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A note from the Second Bank of the United States.
Museum of American Finance, New York
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Museum of American Finance, New York
A note from the Second Bank of the United States.
Museum of American Finance, New York
Note: This episode was originally published on 2017.
Banks and governments have been battling each other for hundreds of years, but never as dramatically as the showdown between President Andrew Jackson and Nicholas Biddle, president of the Second Bank of the United States.
Jackson was a populist who won by promising to wrest control of the country from the East Coast elites. He was angry at the power structure and furious at the banks. To him, the banks were phantom controllers of the economy, issuing false scripts that often disappeared when the banks collapsed.
Biddle was the exact opposite of Jackson, having grown up in one of the first aristocratic families in the United States. He was a poetic child and a classicist who entered Princeton University at age 17. He believed in banks and that a well-run bank would serve the country and create stability.
In the 1830s, their differing views of the nation clashed with disastrous, far-reaching consequences.
music: “It’s been a long time” and”Love to go“”.
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