<P> Resigning in January 1819 , Jones was replaced by Langdon Cheves who continued the contraction in credit in an effort to stop inflation and stabilize the bank , even as the economy began to correct . The central bank 's reaction to the crisis -- a clumsy expansion , then a sharp contraction of credit -- indicated its weakness , not its strength . The effects were catastrophic , resulting in a protracted recession with mass unemployment and a sharp drop in property values that persisted until 1822 . The financial crisis raised doubts among the American public as to the efficacy of paper money , and in whose interests a national system of finance operated . Upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s . The national bank was in general disrepute among most Americans when Nicholas Biddle , the third and last president of the bank , was appointed by President James Monroe in 1823 . </P>
<P> Resigning in January 1819 , Jones was replaced by Langdon Cheves who continued the contraction in credit in an effort to stop inflation and stabilize the bank , even as the economy began to correct . The central bank 's reaction to the crisis -- a clumsy expansion , then a sharp contraction of credit -- indicated its weakness , not its strength . The effects were catastrophic , resulting in a protracted recession with mass unemployment and a sharp drop in property values that persisted until 1822 . The financial crisis raised doubts among the American public as to the efficacy of paper money , and in whose interests a national system of finance operated . Upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s . The national bank was in general disrepute among most Americans when Nicholas Biddle , the third and last president of the bank , was appointed by President James Monroe in 1823 . </P>
who assumed leadership of the second bank of the united states in 1823
who assumed leadership of the second bank of the united states in 1823
Nicholas Biddle
Nicholas Biddle