USA HISTORY

Detailed explanation-1: -Nicholas Biddle, (born Jan. 8, 1786, Philadelphia-died Feb. 27, 1844, Philadelphia), financier who as president of the Second Bank of the United States (1823–36) made it the first effective central bank in U.S. history.

Detailed explanation-2: -In response, Biddle restricted the Bank’s loans, tightening the nation’s money supply in an effort to inspire public outrage toward Jackson’s policies and force the recharter. Instead, Biddle’s plan backfired, and the ensuing financial distress inspired greater suspicion of the Bank’s power.

Detailed explanation-3: -Congress had granted the national bank a new charter for twenty years starting in 1816, but bank advocates tried to renew the charter early to force its passage through Congress during an election year. The stage was set for a showdown between Jackson and Second National Bank president Nicholas Biddle.

Detailed explanation-4: -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."

Detailed explanation-5: -The efforts to renew the bank’s charter put the institution at the center of the general election of 1832, in which the bank’s president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the “hard-money” Andrew Jackson administration and eastern banking interests in the Bank War.