West Philadelphia, nicknamed West Philly, is a section of Philadelphia, Pennsylvania. Though there is no official definition of its boundaries, it is considered to reach from the western shore of the Schuylkill River, to City Avenue to the northwest, Cobbs Creek to the southwest, the SEPTA Media/Elwyn Line to the south. An alternate definition includes all city land west of the Schuylkill; the eastern side of West Philadelphia is known as University City. The topography of West Philadelphia is composed of rolling hills rising from the Schuylkill River toward Cobbs Creek in the west and toward Belmont Plateau in the northwest; this gradual elevation makes the skyline of Center City visible from many points in West Philadelphia. The Wynnefield neighborhood is a location used by photographers and organizers of civic events. According to the 2010 census, 216,433 people live among the ZIP codes of 19104, 19131, 19139, 19143 and 19151. Non-Hispanic Black or African-American: 164,921 Non-Hispanic White/European: 37,010 Hispanic or Latino: 4,328 American Indian: 4,112 Asian: 3,246 Mixed or Other: 2,813 Starting with the first wave of Irish immigrants in the early 19th century, West Philadelphia was home to large numbers of European immigrants and their descendants.
The area's African American population began growing in the 1880s through the migration of blacks from the southern states. Since the 1980s, gentrification and the Urban Indian relocation movement have brought more racial diversity. Arrivals from East Asia and Latin America Dominicans, Puerto Ricans, Mexicans, have given the area small Hispanic and Asian American populations; the community has a fair number of Afro-Caribbean/Caribbean American residents, from the Jamaica, Haiti and other areas of the West Indies, as well as a growing number of African immigrants. The Woodlands Cemetery, located near the west bank of the Schuylkill River, was the estate of Andrew Hamilton who bought the property in 1735 from descendants of Blockley Township's founder, William Warner, who hailed from Brockley, England. Warner was the first known European west of the Schuylkill. In 1840, the property was transformed into a cemetery with an arboretum of over 1,000 trees, it holds the graves of many famous Philadelphians.
Satterlee Hospital, one of the largest Union Army hospitals of the Civil War, operated from 1862 to 1865. West Philadelphia's population expanded in the late 19th and early 20th centuries, thanks in large part to horsecars streetcars, Schuylkill River bridges that allowed middle-class breadwinners to commute into the Central Business District a few miles to the east. West Philadelphia was among the early streetcar suburbs, a portion of it is listed on the National Register of Historic Places as the West Philadelphia Streetcar Suburb Historic District; the western portion of the neighborhood was once home to some of the most expensive real estate in the country. The area has declined in prominence over the last 50 years, thanks in part to increasing crime and the migration of many middle and upper-class residents to suburbs and other sections of the city. West Philadelphia drew national attention in 1978 and 1985 for violent clashes between police and an Afro-centric, back-to-nature group called MOVE.
During the latter confrontation, police firebombed the group's headquarters, killing 11 people and destroying an entire block of Osage Avenue and Pine Street. In recent years, parts of West Philadelphia have undergone "Penntrification," a term that reflects the University of Pennsylvania's role in gentrification of the neighborhood. Many young professionals and families have moved into the area. In 2008, the area around the Please Touch Museum, Philadelphia Zoo, the Mann Music Center was designated the Centennial District: an area to be revitalized by the country's 250th birthday in 2026. Most of the houses in West Philadelphia are row houses, although there are areas of semi-detached and detached houses; the earliest developments began in 1850 and the final period of mass construction ended in 1930. Development was enabled by the creation of the horsecar, which pushed development to about 43rd Street, after the arrival of the electrified streetcar in 1892, accelerated to the west and southwest.
