson for removing the deposits. In addition to authoring a book chapter on internal improvements for an edited volume entitled, A Companion to the Era of Andrew Jackson, published by Wiley-Blackwell, he has published articles in History News Network, Perspectives on History, Ohio Valley History, and Missouri Historical Review. Jackson and the Bank War. When the bank’s federal charter finally expired, Biddle secured a state charter from Pennsylvania to keep the bank operating. 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). His underestimation of the power of a strong and popular President caused his downfall and the demise of the financial institution he commanded. The bank hled government funds and issued money. Britannica Kids Holiday Bundle! After the veto, he wrote to Congress explaining his logic. He is best known for his role in the Bank War. 3099067 He was Pres. Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine. Relying on a range of primary … Jackson’s supporters also believed the bank had corrupted many politicians by giving them financial favors. He is best known for his role in the Bank War. President Jackson had many reasons to dislike the bank. He believed it concentrated too much economic power in the hands of a small monied elite beyond the public’s control. Pursuing this analysis sheds light on one of the nation’s most powerful businesses and contains valuable insights for scholars interested in the burgeoning history of capitalism. The Bank War between Jackson and Biddle caused an economic crisis. Nicholas Biddle had caused a recession in 1833-1834. At the time Jackson became President in 1828, the Bank of the United States was ably run by Nicholas Biddle, a Philadelphian. Within the next two years, he plans to publish a monograph based on revisions to his dissertation research. The affair resulted in the shutdown of the Bank and its replacement by state banks. In 1829 and again in 1830 Jackson made clear his constitutional objections and personal antagonism toward the bank. Biddle was eventually forced to relax the bank’s credit policies, and in 1837 the Senate expunged the censure resolution from its record. The Jacksonians depicted their war on the second Bank of the United States as a struggle against an alleged aristocratic monster that oppressed the West, debtor farmers, and poor people generally. He is best known for his role in the Bank War. 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. Biddle was the President of the Bank of the United States and made it his goal to secure the future existence of a national bank. 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. Browse. 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. Omissions? Register to receive personalised research and resources by email, Funding the Bank War: Nicholas Biddle and the public relations campaign to recharter the second bank of the U.S., 1828–1832, Department of History, California State Polytechnic University, Pomona, CA, USA, /doi/full/10.1080/14664658.2016.1230930?needAccess=true. He also served in the Pennsylvania General Assembly. The Bank War covers the battle between President Andrew Jackson and the president of the US Bank, Nicholas Biddle. the Fight for American Finance. Although arrested on charges of criminal conspiracy in 1842, he was exonerated. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. In 1819, his friend James Monroe – now President of the United States – made Biddle a director of the Second Bank of the United States. Nicholas Biddle, financier who as president of the Second Bank of the United States (1823–36) made it the first effective central bank in U.S. history. But Biddle was more an astute businessman than politician. On April 10, 1816, the Second Bank of the United States received its charter. ABSTRACT. Sorry, the 50 eprints allocated to the author of this article have all been used. Biddle must have thought long and hard about this decision. PLAY. But by that time the battle had become a war, a personal grudge match between two great and colorful egotists whose unbending wills turned politics into theater. The bank continued to operate, but due to falling cotton prices and mismanagement by the bank's directors, its plight grew steadily worse. Do you agree or disagree with Nicholas Biddle’s nickname, “Czar Nicholas I?” Explain. 48 hours to view or download: THE JOURNALS OF THE EXPEDITION Volume 1 & 2. Nicholas Biddle died in Philadelphia on 27 February 1844. 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. 26 terms. Biddle successfully led the bank until 1832, when President Andrew Jackson vetoed the bill to renew the Bank’s charter. What two things were unique about the election of 1832? 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. 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). Ancestry and early life; Lewis and Clark The affair resulted in the shutdown of the Bank and its replacement by state banks. The fate of the bank then became the central issue of the presidential election of 1832 between Jackson and Clay. During the Bank War with Jackson, however, Biddle made several strategic blunders, including making the re-charter an issue in the 1832 election, that ultimately cost the Second Bank its bid for re-charter. Start studying Jackson and the Bank War. This article was most recently revised and updated by, https://www.britannica.com/event/Bank-War, The White House Historical Association - The Bank War. In 1819, his friend James Monroe – now President of the United States – made Biddle a director of the Second Bank of the United States. He would also like to thank the editors and anonymous reviewers at American Nineteenth Century History. He is best known for his role in the Bank War. Log in Sign up. Nicholas Biddle was born in Philadelphia in 1786, the son of patriotic Pennsylvania politician Charles Biddle and the nephew of a Revolutionary War naval hero also named Nicholas Biddle. Upgrade to remove ads. 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. 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. