FEATURED in DOWNTOWN
The Second Bank of the US in Independence National Park in Philadelphia, Pennsylvania
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The Second Bank of the United States served as the nation’s federally authorized central bankduring its 20-year charter from February 1817 to January 1836.
A private corporation with public duties, the central bank handled all fiscal transactions for the US Government, and was accountable to Congress and the US Treasury.
Modeled on Alexander Hamilton’s First Bank of the United States the Second Bank began operations at its main branch in Philadelphia on January 7, 1817 managing twenty-five branch offices nationwide by 1832.
The efforts to renew the Bank’s charter put the institution at the center of the general election of 1832, in which its president, Nicholas Biddle, and pro-Bank National Republicans clashed with the “hard-money” Andrew Jackson administration and eastern banking interests in the Bank War. Failing to secure recharter, the Second Bank of the United States became a private corporation in 1836, and underwent liquidation in 1841