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Browsing named entities in a specific section of Harper's Encyclopedia of United States History (ed. Benson Lossing). Search the whole document.

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Massachusetts (Massachusetts, United States) (search for this): entry bank-of-the-united-states
Bank of the United States. Alexander Hamilton, observing the prosperity and usefulness to the commercial community and the financial operations of the government, of the Bank of North America, Bank of New York, and Bank of Massachusetts, which held the entire banking capital of the country before 1791, recommended the establishment of a government bank in his famous report on the finances (1790), as Secretary of the Treasury. His suggestion was speedily acted upon, and an act for the purpose was adopted Feb. 8, 1791. President Washington asked the written opinion of his cabinet concerning its constitutionality. They were equally divided. The President, believing it to be legal, signed the bill, and so made it a law. The bank received a charter, the existence of which was limited to twenty years. It soon went into operation, with a capital of $10,000,000, of which amount the government subscribed $2,000,000 in specie and $6,000,000 in stocks of the United States. The measure
Gallatin, Tenn. (Tennessee, United States) (search for this): entry bank-of-the-united-states
on, and local banks rapidly increased. They became favorites of the people, for they furnished business facilities that were of great importance to the whole commercial community. This local hank interest combined to prevent a renewal of the charter of the United States Bank, on the grounds, first, that it was unconstitutional; second, that too much of the stock was owned by foreigners; and, third, that the local banks better accommodated the public. Though the Secretary of the Treasury (Gallatin) reported in favor of a renewal of the charter, nothing was done by Congress until within a few weeks before the time when the bank would cease to exist. The bill for its recharter was defeated by the casting vote of the Vice-President (George Clinton) in the Senate. and the bank closed its affairs, giving to the stockholder 8 1/2 per cent. premium over the par value. The finances of the country were in a wretched state at the close of the war, in 1815. The local banks had all suspend
United States (United States) (search for this): entry bank-of-the-united-states
Bank of the United States. Alexander Hamilton, observing the prosperity and usefulness to the commercial community and the financial operations of the government, of the Bank of North America, which amount the government subscribed $2,000,000 in specie and $6,000,000 in stocks of the United States. The measure was very popular. The shares of the bank rose to 25 and 45 per cent. premium,ure. Its charter was for twenty years, and its capital was $35,000,000, of which amount the United States subscribed $7,000,000, and the remaining $28,000,000 by individuals. The creation of this brolled 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 institutd was dismissed from office. His successor, Roger B. Taney (afterwards Chief-Justice of the United States), obeyed the President, and in October, 1833, the removal was accomplished. The effect prod
Jackson (Mississippi, United States) (search for this): entry bank-of-the-united-states
e House of Representatives. July 3, by a vote of 107 against 85. The President vetoed it, and as it failed to receive the constitutional vote of two-thirds of both Houses, the bank charter expired by limitation in 1836. The commercial community, regarding such an institution as essential to their prosperity, were alarmed, and prophecies of panics and business revulsions, everywhere uttered, helped to accomplish their own speedy fulfilment. Again, in his annual message (December. 1832), Jackson's hostility to the bank was manifested by a recommendation to remove the public funds in its custody, and a sale of the stock of the bank belonging to the United States. Congress, by a decided vote, refused to authorize the measure; but after the adjournment of that body the President assumed the responsibility of performing the act. He directed the Secretary of the Treasury (William Duane) to withdraw the government funds — about $10,000,000--from the bank, and deposit them in certain Stat
Stonewall Jackson (search for this): entry bank-of-the-united-states
$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
William Duane (search for this): entry bank-of-the-united-states
k belonging to the United States. Congress, by a decided vote, refused to authorize the measure; but after the adjournment of that body the President assumed the responsibility of performing the act. He directed the Secretary of the Treasury (William Duane) to withdraw the government funds — about $10,000,000--from the bank, and deposit them in certain State banks. The Secretary would only consent to appoint an agent to inquire upon what terms the local banks would receive the funds on deposit. Then the President gave him a peremptory order to remove them from the bank. Duane refused compliance, and was dismissed from office. His successor, Roger B. Taney (afterwards Chief-Justice of the United States), obeyed the President, and in October, 1833, the removal was accomplished. The effect produced was widespread commercial embarrassments and distress. The business of the country was plunged from a height of prosperity to the depths of adversity, because its intimate connection wi
John Washington (search for this): entry bank-of-the-united-states
r Hamilton, observing the prosperity and usefulness to the commercial community and the financial operations of the government, of the Bank of North America, Bank of New York, and Bank of Massachusetts, which held the entire banking capital of the country before 1791, recommended the establishment of a government bank in his famous report on the finances (1790), as Secretary of the Treasury. His suggestion was speedily acted upon, and an act for the purpose was adopted Feb. 8, 1791. President Washington asked the written opinion of his cabinet concerning its constitutionality. They were equally divided. The President, believing it to be legal, signed the bill, and so made it a law. The bank received a charter, the existence of which was limited to twenty years. It soon went into operation, with a capital of $10,000,000, of which amount the government subscribed $2,000,000 in specie and $6,000,000 in stocks of the United States. The measure was very popular. The shares of the bank
Sir William Alexander (search for this): entry bank-of-the-united-states
Bank of the United States. Alexander Hamilton, observing the prosperity and usefulness to the commercial community and the financial operations of the government, of the Bank of North America, Bank of New York, and Bank of Massachusetts, which held the entire banking capital of the country before 1791, recommended the establishment of a government bank in his famous report on the finances (1790), as Secretary of the Treasury. His suggestion was speedily acted upon, and an act for the purpose was adopted Feb. 8, 1791. President Washington asked the written opinion of his cabinet concerning its constitutionality. They were equally divided. The President, believing it to be legal, signed the bill, and so made it a law. The bank received a charter, the existence of which was limited to twenty years. It soon went into operation, with a capital of $10,000,000, of which amount the government subscribed $2,000,000 in specie and $6,000,000 in stocks of the United States. The measure
Schuyler Hamilton (search for this): entry bank-of-the-united-states
Bank of the United States. Alexander Hamilton, observing the prosperity and usefulness to the commercial community and the financial operations of the government, of the Bank of North America, Bank of New York, and Bank of Massachusetts, which held the entire banking capital of the country before 1791, recommended the establishment of a government bank in his famous report on the finances (1790), as Secretary of the Treasury. His suggestion was speedily acted upon, and an act for the purpose was adopted Feb. 8, 1791. President Washington asked the written opinion of his cabinet concerning its constitutionality. They were equally divided. The President, believing it to be legal, signed the bill, and so made it a law. The bank received a charter, the existence of which was limited to twenty years. It soon went into operation, with a capital of $10,000,000, of which amount the government subscribed $2,000,000 in specie and $6,000,000 in stocks of the United States. The measure w
George Clinton (search for this): entry bank-of-the-united-states
r of the United States Bank, on the grounds, first, that it was unconstitutional; second, that too much of the stock was owned by foreigners; and, third, that the local banks better accommodated the public. Though the Secretary of the Treasury (Gallatin) reported in favor of a renewal of the charter, nothing was done by Congress until within a few weeks before the time when the bank would cease to exist. The bill for its recharter was defeated by the casting vote of the Vice-President (George Clinton) in the Senate. and the bank closed its affairs, giving to the stockholder 8 1/2 per cent. premium over the par value. The finances of the country were in a wretched state at the close of the war, in 1815. The local banks had all suspended specie payments, and there was very little of other currency than depreciated bank-notes. There was universal dissatisfaction, and the people clamored for another United States Bank as a cure for financial evils. One was chartered in the spring
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