1786 – BIRTH OF NICHOLAS BIDDLE, PRESIDENT OF SECOND NATIONAL BANK
Biddle threatened to cause a depression if President Andrew Jackson did
not re-charter the bank, The privately owned Second Bank was chartered
in 1816. President Jackson did not sign the bill to renew the charter.
"This worthy President thinks that ... he is to have his way with the
Bank. He is mistaken...[opposition] can only be broken by the actual
conviction of exiting distress in the community... Our only safety is in
pursuing a steady course of firm restriction [of the money supply] -
and I have no doubt that such a course will ultimately lead to
restoration of the currency and the re-charter of the Bank." The result
of the contraction of the money supply was a financial panic followed by
a deep depression in 1837. (Edward Kaplan, The Bank of the United
States and the American Economy)
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