Nicholas Biddle President of the Bank of the United States before it was dissolved by Andrew Jackson, child genius, and prominent Philadelphia lawyer Nicholas Biddle was born in Philadelphia on 8 January to an established family who had originally come to America with William Penn.
He was accordingly sent to Princeton formerly the College of New Jerseyentered the sophomore class, and was graduated in as valedictoriandividing the first honor of the class with his only rival.
As secretary to John Armstrong Jr.
Biddle traveled extensively through Europereturning to England to serve as secretary for James Monroethen United States minister to the Court of St. He practiced law and wrote, contributing papers to different publications on various subjects, but chiefly in the fine arts.
He became associate editor of a magazine called Port-Foliowhich was published from — With the consent of all parties, Allen was then recognized as the editor. Though the bill was initially defeated, it resurfaced repeatedly in different forms until, inthe Pennsylvania "common-school" system was inaugurated as an indirect result of his efforts.
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Nicholas Biddle is in the middle, in the top hat. It was on this subject that he made his first speech, which attracted general attention at the time, and was warmly commended by Chief-Justice Marshall and other leaders of public opinion. After economic hardships and problems financing the Government and its war measures during the War of toand a period of dormancy, a newly revived and reorganized Second Bank of the United States was rechartered in under fifth President James Monroewho appointed Biddle as a Federal Government director and representative.
For many years after, this Digest was regarded as an authority on the subject. Government had to get its hands on additional amounts of speciei.
He developed a lifelong hostility to all banks that were not completely backed by gold or silver deposits. This meant, above all, hostility to the new Second Bank of the United States. In a few instances, he even rescued state banks to prevent the risk of "contagion" spreading.
He was also important in the establishment of Girard Collegean early free private school for poor orphaned boys in Philadelphiaunder the provisions of the will of his friend and former legal client, Stephen Girard —one of the wealthiest men in America.
Girard had been the original promoter of the revival and reorganization of the Second Bank and its largest investor. Louis, Missouri with U. Representative Congressman Spencer Pettis. After an exchange of letters to the editor of a newspaper, Biddle accosted an ill Pettis in his hotel room.
After Pettis recovered, he then challenged Thomas to a duel, and both were killed when they exchanged shots from five feet apart. But, once challenged, President Jackson decided to veto the bill anyway. Jackson, well known for his stubborn personality and steadfast leadership, still harbored ill-will toward Henry Clay of Kentucky from the earlier " Corrupt Bargain " accusation following the Presidential Election of which made him Secretary of State when appointed by the administration of the winner, sixth President John Quincy Adams.
He therefore refused to withdraw the Federal funds directed by the President and would not resign, so Jackson then transferred him to the State Department. Taney as a recess appointment when Congress was out of session.
Faced with the loss of the Federal deposits, Biddle decided to raise interest rates and deliberately induce a recession.Nicholas Biddle, the banks president, represented everything that Jackson disliked.
In , Jackson’s opponents gave the chance for him to take action against the bank. Henry Clay and Daniel Webster, both friends of Biddle, planned to use the bank to defeat Jackson in the election.
Democracy in America, Chapter Study Outline [Introduction: Andrew Jackson] Andrew Jackson was the only candidate in the election to have national appeal.
The Bank, under its president Nicholas Biddle, wielded great power. The Bank War was the name given to the campaign begun by President Andrew Jackson in to destroy the Second Bank of the United States, after his reelection convinced him that his opposition to.
The Papers of Andrew Jackson, Volume 7, which covers the first year of Jackson's presidency, was published by the University of Tennessee Press in December.
To learn more about America's seventh president, watch Andrew Jackson: Good, Evil and the Presidency, a NEH-funded documentary airing January 2 on PBS.
Andrew Jackson Nicholas Biddle January – Re-charter bill passed the House to Popular and Electoral Votes – Election of Electoral Votes Needed to Win = CANDIDATE STATE PARTY POPULAR VOTE ELECTORAL VOTES “Monster Bank”. Although Congress made no formal declaration, the issue of the Second Bank of the United States can easily and appropriately be considered a war.
The primary players included President Andrew Jackson who fought against the bank and Nicholas Biddle, president of the bank.