In January 1814, Congress received a petition signed by 150 businessmen from New York City, urging the legislative body to create a second national bank. Establishing a Second National Bankĭespite broad support for reestablishing a national bank, the road to re-creation was not smooth. In particular, Astor, Parish, Girard, and Barker – as lenders and financiers - felt that a national bank would restore a stable currency, thereby avoiding bouts of inflation and insuring their business interests. These men thought that reestablishing a national bank would solve some of the country’s economic woes. Six men figured prominently in establishing this new entity, commonly referred to as the second Bank of the United States: the financiers John Jacob Astor, David Parish, Stephen Girard, and Jacob Barker Alexander Dallas, who would become secretary of the Treasury in 1814 and Rep. Many people thought that a successor would again provide relief for the country’s ailing economy and help in paying its war debt. In January 1815, the United States had been without a national bank for almost four years. By 1815, the United States found itself heavily in debt, much like it had been at the end of the Revolutionary War thirty years earlier. merchants and fisherman from sailing the high seas, and curtailed federal government revenues, which were derived mainly from tariffs on trade. farmers and manufacturers from exporting merchandise, blocked U.S. As one of the United States’ largest trading partners, Britain used its navy to blockade U.S. The war with Britain, however, disrupted foreign trade. In the years leading up to the War of 1812, the U.S. Closing of the Second Bank of the United States.
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