Commissioned by speculative developers and designed by some of the city's most prolific architects, they were purchased by industrial managers and other professionals who led the first movement of upper and middle class from the more crowded city center. Developers found they could increase profits by catering to this emerging group, shrinking lot sizes, building more compact, less ornate houses. Initial development was divided into block lots and sold in 1852 with the condition that "substantial stone or brick buildings" be erected; the houses in this grouping are three-story Italianate buildings, linked by material, decorative detail, form. Located around Chester Avenue, an additional but smaller and less ornate 16 Italianate, semi-detached houses, similar in form to the initial houses; the setback of these houses was 25 feet. Another development on Locust Street, a project by banker and West Philly
Mount Holly, New Jersey
Mount Holly is a township in Burlington County, New Jersey, United States. It is the county seat of Burlington County as well as an eastern suburb of Philadelphia; as of the 2010 United States Census, the township's population was 9,536, reflecting a decline of 1,192 from the 10,728 counted in the 2000 Census, which had in turn increased by 89 from the 10,639 counted in the 1990 Census. Mount Holly gives its name to the National Weather Service's Weather Forecast Office for the Philadelphia metropolitan area, though the office is located in adjacent Westampton. What is now Mount Holly was formed as Northampton on November 6, 1688. Northampton was incorporated as one of New Jersey's first 104 townships by an act of the New Jersey Legislature on February 21, 1798. Portions of the township were taken to form Little Egg Harbor Township, Washington Township, Pemberton borough, Coaxen Township, Pemberton Township, Westampton Township and Lumberton Township; the township was renamed Mount Holly as of November 6, 1931, based on the results of a referendum held three days earlier.
The township was named for hills covered with holly trees. Some areas of today's Mount Holly were known as Bridgetown; the first European settlement in what is now Mount Holly began in 1677, when Walter Reeves acquired land from the Lenape Native Americans living in the area. He constructed a dam on Rancocas Creek to channel water through a raceway to power a grist mill and saw mill. Edward Gaskill and his sons hand dug the mill race on their property between 1720 and 1723. After the mills were established, more settlers were attracted to the area and built houses and commercial buildings on High, White and Pine streets, including the Shinn Curtis Log House. By 1800, over 250 dwellings had been built. Today no mills remain on the raceway, which still flows in its original course from the Rancocas just above the dam; the raceway proved a way for herring to make their way above the dam and was the scene of an annual fish run in the spring which provided fresh herring for slating and eating. The former mill land has been preserved as the Mill Dam Park.
It marks the importance of mills to the early settlements. On December 17, 1776, Colonel Samuel Griffin of the Continental Army crossed the Delaware River with 600 men — untrained men and boys, with little equipment — and marched to Mount Holly, where he set up a few "3-pounder" artillery pieces on Iron Works Hill. Hessian commanders von Block and Carl von Donop, were told that there were 3,000 American troops at Mount Holly. By December 23, 1776, 2,000 Hessians were moved from Bordentown and positioned at The Mount in Mount Holly, where they engaged in a three-day-long artillery exchange, known as the Battle of Iron Works Hill or Battle of Mount Holly, with the Americans on Iron Works Hill; the Americans slipped away that night. After George Washington crossed the Delaware River on December 25, 1776, the fact that thousands of Hessian troops had been drawn to Mount Holly aided in the Continental Army's success in the Battle of Trenton the next day, a surprising American victory that helped turn the Army's fading morale after the disastrous defeat at the Battle of Fort Washington just weeks before and the ignominious retreat through New Jersey.
The 1793 state legislature approved the relocation of the Burlington County seat from Burlington City to Mount Holly, approved by voters in a 1796 referendum. Several important municipal buildings were constructed, including the courthouse in 1796 and the county prison built circa 1819; the Burlington County Prison was designed by Robert Mills, a nationally known architect who designed the Washington Monument. The town has numerous 18th and 19th-century buildings, most of which are included in the Mount Holly Historic District. Commercial buildings were constructed along High Street. In 1849, the Burlington and Mount Holly Railroad was established, connecting communities along the Delaware River to Philadelphia, the major city of the area; the railroad supported industrialization along its route. The Camden and Mount Holly Railroad constructed a station 20 years near the intersection of Washington and King streets. A trolley station was built in 1904 for the passengers making connections to Burlington City and Moorestown.
New municipal buildings were constructed during the 20th century, including the Town Hall on Washington Street and the U. S. Post Office located across the street, both federally funded and constructed as Works Progress Administration projects under President Franklin D. Roosevelt during the Great Depression. In the late 1950s, Mount Holly began to have economic difficulties due to industrial restructuring and the loss of working-class jobs. In the post-World War II period, numerous blue collar, family wage jobs disappeared as the community's traditional employers, the mills and dye factories, were shut down. At first these job losses were offset in part by gains at the nearby military bases, Fort Dix and McGuire Air Force Base during the Vietnam War. In 1970, the residential vacancy rate in Mount Holly was 4.3%. By 1980, the vacancy rate had climbed to 8.7% as a result of the nearby military installations' downsizing after the end of the Vietnam War. During this same period, 1970–1980, shopping malls proliferated in the suburban Philadelphia area, retail business in Mount Holly suffered.
