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Second Bank of the United States

The Second Bank of the United States was a bank chartered in 1816, five years after the expiration of the First Bank of the United States. It was founded out of a desperation to stabilize the currency by the administration of U.S. President James Madison. The Second Bank of the United States was located in Philadelphia, Pennsylvania, where its building, designed by the architect William Strickland , still stands as part of Independence National Historical Park. The Bank served as the depository for Federal funds until 1833, when President Andrew Jackson instructed his Secretaries of the Treasury to cease depositing the funds. Two refused to obey, so he fired them, one after the other, until he got one who obeyed: Roger B. Taney, his former Attorney General and the future Supreme Court Chief Justice. This decision, at least in part, grew out of Jackson's famous dispute with the Bank's president, Nicholas Biddle. The Bank, always a privately owned institution, lost its Federal charter in 1836, and ceased operations in 1841.



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Submitted: 04/19/2008

By: sladys

Location: Philadelphia, PA

Category: Historic Places

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