In 1791, Congress created the First Bank of the United States as a way to manage federal money. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons WAR OF 1776 THE UNITED STATE’S FIRST INNOCUOUS ROTHSCHILD CENTRAL BANK. The effects of the Panic of 1819 had fostered a profound mistrust of banks, bankers and paper money in the minds of Andrew Jackson and many of his fellow Americans. Practice: The age of Jackson. You'll see President Andrew Jackson on the bill, but if Jackson were alive, he probably wouldn't be too pleased about it. Instead, it was run by a board of directors made up of wealthy private citizens, mostly from the North and East. He advocated renewal and opposed the financial policy of Jackson. The National Bank Act of 1863 was designed to create a national banking system, float federal war loans, and establish a national currency. In 1832 a request was submitted to Congress to renew the charter four years before the charter was due to expire. The memory of the Panic of 1819 was burned into the memory of Andrew Jackson. Measured as the increase in bank notes divided by the average price level, seigniorage only exceeded 10 percent of the deficit in 1810 and never rose above 5 percent of war revenue." Fortunately for Biddle, several members of the National Republican Party were pro-bank and willing to help him extend the bank's charter. Andrew Jackson had experienced the damage caused by banks at first hand. months[9] = " Looking for accurate facts and impartial information? ● Interesting Facts about Bank War for kids and schools● Key events of the Bank War for kids● The Bank War, a Important event in US history● Andrew Jackson Presidency from March 4, 1829 to March 4, 1837● Fast, fun, interesting timeline about Important events in the Bank War● Bank War & Domestic policies of President Andrew Jackson● Andrew Jackson and the Bank War for schools, homework, kids and children. Jackson considered the bank to be not only unconstitutional but an institution that benefited a handful of rich Americans at the expense of the rest of the country. The following Andrew Jackson video will give you additional important facts and dates about the political events experienced by the 7th American President whose presidency spanned from March 4, 1829 to March 4, 1837. In many instances, people didn't have the funds on hand to repay the loans. Its first loan was to France in 1947 for post-war … Jackson knew this was lead to yet another financial disaster unless he took action. He had accepted paper promissory notes for the sale his land. The first president was a man called William Jones whose merchant business had gone bankrupt early in his career. But there was a problem. Define bank. Earn Transferable Credit & Get your Degree. just create an account. She has an M.S.Ed. "; Bank definition is - a mound, pile, or ridge raised above the surrounding level: such as. The definition of civil war informs the universe of potential cases that can be compared with respect to their causes, dynamics, consequences, termination, and any other concerns, such as postwar reconstruction and rehabilitation. By 1837 the national debt had all been paid. No taxes might sound pretty great, but in reality, the government needed that money to pay down a huge amount of debt from the Revolutionary War. Expanding democracy. Like the bank before it, the Second Bank had a 20-year charter and would expire in 1836. months[1] = " Learning made easy with the various learning techniques and proven teaching methods used by the Siteseen network. Summary and Definition of the Bank War of 1832 Definition and Summary: What was the Bank War of 1832? The Bank War began. As president, Jackson actively worked against the Second Bank of the United States and vetoed the Bank Recharter Bill in 1832, which ultimately led to the Bank War of 1832. What was the Significance of the Bank War?The significance of the Bank War was that: ● Andrew Jackson destroyed the Second Bank of the United States and centralization was not achieved again until the passage of the Federal Reserve Act of 1913● The Whig Party (and the Second Party System) was formed in opposition to the policies of President Jackson and his Democratic party● The federal government paid off the national debt in 1835● The Specie Order precipitated the Panic of 1837. Log in here for access. Andrew Jackson and the Bank War: The War and the Removal of Deposits to the 'Pet Banks'Andrew Jackson was re-elected by a large majority over Henry Clay. Many people, Andrew Jackson, included, claimed that the bank was unconstitutional and was harmful to the American people. Folks from that region were a rough-and-tumble bunch who largely made a living by farming. Presbyterian leader that advocated the Second Great Awakening by becoming a Revivalist. He also showed the corruption of the bank. But after collecting taxes from the states, where would that money go? Instead of forcing Jackson to change his policies, he fed into Jackson's narrative about the bank. The Definition Of Interest. Under the Articles of Confederation, the federal government was unable to create or collect taxes. Jackson's mindset was not much different, especially when it came to the Second Bank. Jacksonian Democracy - spoils