$30.000,000, closed their business, and the loss of the government and of individuals by these banks was estimated at $5,000,000, or one-sixth of their capital.
The second United States Bank went into operation in Philadelphia, in 1817, to continue until March, 1836.
In it were deposited the funds of the government, the use of which gave the bank great facilities for discounting, and so aiding the commercial community.
It soon controlled the monetary affairs of the country; and when General Jackson became President of the United States, in 1829, he expressed his decided hostility to the government bank, as a dangerous institution.
He began a war upon it. which ended in its destruction.
In his first annual message to Congress (December, 1829), he took strong ground against a renewal of the charter, which would expire in 1836.
His reasons were that it had failed in the fulfilment of the promises of its creation — namely, to establish a uniform and sound currency for the whole nat