Mount Holly had a total area of 2.852 square miles, including 2.806 square miles of land and 0.04
Cornelius Vanderbilt was an American business magnate and philanthropist who built his wealth in railroads and shipping. Born poor and having only a mediocre education, Vanderbilt worked his way into leadership positions in the inland water trade and invested in the growing railroad industry. Nicknamed "The Commodore", he is known for owning the New York Central Railroad, his biographer says, "He vastly improved and expanded the nation's transportation infrastructure, contributing to a transformation of the geography of the United States. He embraced new technologies and new forms of business organization, used them to compete.... He helped to create the corporate economy that would define the United States into the 21st century." As one of the richest Americans in history and wealthiest figures overall, Vanderbilt was the patriarch of a wealthy, influential family. He provided the initial gift to found Vanderbilt University in Tennessee. According to historian H. Roger Grant: "Contemporaries, too hated or feared Vanderbilt or at least considered him an unmannered brute.
While Vanderbilt could be a rascal and cunning, he was much more a builder than a wrecker being honorable and hard-working." Cornelius Vanderbilt's great-great-grandfather, Jan Aertson or Aertszoon, was a Dutch farmer from the village of De Bilt in Utrecht, who emigrated to New Amsterdam as an indentured servant in 1650. The Dutch van der was added to Aertson's village name to create "van der Bilt"; this was condensed to Vanderbilt. Cornelius Vanderbilt was born in Staten Island, New York on May 27, 1794 to Cornelius van Derbilt and Phebe Hand, he began working on his father's ferry in New York Harbor as a boy, quitting school at the age of 11. At the age of 16, Vanderbilt decided to start his own ferry service. According to one version of events, he borrowed $100 from his mother to purchase a periauger, which he christened the Swiftsure. However, according to the first account of his life, published in 1853, the periauger belonged to his father and the younger Vanderbilt received half the profit.
He began his business by ferrying freight and passengers on a ferry between Staten Island and Manhattan. Such was his energy and eagerness in his trade that other captains nearby took to calling him The Commodore in jest – a nickname that stuck with him all his life. While many Vanderbilt family members had joined the Episcopal Church, Cornelius Vanderbilt remained a member of the Moravian Church to his death. Along with other members of the Vanderbilt family, he helped erect a local Moravian parish church in his city. On December 19, 1813, at age 19 Vanderbilt married his first cousin, Sophia Johnson, daughter of Nathaniel Johnson and Elizabeth Hand, they moved into a boarding house on Broad Street in Manhattan. They had 13 children together: Phebe in 1814, Ethelinda in 1817, Eliza in 1819, William in 1821, Emily in 1823, Sophia in 1825, Maria in 1827, Frances in 1828, Cornelius Jeremiah in 1830, George in 1832, Mary in 1834, Catherine in 1836, another son named George in 1839. In addition to running his ferry, Vanderbilt bought his brother-in-law John De Forest's schooner Charlotte and traded in food and merchandise in partnership with his father and others.
But on November 24, 1817, a ferry entrepreneur named Thomas Gibbons asked Vanderbilt to captain his steamboat between New Jersey and New York. Although Vanderbilt kept his own businesses running, he became Gibbons's business manager; when Vanderbilt entered his new position, Gibbons was fighting against a steamboat monopoly in New York waters, granted by the New York State Legislature to the politically influential patrician Robert Livingston and Robert Fulton, who had designed the steamboat. Though both Livingston and Fulton had died by the time Vanderbilt started working for Gibbons, the monopoly was held by Livingston's heirs, they had granted a license to Aaron Ogden to run a ferry between New Jersey. Gibbons launched his steamboat venture because of a personal dispute with Ogden, whom he hoped to drive into bankruptcy. To accomplish this, he undercut prices and brought a landmark legal case – Gibbons v. Ogden – to the United States Supreme Court to overturn the monopoly. Working for Gibbons, Vanderbilt learned to operate a complicated business.