system, Bank War, and Trail of Tears. Check out the Siteseen network of educational websites. His record of mismanaging finances continued in his new role. It was built while Philadelphia was still the nation's capital. "; A key factor in this economic plan was the establishment of the Second Bank of the United States to provide easy credit to Americans to enable them to improve their lives. (adsbygoogle = window.adsbygoogle || []).push({}); The Bank War History for kids: Period of Economic GrowthThe War of 1812 had helped to nurture an exuberant sense of nationalism in the country. They had either witnessed, or experienced, foreclosures by the banks, bankruptcies resulting in the loss of land, homes and livelihoods, on March 4, 1829 - he swore to bring about the destruction of the. To unlock this lesson you must be a Study.com Member. Have you ever looked at a $20 bill? Not sure what college you want to attend yet? The Compromise Tariff made it impossible to reduce duties any faster than a certain amount each year and to repeal the Compromise Tariff would lead to bitter conflict between the North and South. All future deposits were to made in certain state banks - those that were controlled by Jackson's political friends and referred to as the 'Pet Banks'. It should also be pointed out that 40 members of Congress held stock in the bank. Andrew Jackson and the Bank War: The Bank War becomes an Election IssueThe bank's charter was due to expire in 1836. months[5] = " Uncover a wealth of facts and information on a variety of subjects produced by the Siteseen network. credit by exam that is accepted by over 1,500 colleges and universities. Neither of these scenarios, however, describes the Bank War of 1832. Create your account, Already registered? The Second Bank of the United States and its branches received the government's money on deposit and paid it out on checks signed by the appropriate government official. Perhaps you pictured two banks competing against one another for customers or business imaginable degree, area of bank synonyms, bank pronunciation, bank translation, English dictionary definition of bank. What was your first thought when you heard the phrase 'bank war'? Nicholas Biddle, president of the Second Bank of the United States, was deeply concerned that the bank's charter would not be renewed in 1836. The following Andrew Jackson video will give you additional important facts and dates about the political events experienced by the 7th American President whose presidency spanned from March 4, 1829 to March 4, 1837. study Daniel Webster. Get access risk-free for 30 days, Developing an American identity, 1800-1848. In 1846, the Polk Administration created a United States Treasury system that moved public funds from private banks to Treasury branches in order to fund the Mexican–American War… That was plenty of time for Congress to pass another recharter bill! This is the currently selected item. "; Andrew Jackson and the Bank War: Effects of the Panic of 1819The memory of the Panic of 1819 was burned into the memory of Andrew Jackson. Select a subject to preview related courses: Jackson stopped depositing federal funds into the bank, instead opting to deposit smaller sums of money in state banks around the country, referred to as pet banks. Moreover, the Second Bank of the United States was unregulated and also seriously interfered with the operations of the state banks, some of which were managed by friends of Jackson. What Will I Need for the SAT Registration Form? The World Bank Group (WBG) was established in 1944 to rebuild post-World War II Europe under the International Bank for Reconstruction and Development (IBRD). Jackson's Bank War was supported by many people. One of the important events during his presidency was the extension of the "Bank War". But five years later, Congress had given a new charter to the Second Bank of the United States. Term. "; Others like Thomas Jefferson claimed that a national bank was unconstitutional, or not legal according to the Constitution. Andrew Jackson and the Bank War: The Specie CircularLarge deposits of government money was deposited in the 'Pet Banks'. Andrew Jackson and the Bank War: Jackson resolves to destroy the Second Bank of the United States Andrew Jackson was elected President and began his presidency on March 4, 1829 - he swore to bring about the destruction of the Second Bank of the United States. His experience also gave him the belief that nothing should be bought on credit - people should only spend what they had. "Wildcat Banks" sprang up in the West where there was considerable land speculation. Definition. In his first message to Congress, Andrew Jackson gave notice that he would not give his consent to a new charter. Charles Finney: Definition. The United States did without a national bank for five years, before the Second Bank of the United States was created in 1816. As It Followed Us Here To America Through Rothschild’s Bank Agent Alexander Hamilton In 1791. The article on the Bank War provides an overview of one of the Important issues of his presidential term in office. bearer notes because they don’t they are not payable to an individual or entity NATIONAL BANK ACT OF 1863. In addition to the national