james madison chartered the second bank of the united states.
james madison chartered the second bank of the united states.
who chartered the second bank of the united states?
james madison
the essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the u.s. treasury, and to establish a sound and stable national currency. the federal deposits endowed the bus with its regulatory capacity.









































modeled on alexander hamilton's first bank of the united states, the second bank was chartered by president james madison in 1816 and began operations at its main branch in philadelphia on january 7, 1817, managing twenty-five branch offices nationwide by 1832.
second bank of the united states
the second bank of the united states opened in january 1817, six years after the first bank of the united states lost its charter. the second bank of the united states was headquartered in carpenter's hall, philadelphia, the same as the first bank, and had branches throughout the nation. the second bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original bank of the united states. the predominant reason that the second bank of the united states was chartered was that in the war of 1812, the u.s. experienced severe inflation and had difficulty in financing military operations. subsequently, the credit and borrowing status of the united states was at its lowest level since its founding.
banking in the jacksonian era