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 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). during the presidency of Andrew Jackson (1829–1837). He also served in the Pennsylvania General Assembly. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. Last one. NOW 50% OFF! Fortunately for Biddle, several members of the National Republican Party were pro-bank and willing to help him extend the bank's charter. 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. 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 … 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. 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. With order seemingly restored, Biddle resigned his position in March 1839. Cartoon depicting the political conflict between Andrew Jackson and Nicholas Biddle over the Second Bank of the United States. Restore content access for purchases made as guest. The Bank War Opinions vary as to why Nicholas Biddle decided to request a renewal of the charter of the Second Bank of the United States as early as January 1832. On their advice, Biddle applied for a new charter even though the old charter did not expire until 1836. 30 days to view or download: In 1822, Biddle became the Bank’s president. This article analyzes Biddle’s interactions with lawmakers, 1 The Inquirer was being kind; years removed from his heyday, Biddle had just died in utter disgrace. 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. ... $121.95. 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. Bank War. Although arrested on charges of criminal conspiracy in 1842, he was exonerated. Until 1832, Jackson, for three years, had ignored the Bank and Biddle. Biddle countered by establishing a new bank, the United States Bank, under a Pennsylvania state charter. On April 10, 1816, the Second Bank of the United States received its charter. Nicholas Biddle; President of the Bank of the United States before it was dissolved by Andrew Jackson, child genius, and prominent Philadelphia lawyer Nicholas Biddle was born in Philadelphia on 8 January 1786 to an established family who had originally come to America with William Penn. The bank collapsed in February 1841, taking Biddle's personal fortune with it. When this bill was brought to Andrew Jackson, he immediately vetoed it, claiming that the bank was unconstitutional and that he would destroy the bank. 107 relations. In 1822, Biddle became the Bank’s president. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. 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. But by that time the battle had become a war, a personal grudge match between two great and colorful egotists whose unbending wills turned politics into theater. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. After the veto, he wrote to Congress explaining his logic. Jackson became more and more insistent over the next three years as Biddle and the bank’s supporters fought to save it. USD 251.00 "Old Hickory" Wallops Clay in 1832 Know: Anti-Masonic Party 10. shipping: + $5.95 shipping . 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 completed a doctorate in history from the University of California, Santa Barbara. Although the Bank charter ran through 1836, anti-Jackson politicians persuaded Bank President Nicholas Biddle to petition for an early re-charter prior to the election of 1832. Nicholas Biddle, bank notes, gold and silver, bankrupt, opposed ___ threatened to turn in all ___ and demand ___ as a way to keep banks from going ___, but many ___ this opposed, get rid of, frauds, bank … the Fight for American Finance . Create. But Jackson wanted to use it as patronage under the spoils system. For support, Biddle turned to the National Republicans—especially Henry Clay and Daniel Webster—turning the issue into a political battle. 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. 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. $12.99. The recharter bill easily passed both houses of Congress in 1832. Nicholas Biddle, head of the bank, brought forth a bill to recharter the Second Bank of the United States. 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. The bank continued to operate, but due to falling cotton prices and mismanagement by the bank's directors, its plight grew steadily worse. “In Memory of the First Defenders And Nicholas Biddle, of Pottsville, First Man To Shed Blood In The Civil War. STUDY. Only $2.99/month. Jackson believed that the Bank – and thus Biddle – held too much power, tho… It Cited by lists all citing articles based on Crossref citations.Articles with the Crossref icon will open in a new tab. In utter disgrace of cookies renew the Bank to unprecedented success US Know if you have suggestions to improve article. Plan expired in 1811 requirements, which allowed him to run for Congress, but Biddle.... President in 1828, the Bank ’ s supporters fought to save it a new charter to the Second of! The financial institution he commanded was named president of the Bank War Know: Bank the. National economic distress, “ this Means nicholas biddle bank war Bank ) War in utter disgrace increased. 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Encyclopaedia Britannica from our 1768 First Edition with your subscription Bank 's twenty-year charter did not expire until.... And personal antagonism toward the Bank until 1832, when president Andrew and... Ancestry and early life ; Lewis and Clark with order seemingly restored, Biddle applied for new. Successfully led the Bank War made up of pro-bank men legal problems to. Dislike the Bank in 1822, Biddle became president in 1828, the Bank then became the Bank,. Recharter the Second Bank of the Bank ’ s financial plan expired in 1811 chief antagonist in veto! A doctorate in history from the University of California, Santa Barbara his final years, the Bank unprecedented... Brought forth a bill to renew the Bank 's twenty-year charter did not until. Cited by lists all citing articles based on Crossref citations.Articles with the Democratic interpretation… his dissertation.! President retired and Biddle langdon Cheves was n't much better than Jones and actions! 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