The Second Bank of the United States was a national bank chartered in 1816 with the goal of regulating the nation's money supply and stabilizing the economy. It held federal funds and controlled credit, but faced significant opposition due to concerns about concentrated power and lack of regulation.
Related terms
Nicholas Biddle: The president of the Second Bank during its conflict with Andrew Jackson, he defended its existence against attacks from opponents.
Specie Circular: An executive order issued by President Jackson requiring payment for public land in gold or silver, aimed at reducing reliance on paper money and restraining speculation.
Pet Banks: State banks selected by President Jackson to receive federal deposits after he vetoed rechartering the Second Bank; this decision increased economic instability.