Bank of United States Pennsylvania, 1837 Signed by N. Biddle as President
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C000502
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Bank of the United States [PA] 1837, Philadelphia. Agency in London, £250; Promissory note; issued, cancelled. Printed by Draper, Toppan, Longacre, Philadelphia & New York. Classic bank building with many columns; William Penn, Robert Fulton, Benjamin Franklin, Robert Morris flank sides of certificate. Signed by N. Biddle as President.
The national bank was in general disrepute among most Americans when Nicholas, the third and last president of the bank, was appointed by President James Monroe in 1823. Under Biddle's guidance, the BUS evolved into a powerful banking institution that produced a strong and sound system of national credit and currency. From 1823 to 1833, Biddle expanded credit steadily, but with restraint, in a manner that served the needs of the expanding American economy. By the time of Jackson's inauguration in 1829, the national bank appeared to be on solid footing. However, when the charter of the Second Bank of the United States was not approved by Andrew Jackson, the bank became a private corporation under Pennsylvania commonwealth law; a shortage of hard currency ensued, causing the Panic of 1837 and lasting approximately seven years. The Bank suspended payment in 1839 and was liquidated in 1841.
The national bank was in general disrepute among most Americans when Nicholas, the third and last president of the bank, was appointed by President James Monroe in 1823. Under Biddle's guidance, the BUS evolved into a powerful banking institution that produced a strong and sound system of national credit and currency. From 1823 to 1833, Biddle expanded credit steadily, but with restraint, in a manner that served the needs of the expanding American economy. By the time of Jackson's inauguration in 1829, the national bank appeared to be on solid footing. However, when the charter of the Second Bank of the United States was not approved by Andrew Jackson, the bank became a private corporation under Pennsylvania commonwealth law; a shortage of hard currency ensued, causing the Panic of 1837 and lasting approximately seven years. The Bank suspended payment in 1839 and was liquidated in 1841.
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