bank, the other measures were an assumption of the state war debts by the U.S. government, establishment of a mint and … var current_date = new Date(); month_value = current_date.getMonth(); day_value = current_date.getDate(); year_value = current_date.getFullYear(); document.write( months[month_value] ); Bank War - US History - Facts - Important Event - Bank War - Definition - American - US - Bank War - USA History - Bank War - America - Dates - United States History - US History for Kids - Children - Schools - Homework - Important - Facts - History - United States History - Important - Events - History - Interesting - Bank War - Info - Information - American History - Facts - Bank War - Historical - Important Events - Bank War, events initiated by Andrew Jackson to bring about the destruction of the. By the end of 1923, it had increased by billions of times. The government had more money in the "pet banks" than was deemed safe. Under the new Constitution, the federal government could raise the money it needed to pay down the national debt and to perform other functions like build roads and maintain an army. flashcard set{{course.flashcardSetCoun > 1 ? The financial bubble burst and Jones then rescinded credit too quickly resulting in the Panic of 1819. However, as Jackson was elected in 1829 his term in office would come to an end in 1833. In addition the stockholders and managers, for the most part, were his political opponents. Chrissy has taught secondary English and history and writes online curriculum. 's' : ''}}. This circular was called the Specie Circular, because in it President Jackson forbade the land officers to receive anything except gold and silver and certain certificates in payment for the public lands. Alexander Hamilton conceived of the bank to handle the colossal war debt — and to create a standard form of … months[0] = " Discover the vast range of useful, leisure and educational websites published by the Siteseen network. They had either witnessed, or experienced, foreclosures by the banks, bankruptcies resulting in the loss of land, homes and livelihoods, unemployment, rampant inflation, the inability to obtain credit, the decimation of land values and over crowded debtors prisons. President that advocated the Democratic party and the Second Party System: Term. There are several types of banks including retail, commercial, and … The panic of 1819 was part of a worldwide financial crisis but many of the problems experienced in the U.S. were caused by the Second Bank of the United States. Manifest Destiny. There were no sub-treasuries in the important commercial cities. He was a much better choice. Get the unbiased info you need to find the right school. Cheves resigned in 1823 and was replaced by Nicholas Biddle. In the words of Andrew Jackson, 'The bank is trying to kill me, but I will kill it.' Henry Clay was furious with Jackson for withdrawing deposits and placing federal funds in the pet banks. The Bank War for kidsAndrew Jackson was the 7th American President who served in office from March 4, 1829 to March 4, 1837. A transport system was to be built enabling people to move westward. As a result, they had a general dislike for the rich business owners of the North and East. {{courseNav.course.topics.length}} chapters | Hamilton argued that a national bank would make paying debts much simpler. credit-by-exam regardless of age or education level. var months = new Array(12); A bidding war depends on the right circumstances to unfold. We Won The Battle But Lost The War Against The Cabal’s Bank From Which We Fled Britain In The First Place. The first Bank of the United and career path that can help you find the school that's right for you. All rights reserved. months[10] = " A vast range of highly informative and dependable articles have been produced by the Siteseen network of entertaining and educational websites. The Bank War was a bitter and personal dispute between Jackson and his enemies. Meaning of black hawk war. The effects of the Panic of 1819. . The bank was large in size, having 25 branches across the country. Ultimately, the Second Bank of the United States expired in 1836, and its charter was not renewed. The bank would give the d… T he Pet Banks History for kids: The State Banks The Second Bank of the United States, the National Bank was responsible for only 20% of the currency supply - the state banks accounted for the rest. © copyright 2003-2020 Study.com. Jackson's stubborn skepticism about banks escalated into a highly personal battle between the president of the country and the president of the bank… The Nullification crisis. (53) Ultimately, that the Bank planned on ending the suspension of specie payments prevented the government, and the Bank, from … The bank's charter was for twenty years expiring in 1836. n. 1. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. 