who had created the second bank of the united states
President James Madison James Madison
title: Second Bank of the United States text: Second Bank of the United States The Second Bank of the United States, located in Philadelphia, Pennsylvania, was the second federally authorized Hamiltonian national bank in the United States during its 20-year charter from February 1816 to January 1836. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President, Directors, and Company, of the Bank of the United States." A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by title: Second Bank of the United States text: of the United States, the Second Bank was chartered by President James Madison in 1816 and began operations at its main branch in Philadelphia on January 7, 1817, managing twenty-five branch offices nationwide by 1832. The efforts to renew the bank's charter put the institution at the center of the general election of 1832, in which the bank's president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the "hard-money" Andrew Jackson administration and eastern banking interests in the Bank War. Failing to secure recharter, the Second Bank of the United States became a private corporation in title: Second Bank of the United States text: their debt obligations to the U.S. Treasury. The proliferation of private-sector banking institutions – from 31 banks in 1801 to 788 in 1837 – meant that the Second Bank faced strong opposition from this sector during the Jackson administration. The architect of the Second Bank of the United States was William Strickland (1788–1854), a former student of Benjamin Latrobe (1764–1820), the man who is often called the first professionally trained American architect. Latrobe and Strickland were both disciples of the Greek Revival style. Strickland would go on to design many other American public buildings in this style, including financial structures title: Second Bank of the United States text: barred from acting as officials in other banks. Two of the three BUS presidents, William Jones and Nicholas Biddle, were chosen from among these government directors. Headquartered in Philadelphia, Pennsylvania, the bank was authorized to establish branch offices where it deemed suitable and these were immune from state taxation. The primary regulatory task of the Second Bank of the United States, as chartered by Congress in 1816, was to restrain the uninhibited proliferation of paper money (bank notes) by state or private lenders, which was highly profitable to these institutions. In this capacity, the bank would preside over this democratization title: Second Bank of the United States text: collection of portraits of prominent early Americans painted by Charles Willson Peale and many others. The building was designated a National Historic Landmark in 1987 for its architectural and historic significance. The Wall Street branch in New York City was converted into the United States Assay Office before it was demolished in 1915. The federal-style façade was saved and installed in the American Wing of the Metropolitan Museum of Art in 1924. Second Bank of the United States The Second Bank of the United States, located in Philadelphia, Pennsylvania, was the second federally authorized Hamiltonian national bank in the United