Following Andrew Jackson’s September 1833 removal of federal deposits from the Second Bank of the United States, Bank president Nicholas Biddle responds by deliberately contracting credit nationwide to create economic distress and force Jackson to reverse his policy. Biddle raises interest …
Nicholas BiddleSecond Bank of the United StatesAndrew JacksonHenry ClayU.S. Congress+2 morefinancial-manipulationeconomic-sabotagebanking-systemjackson-erainstitutional-corruption
President Andrew Jackson vetoes legislation to renew the Second Bank of the United States’ charter, four years before its scheduled expiration, delivering a “popular and effective” message declaring the Bank “unauthorized by the Constitution, subversive to the rights of …
Andrew JacksonNicholas BiddleHenry ClayDaniel WebsterSecond Bank of the United Statesfinancial-manipulationinstitutional-corruptioneconomic-policyjackson-erabanking-system
The U.S. Supreme Court decides McCulloch v. Maryland, with Chief Justice John Marshall authoring a landmark opinion establishing that Congress has implied powers under the Constitution’s “Necessary and Proper Clause” and that federal law is supreme over state law, preventing states …
Chief Justice John MarshallU.S. Supreme CourtSecond Bank of the United StatesState of MarylandJames W. McCullochjudicial-powerfederal-supremacyimplied-powersstate-sovereigntyinstitutional-protection
The United States experiences its first major peacetime financial crisis as the speculative bubble in western land collapses, triggering the Panic of 1819 and a prolonged economic depression. The crisis directly results from the Second Bank of the United States’ reckless lending practices, …
Second Bank of the United StatesWilliam JonesLangdon ChevesBaltimore branch directorsfinancial-crisisbanking-fraudspeculationaccountability-evasioneconomic-extraction
Congress charters the Second Bank of the United States as a privately owned institution with a 20-year federal charter, five years after the expiration of the First Bank of the United States. President James Madison, who had opposed the First Bank as unconstitutional in 1791, now supports the Second …
President James MadisonU.S. CongressSecond Bank of the United StatesWilliam Jonesfinancial-corruptionbanking-fraudinstitutional-capturespeculation