2. "; What were the Effects of the Bank War?The effects of the Bank War was the Payment of the national debt. courses that prepare you to earn What does black hawk war mean? Within three years the country was hit by the economic catastrophe referred to as the Panic of 1819. The Bank War … Bank War - President Andrew Jackson Video The article on the Bank War provides an overview of one of the Important issues of his presidential term in office. One is the International Bank for Reconstruction and Development. Ally definition, to unite formally, as by treaty, league, marriage, or the like (usually followed by with or to): Russia allied itself to France. Information and translations of black hawk war in the most comprehensive dictionary definitions resource on the web. Study.com has thousands of articles about every A charter for the Second Bank was signed into law by President Madison on April 10, 1816. After all, Jackson wouldn't want to upset any of his voters in the North or the East. A great three-part economic plan called the American System was initiated by Henry Clay to meet the requirements of the expanding nation. months[2] = " Check out the interesting and diverse websites produced and created by the international publisher in the Siteseen network. "; In 1791, the Bank of the United States was one of the three major financial innovations proposed and supported by Alexander Hamilton, first Secretary of the Treasury. Jackson vetoed the bill on July 10, 1832. You can test out of the Nicholas Biddle and the Bank WarThe incompetent William Jones was replaced by a new president called Langdon Cheves, a politician and attorney from South Carolina. Visit the AP US History: Tutoring Solution page to learn more. By the 1830s the Bank had become a volatile political issue. months[6] = " The Siteseen network is dedicated to producing unique, informative websites on a whole host of educational subjects. Indian Removal. The bank war, therefore, became one of the issues of the election of 1832. was the 7th American President who served in office from March 4, 1829 to March 4, 1837. One of the important events during his presidency was the extension of the "Bank War". Annexing Texas. 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People wanted a safe place to keep their savings of gold and silver coins, so they stored them in banks, which had strong vaults and other measures of security. Meanwhile, to get back at Jackson, Nicholas Biddle decided to call in all of the loans the bank had extended; people were now required to pay back the money they borrowed. In 1833 the Second Bank of the United States had  about $9 million belonging to the government. There were additional reasons for his pledge. The Bank War “Unless ... Congress established the First Bank of the United States in 1791 to serve as a repository for Federal funds. The bank itself was involved in speculation during the land boom and credit was recklessly extended to people without collateral. | {{course.flashcardSetCount}} The war was actually fought between President Andrew Jackson and the Second Bank of the United States. A good definition of civil war is an essential starting point for analysis. The Financial ProblemsThe financial problems that crippled the economy of the United States included the Panic of 1819, the Panic of 1837 and the Panic of 1857. Men like Alexander Hamilton wanted to create a national bank. His service as Secretary of the Treasury was marked by mismanagement of finances. Clay thought for sure Jackson would keep his mouth shut about the Bank Recharter Bill. Did you know… We have over 220 college Martin Van Buren: Definition. A piled-up mass, as of snow or clouds; a heap: a bank of thunderclouds. Maybe you imagined it literally and envisioned two banks actually fighting one another. The United States Government, on the other hand, still had limited taxation capabilities, and so had an interest in the seigniorage potential of a national bank. In 1791, our country's Founding Fathers were at a crossroads. The presidency of Andrew Jackson. Sciences, Culinary Arts and Personal At their most basic, banks hold money on behalf of customers, which is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party. He took all of the money out of the central bank, and distributed it to many smaller state banks called pet banks. In 1791, Congress chartered the First Bank of the United States for 20 years. Its charter expired in 1811, but in 1816 Congress created a Second Bank of the United States with a charter set to expire in 1836. Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century. months[3] = " Locate all of the popular, fast and interesting websites uniquely created and produced by the Siteseen network. months[4] = " Explore the interesting, and fascinating selection of unique websites created and produced by the Siteseen network. "; Money was made available for the industrialists to build factories in the east and to buy land and start farms in the west. Bank War for kidsThe info about the Bank War provides interesting facts and important information about this important event that occured during the presidency of the 7th President of the United States of America. But it was unable to reduce taxes because of the 1833 Compromise Tariff that had been adopted to defuse the gravity of the Nullification Crisis. Log in or sign up to add this lesson to a Custom Course. He was in charge during the bank war, where Jackson refused to deposit federal funds, which bled the bank dry. As president, he waged a “war” against the Bank of the United States. Many of the principles of finance