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Bank War
The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the Presidency of Andrew Jackson, presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks. The Second Bank of the United States was established as a private organization with a 20-year charter, having the exclusive right to conduct banking on a national scale. The goal behind the B.U.S. was to stabilize the American economy by establishing a uniform currency and strengthening the federal government. Supporters of the Bank regarded it as a stabilizing force in the economy due to its ability to smooth out variations in prices and trade, extend credit, supply the nation with a sound and uniform currency, provide fiscal services for the treasury department, facilitate long-distance trade, and prevent inflation by regulating the lending practices of state banks. Jacksonian democra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Biddle (banker)
Nicholas Biddle (January 8, 1786February 27, 1844) was an American financier who served as the third and last president of the Second Bank of the United States (chartered 1816–1836). Throughout his life Biddle worked as an editor, diplomat, author, and politician who served in both houses of the Pennsylvania state legislature. He is best known as the chief opponent of Andrew Jackson in the Bank War. Born into the illustrious Biddle family of Philadelphia, young Nicholas worked for a number of prominent officials, including John Armstrong Jr. and James Monroe. In the Pennsylvania state legislature, he defended the utility of a national bank in the face of Jeffersonian criticisms. From 1823 to 1836, Biddle served as president of the Second Bank, during which time he exercised power over the nation's money supply and interest rates, seeking to prevent economic crises. With prodding from Henry Clay and the Bank's major stockholders, Biddle engineered a bill in Congress to rene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Jackson
Andrew Jackson (March 15, 1767 – June 8, 1845) was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as a general in the United States Army and served in both houses of the U.S. Congress. Although often praised as an advocate for ordinary Americans and for his work in preserving the union of states, Jackson has also been criticized for his racial policies, particularly his treatment of Native Americans. Jackson was born in the colonial Carolinas before the American Revolutionary War. He became a frontier lawyer and married Rachel Donelson Robards. He served briefly in the United States House of Representatives and the United States Senate, representing Tennessee. After resigning, he served as a justice on the Tennessee Supreme Court from 1798 until 1804. Jackson purchased a property later known as the Hermitage, becoming a wealthy plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Albert Gallatin
Abraham Alfonse Albert Gallatin (January 29, 1761 – August 12, 1849) was a Genevan– American politician, diplomat, ethnologist and linguist. Often described as "America's Swiss Founding Father", he was a leading figure in the early years of the United States, helping shape the new republic's financial system and foreign policy. Gallatin was a prominent member of the Democratic-Republican Party, represented Pennsylvania in both chambers of Congress, and held several influential roles across four presidencies, most notably as the longest serving U.S. Secretary of the Treasury. He is also known for his contributions to academia, namely as the founder of New York University and cofounder of the American Ethnological Society. Gallatin was born in Geneva in present-day Switzerland and spoke French as a first language. Inspired by the ideals of the American Revolution, he immigrated to the United States in the 1780s, settling in western Pennsylvania. He served as a delegate to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally authorized by government regulation. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the financial market in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excess Reserves
Excess reserves are bank reserves held by a bank in excess of a reserve requirement for it set by a central bank. In the United States, bank reserves for a commercial bank are represented by its cash holdings and any credit balance in an account at its Federal Reserve Bank (FRB). Holding excess reserves long term may have an opportunity cost if higher risk-adjusted interest can be earned by putting the funds elsewhere. For banks in the U.S. Federal Reserve System, excess reserves may be created by a given bank in the very short term by making short-term (usually overnight) loans on the federal funds market to another bank that may be short of its reserve requirements. Banks may also choose to hold some excess reserves to facilitate upcoming transactions or to meet contractual clearing balance requirements. The total amount of FRB credits held in all FRB accounts for all commercial banks, together with all currency and vault cash, forms the M0 monetary base. Impact on infl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Madison
James Madison Jr. (March 16, 1751June 28, 1836) was an American statesman, diplomat, and Founding Father. He served as the fourth president of the United States from 1809 to 1817. Madison is hailed as the "Father of the Constitution" for his pivotal role in drafting and promoting the Constitution of the United States and the Bill of Rights. Madison was born into a prominent slave-owning planter family in Virginia. He served as a member of the Virginia House of Delegates and the Continental Congress during and after the American Revolutionary War. Unsatisfied with the weak national government established by the Articles of Confederation, he helped organize the Constitutional Convention, which produced a new constitution. Madison's Virginia Plan was the basis for the Convention's deliberations, and he was an influential voice at the convention. He became one of the leaders in the movement to ratify the Constitution, and joined Alexander Hamilton and John Jay in writing '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Jefferson
Thomas Jefferson (April 13, 1743 – July 4, 1826) was an American statesman, diplomat, lawyer, architect, philosopher, and Founding Fathers of the United States, Founding Father who served as the third president of the United States from 1801 to 1809. He was previously the nation's second vice president of the United States, vice president under John Adams and the first United States Secretary of State, United States secretary of state under George Washington. The principal author of the United States Declaration of Independence, Declaration of Independence, Jefferson was a proponent of democracy, republicanism, and individual rights, motivating Thirteen Colonies, American colonists to break from the Kingdom of Great Britain and form a new nation. He produced formative documents and decisions at state, national, and international levels. During the American Revolution, Jefferson represented Virginia in the Continental Congress that adopted the Declaration of Independence. As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strict Constructionism
In the United States, strict constructionism is a particular legal philosophy of judicial interpretation that limits or restricts such interpretation only to the exact wording of the law (namely the Constitution). Strict sense of the term Strict construction requires a judge to apply the text only as it is written. Once the court has a clear meaning of the text, no further investigation is required. Judges—in this view—should avoid drawing inferences from a statute or constitution and focus only on the text itself. Jurist Hugo Black (1886–1971) argued that the First Amendment's injunction, that ''Congress shall make no law'' (against certain civil liberties), should be construed strictly: ''no law'', thought Black, admits ''no exceptions''. However, "strict construction" is not a synonym for textualism or originalism. Supreme Court Justice Antonin Scalia, a major proponent of textualism, said that "no one ought to be" a strict constructionist, although to be a strict ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bank
In banking, the term national bank carries several meanings: * a bank owned by the state * an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) * in the United States, an ordinary private bank operating within a specific regulatory structure, which may or may not operate nationally, under the supervision of the Office of the Comptroller of the Currency. In the past, the term "national bank" has been used synonymously with "central bank", but it is no longer used in this sense today. Some central banks may have the words "National Bank" in their name; conversely if a bank is named in this way, it is not automatically considered a central bank. For example, National Bank of Canada of Montreal, Canada, is a privately owned commercial bank. On the other hand, National Bank of Ethiopia is the central bank of Ethiopia and National Bank of Cambodia is the central bank of Cambodia. By country Afghanistan Pashtany Bank is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
