-
9th Amendment
States that if the power is not given to the Federal Government, it is defaulted to the states. This becomes important during the debates of the legality of the National Bank -
Period: to
The Bank and Money Issues
-
First National Bank was established
The bank was established by the Secretary of Treasury, Alexander Hamilton. It was founded for the purpose of paying off the Revolutionary War. -
First National Bank Charter Expired
After the expiration of the banks charter, Stephen Girard bought the banks stocks and physical building. He turned it into the Girard Bank. However, the role of the National Bank would soon be replaced by another charter for a national bank. -
Second National Bank
The founding of the Second National Bank was due to a money crisis following the War of 1812. Inflation was a mjor problem. -
Panic of 1819
There were financial problems following the Lousiana Purchase which led to the Panic. -
Maryland v. McColloch
Maryland wanted the federal bank to pay taxes on a specialized paper. A cashier refused stating that a state does not possess the power to tax federal activities. It was taken to court and on this day, the Supreme Court ruled that the state could not tax the government and that the Federal bank charter was valid and legal. -
Panic of 1837
After Jacksons policies of Specie Circular, the next president Van Buren refused to get the government involved in the economy. This caused a huge rocus. In addition, the main cause is speculated to be the National Banks causing inflation before it termination. -
Second National Bank went Bankrupt