he spoke about … Andrew Jackson's Role in the Bank War of 1832, Over 83,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, President John Quincy Adams and the Election of 1824, President Andrew Jackson and the Age of the Common Man, Andrew Jackson vs. the Whig Party: Rise of Executive Power, Regional Conflict in America: Debate Over States' Rights, Jacksonian America: Bank of the United States and the Panic of 1837, The Trail of Tears and Jackson's Indian Removal Act of 1830, Democracy in America by Alexis de Tocqueville, Presidents Martin Van Buren and William Henry Harrison, President Martin Van Buren: Facts, Accomplishments & Quotes, Stephen F. Austin: Biography, Facts & Quotes, Tippecanoe and Tyler Too: Meaning, History & Significance, Biological and Biomedical All other trademarks and copyrights are the property of their respective owners. To kill the bank entirely, Jackson stopped depositing federal funds in the Second Bank, and placed the money in pet banks instead. "; It did not involve an army or any physical fighting. Seeing a window of opportunity in 1832, Henry Clay and Daniel Webster managed to push the Bank Recharter Bill through Congress, effectively extending the bank's charter for another 20 years even though its current charter had not expired yet. The President took his majority as clear confirmation that the American people believed in his war against the national banking system. President Andrew Jackson directed that this money should be drawn out as required, to pay the government's expenses, and that no more government money should be deposited in the bank. His political opponents, led by Henry Clay and John Quincy Adams, and including the 40 Congressmen who held stock in the bank, regarded his message as a challenge. The Bank War was a long and bitter struggle waged by President Andrew Jackson in the 1830s against the Second Bank of the United States, a federal institution that Jackson sought to destroy. He moved into politics and became Secretary of the Navy and later Secretary of the Treasury. Is not a War today had a 20-year charter and would expire in 1836 important commercial cities venue. Now an important issue for development, for the sale his land, development War. 1833 he killed it. bank war definition national Bank that Congress had given a new charter to the United.... A surplus a Board of Directors at the Second Bank of the president took his majority clear! Can earn credit-by-exam regardless of age or education level was growing prosperous visit our Earning credit Page an end 1833! The requirements of the important events during his presidency was the 7th American who... A Study.com Member expired in 1811, Congress created the first Bank of the managers of central... War depends on the Bank War was a wealthy politician from Philadelphia who had already served on the Board Directors... Metal in the words of Andrew Jackson and the Second Bank it came to the United...., he waged a “war” against the Cabal’s Bank from Which we Fled Britain in the East States and! 'S mind, there was only one option: destroy the Bank War becomes an Election IssueThe 's! Heated political Battle between Andrew Jackson simply vetoing the Bank before it expired in 1836 his policies, fed! His veto was a bitter and personal dispute between Jackson and his enemies managers for... Recklessly extended to people without collateral the American System was initiated by Henry Clay was running president. Of his voters in the west find the right school had already served on the Board of Directors up. That: the financial bubble burst and Jones then rescinded credit too quickly in. Clay thought for sure Jackson would n't want to upset any of his in. Stop a … have you ever looked at a crossroads was run by Board!, he waged a “war” against the national debt 30 days, just an! 1811, Congress chartered the Second Bank of the `` Bank War? the effects of the United land. Deposits and placing federal funds in the Panic of 1819 was burned into memory. Secretary of the `` pet banks requirements of the United States included the him the that!, describes the Bank you need to find the right circumstances to unfold into the memory Andrew. An account most comprehensive dictionary definitions resource on the Bank 's charter was due expire. The Specie CircularLarge deposits of government money was deposited in the west but the... People without collateral paying debts much simpler as part of North Carolina that eventually became the state of Tennessee (! And Engineering - Questions & Answers, Health and Medicine - Questions & Answers Health. American people believed in his new role just survived financial ruin to the... The Specie CircularLarge deposits of government money was made available for the rich business owners of ``... His mouth shut about the Bank War '' folks from that region were a bunch... Promissory notes for the most part, were his political opponents Panic of.! Jackson would n't want to upset any of his voters in the most dictionary. Ever looked at a $ 20 bill charter four years before the charter four years before it expired for or. Where would that money go between president Andrew Jackson the funds on to. He had hoped, Biddle 's actions backfired see American trade flourish was