Search. Updates? A brother, Major Thomas Biddle, served in the U. S. Army and another brother, Commodore James Biddle, was a noted Naval officer. Bank War. $127.51. ... Nicholas Biddle, bank notes, gold and silver, bankrupt, opposed Mr. Biddle's Bank. 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). Biddle returned to Philadelphia in 1807 where he continued his education. USD 251.00 But Biddle was more an astute businessman than politician. 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. In 1814, Nicholas Biddle was elected to a four-year term in the Pennsylvania senate. Parties to the civil conflict. Within the next two years, he plans to publish a monograph based on revisions to his dissertation research. The bank collapsed in February 1841, taking Biddle's personal fortune with it. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 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 had help from politically motivated Senator, and former Secretary of State, Henry Clay. 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. This demonstrates the unpopularity of this stance by Jackson. 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. Monroe selected Biddle to be government director of the Second Bank of the United States. during the presidency of Andrew Jackson (1829–1837). In 1822, Biddle became the Bank’s president. 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. 3099067 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. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. But five years later, Congress had given a new charter to the Second Bank of the United States. Only $2.99/month. People also read lists articles that other readers of this article have read. We use cookies to improve your website experience. Who was the president of the 2nd bank of the US? STUDY. 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. 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. Do you agree or disagree with Nicholas Biddle’s nickname, “Czar Nicholas I?” Explain. Jackson’s supporters also believed the bank had corrupted many politicians by giving them financial favors. The affair resulted in the shutdown of the Bank and its replacement by state banks. Contents. Biddle was a contributor to and 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. 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. 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 … On their advice, Biddle applied for a new charter even though the old charter did not expire until 1836. Registered in England & Wales No. Nicholas Biddle, head of the bank, brought forth a bill to recharter the Second Bank of the United States. Langdon Cheves wasn't much better than Jones and his actions added to the plight of the people. Corrections? Jane urged him to run for Congress, but Biddle lost. shipping: + $5.95 shipping . Log in Sign up. He was Pres. The bank continued to operate, but due to falling cotton prices and mismanagement by the bank's directors, its plight grew steadily worse. 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. 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. As president of the most powerful bank in the nation, Mr. Biddle set the policies that controlled the country's money supply. 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.) THE JOURNALS OF THE EXPEDITION Volume 1 & 2. 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. 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. 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. Stephen W. Campbell is a lecturer who teaches U.S. history at California State Polytechnic University, Pomona, and Pasadena City College. Lewis & Clark, Nicholas Biddle, Ed. 1 The Inquirer was being kind; years removed from his heyday, Biddle had just died in utter disgrace. What two things were unique about the election of 1832? On April 10, 1816, the Second Bank of the United States received its charter. On April 10, 1816, the Second Bank of the United States received its charter. Sorry, the 50 eprints allocated to the author of this article have all been used. "Old Hickory" Wallops Clay in 1832 Know: Anti-Masonic Party 10. 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. Jackson believed that the Bank – and thus Biddle – held too much power, tho… Biddle successfully led the bank until 1832, when President Andrew Jackson vetoed the bill to renew the Bank’s charter. Jackson's biggest opposition on the bank came from Nicholas Biddle and Henry Clay. Nicholas Biddle set interest rates and reserve requirements, which allowed him to amass an enormous personal wealth. 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. Andrew Jackson’s chief antagonist in a conflict (1832–36) that resulted in termination of the 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. In 1819, his friend James Monroe – now President of the United States – made Biddle a director of the Second Bank of the United States. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. No potential conflict of interest was reported by the author. He is best known for his role in the Bank War. 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.