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200 billion in hundreds of banks through its Capital Purchase Program in an effort to prop up capital and support new lending. Here’s a list of the banks that got bailed out. Editor’s note: This information has not been updated. Bank of New York Mellon Corp. Peoples Bancorp of North Carolina, Inc.
The PNC Financial Services Group Inc. Bankers’ Bank of tde West Bancorp, Inc. Community Holding Company of Florida, Inc. Security Bancshares of Pulaski County, Inc.
First Federal Bancshares of Arkansas, Inc. Village Bank and Trust Financial Corp. Investors Financial Corporation of Pettis County, Inc. Community Bank Shares of Indiana, Inc. Removal of Deposits by Roger B. The 1830s were a tumultuous decade for America.
The attempt by the Second Bank of the United States for an early recharter was passed by Congress in July 1832, but the bill was vetoed shortly thereafter by President Andrew Jackson. In 1833, Jackson retaliated against the bank by removing federal government deposits and placing them in “pet” state banks. The first Bank of the United States died when its twenty-year charter expired in 1811. Recharter of BUS was strongly backed by Treasury Secretary Albert Gallatin, weakly backed by President James Madison, opposed by Vice President George Clinton, opposed by the House of Representatives, and strongly opposed by former President Thomas Jefferson. The death of the first Bank of the United States was almost prevented. 34 noted Historian John Steele Gordon. There, on February 20th, the Senate tied 17-17 on another preliminary matter, and Vice President George Clinton, in perhaps the only significant independent act by a vice president in American history, voted against the bank.
Such revenue was further limited by a transatlantic war. The conflict regarding national economic policy, begun in the 1790s between followers of Alexander Hamilton and Thomas Jefferson, continued. The War of 1812 upended the long political split in the country regarding the bank. Now in power for 16 years, many Jeffersonians began to see the necessity of the bank that Federalists had long championed. Preparations were made for a successor institution. With support of Speaker Clay, President Madison, future President James Monroe, and future Vice President John Calhoun, the Second Bank of the United States was chartered in 1816 for 20 years.
The Second Bank of the United States got off to a rocky start. 34 8 Indeed, the revived national bank was not fortunate in its choice of directors who first inflated the currency and then contracted it. Future President Andrew Jackson himself had reason to complain about the impact of the Panic of 1819. During this period, politics were inseparable from bank issues. Bankers were popular in times of prosperity and easy scapegoats in time of recession.
39s own aversion to debt and banks was based on bitter personal experience. Economic historian John Steele Gordon wrote: “Like most speculators in land, Jackson sometimes got involved in complicated deals involving credit. 39s economy, the Panic of 1819 had been good for the BUS. 39s restrictive lending policies, “credit retraction resulted in the second Bank of the United States owning large portions of cities and vast tracts of good farmland in the developing portions of the country.
In 1823, the BUSII entered its third stage under President Nicholas Biddle, who as a Pennsylvania state legislator had been a supporter of the first Bank of the United States. 39 as against an `old and conservative policy. 39 His aim was to increase the circulation and yet avoid the dangers which nearly wrecked the bank between 1817 and 1819. Biddle seemed born for his new role. Cowen wrote: “Stately, intelligent, polished, almost aristocratic in bearing, he was as much an intellectual as a banker. He was such a serious and diligent lad that his fellow classmates at Princeton dubbed him `Grammaticus. Biddle was financially savvy but ultimately politically inept.