1816
The War of 1812 had left a formidable debt. Inflation surged ever upward due to the ever-increasing amount of notes issued by private banks. Specie was jealously hoarded. For these reasons President Madison signed a bill authorizing the 2nd Bank in 1816 with a charter lasting 20 years.

When did Congress charter the Bank of the United States?

1791
Congress established the First Bank of the United States in 1791 to serve as a repository for Federal funds. Its charter expired in 1811, but in 1816 Congress created a Second Bank of the United States with a charter set to expire in 1836.

When did the Second Bank of the United States charter end?

President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War.”

When was the Second Bank of the United States chartered?

A second bank of the United States was chartered in 1816 and it, too was allowed to expire after 20 years during the Andrew Jackson administration. A central banking system did not emerge in the U.S. until passing the Federal Reserve Act in 1913.

What was the name of the First Bank of the United States?

The bank’s formal name, according to section 9 of its charter as passed by Congress, was “The President Directors and Company of the Bank of the United States”. It served as a national bank for the US, allowed to have branches in multiple states and lend money to the US government.

What was the purpose of the Bank of the United States?

The bank’s formal name, according to section 9 of its charter as passed by Congress, was “The President, Directors, and Company, of the Bank of the United States.” A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury.

Who was the leader of the Second Bank?

Southern and western support for the bank, led by Republican nationalists John C. Calhoun of South Carolina and Henry Clay of Kentucky, was decisive in the successful chartering effort. The charter was signed into law by James Madison on April 10, 1816.