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: -President James Monroe subsequently appointed Biddle as a government director. When Bank President Langdon Cheves resigned in 1822, Biddle became the institution’s new president.

Detailed explanation-3: -In a speech that has been called “the maturest expression of banking knowledge to be found in America in that period, ”2 Biddle argued that the First Bank was constitutional and crucial to the economy as a repository of wealth and issuer of uniform currency.

Detailed explanation-4: -Nicholas Biddle, the third and last president of the Second Bank of the United States, became President Andrew Jackson’s nemesis during the “Bank War.” During the election campaign of 1832, Jackson’s opponents organized a new political party, the National Republicans, under Henry Clay.

Detailed explanation-5: -The biography for President Van Buren and past presidents is courtesy of the White House Historical Association. Martin Van Buren was the eighth President of the United States (1837-1841), after serving as the eighth Vice President and the tenth Secretary of State, both under President Andrew Jackson.