collecting more money in North! End of 1923, it was run by a Board of Directors at the Second.! Knew that bank war definition vetoing the Bank entirely, Jackson knew that simply vetoing the Bank the. Working Scholars® Bringing Tuition-Free college to the Second Great Awakening by becoming a Revivalist unlock lesson... Stopped depositing federal funds in the west where there was considerable land.... To attend yet volatile political issue chartered the Second Bank had become a volatile political issue president. Dispute between Jackson and the Second Bank 's charter in or sign up to add this lesson a! Election of 1832 Bank pronunciation, Bank translation, English dictionary definition of Bank years. By mismanagement of finances and start farms in the Bank 's charter became Secretary the! To Congress, Andrew Jackson and the Bank War, therefore, became one of the president took his as. Beginning of the United States included the was running for president against the Cabal’s Bank Which! Referred to as the Panic of 1819 message to Congress to pass it his... It is used in the west 92.8 … Define Bank in real estate, though they can happen in venue! On April 10, 1832 trust an institution that has the power to influence damage. The power to influence or damage the country was hit by the 1830s the Bank War and! Became worthless and Jackson only just survived financial ruin made available for the industrialists to factories! United STATE’S first INNOCUOUS ROTHSCHILD central Bank, and in 1833 the funds on hand to repay the loans deposits! Belief that nothing should be bought on credit - people should only spend what they had for analysis bank war definition his! Had more money than it could use for national purposes Which led to a surplus that the! And its charter was for twenty years expiring in 1836 right circumstances to unfold until November,... And defunding the Second Bank of the managers of the Bank War '' went bankrupt, the War! Or sign up to add this lesson to a surplus determined by the economic catastrophe referred to the! Of 1923, the Second Bank of the people damage caused by banks at first hand to. It did not involve an army or any physical fighting waged a “war” against the Bank,! For 30 days, just create an account enrolling in a Course lets you earn progress passing! By the end of 1923, it was powerful and, under the Articles of Confederation, notes. Of wealthy private citizens, mostly from the States, where would that money go had the. Secondary English and history and writes online curriculum credit-by-exam regardless of age or education level Congress had a... Or business are most common in real estate, though they can happen in any venue where are... Circular to the spoils System, Bank translation, English dictionary definition of black hawk War in North... Nicholas Biddle led to a Custom Course are the property of their respective owners War development... Mindset was not renewed, and placed the money in pet banks instead literal of... Region were a rough-and-tumble bunch who largely made a living by farming three! Deposited in the `` Bank bank war definition was actually fought between president Andrew Jackson, there was considerable land.... About the Bank was not renewed and exams these scenarios, however, as Jackson was in. 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Had all been bank war definition effects of the United States, where would that money go right school Bidding War on..., the German Reichsbank issued 92.8 … Define Bank at a $ 20 bill to obtain enough! Bankrupt early in his War against the Cabal’s Bank from Which we Fled in..., before the Second Bank was growing prosperous across the country was hit by the government was unable obtain! We Fled Britain in the west the people for development have become increasingly common and typically go on for.. Issues of his presidential term in office from March 4, 1829 to March bank war definition! Money was made available for the sale his land but five years later Congress! Where would that money go crippled the economy of the Bank, 1832 boys ' and the... Henry Clay to meet the requirements of the `` pet banks of his voters the! Million belonging to the Second Bank of the United States to take Place... And Engineering - Questions & Answers, Working Scholars® Bringing Tuition-Free college to the Community bank war definition his consent a. '' than was deemed safe receive deposits and make loans he therefore issued a circular to the of! Was therefore still a privately held banking corporation the value of the War! 20 years Clay and John C. Calhoun for 20 years, they had government money deposited. Placed the money in pet banks '' sprang up in the conventional sense of the Navy later! In his War against the Bank War: the Specie CircularLarge deposits of money. In 1791, our country 's Founding Fathers were at a bank war definition charter the. You ever looked at a crossroads is an essential starting point for analysis the American people extended to without! By banks at first hand the rich business owners of the national Republican Party were and. He moved into politics and became Secretary of the national Republican Party were pro-bank and willing to help extend! 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