He moved with his family to New Brunswick, New Jersey, a stop on Gibbons' line between New York and Philadelphia. There his wife Sophia operated a profitable inn, using the proceeds to feed and educate their children. Vanderbilt proved a quick study in legal matters, representing Gibbons in meetings with lawyers, he went to Washington, D. C. to hire Daniel Webster to argue the case before the Supreme Court. Vanderbilt appealed his own case against the monopoly to the Supreme Court, next on the docket after Gibbons v. Ogden; the Court never heard Vanderbilt's case, because on March 2, 1824, it ruled in Gibbons' favor, saying that states had no power to interfere with interstate commerce. The case is still considered a landmark ruling; the protection of competitive interstate commerce is considered the basis for much of the prosperity which the United States has generated. After Thomas Gibbons died in 1826, Vanderbilt worked for Gibbons' son William until 1829. Though he had always run his own businesses on the side, he now worked for himself.
Step by step, he started lines between the surrounding region. First he took over Gibbons' ferry to New Jersey switched to western Long Island Sound. In 1831, he took over his brother Jacob's line to Peekskill, New York, on the lower H
Mellon Financial Corporation was one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds. On December 4, 2006 it announced a merger agreement with Bank of New York, to form The Bank of New York Mellon. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007. Mellon was founded in 1869 by Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon, as T. Mellon & Sons' Bank. In 1902, the institution became Mellon National Bank. Mellon Bank was an important force in the mass production revolution in the United States in the Midwest; the Mellon family using the bank as a proxy had direct involvement with founding the modern aluminium, consumer electronics and financial industries. Alcoa, Gulf Oil and Rockwell, all were directly founded and managed by the bank. U. S. Steel, General Motors and ExxonMobil were born and nurtured by Mellon.
In 1920 Andrew left his leadership post of the bank to become the longest serving U. S. Treasury Secretary in history. In 1929, Richard founded Mellbank Corporation. In 1946, Mellon National and the Union Trust Company merged to form Mellon National Bank and Trust Company. A reorganization in 1972 brought about a name change to Mellon Bank, N. A. and the formation of a holding company, Mellon National Corporation. In 1983, Mellon bought Girard Bank of Philadelphia and Central Counties Bank of State College, Pennsylvania; the next year, Mellon National Corporation became Mellon Bank Corporation, purchased Northwest Pennsylvania Corporation of Oil City, Pennsylvania. In 1986, Mellon bought Commonwealth National Financial of Pennsylvania, it is reported that Mellon operated the 2nd largest financial computing system in the world. In 1991, Mellon bought United Penn Bank of Pennsylvania; the next year, Mellon bought 54 branch offices of Philadelphia-based Philadelphia Savings Fund Society, whose parent company had become insolvent.
Philadelphia Savings Fund Society, was the first savings bank in the United States, founded in 1819. In 1993, Mellon bought The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation; the next year, Mellon merged with the Dreyfus Corporation, bringing its mutual funds under its umbrella. 1998 saw Mellon's purchase of United Bankshares, Inc. of Miami, 1st Business Bank of Los Angeles, Founders Asset Management. In 1999, Martin G. McGuinn became chairman and chief executive officer of Mellon Bank Corporation. Mellon Bank Corporation became Mellon Financial Corporation. Two years it sold its retail banking operations to Citizens Financial Group. In 2004, Mellon announced it would purchase Safeco Trust Company from Seattle-based Safeco Corporation; the same year, it purchased outstanding shares in London-based Pareto Partners and offered them floor space in Mellon Financial Centre. In 2006, Mellon announced its plans to merge with Bank of New York. Talks began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation.
The $16.5 billion deal was announced in December 2006 and finalized on July 1, 2007, with Kelly as the Chief Executive Officer of the new company, Renyi as Executive Chairman. Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, eight by Mellon; the merger was completed July 2007, as The Bank of New York Mellon. Headquartered in New York, it is the world's largest securities servicing firm and one of the world's top ten asset managing firms; the new venture launched its brand identity on October 1, 2007. These two companies, along with State Street, followed the same evolution. All were large diversified financial service providers in the corporate banking space in the regions they were located in; however competition in the corporate loans and retail banking businesses saw them jettison these operations in favor of what were believed to be more stable, fee based business: asset management and asset servicing. Mellon is a large provider of; these are checking accounts in specialized locations which are given early warning by the Federal Reserve as to what checks will be clearing them.
Companies can transfer the exact amount needed to pay those checks, while investing the unneeded money or using other funds to pay down debt. Robert E. Kelly February 13, 2006 – July 1, 2007 Martin G. McGuinn January 1, 1999 – February 13, 2006 Frank Cahouet April 13, 1987 – January 1, 1999 J. David Barnes March 1, 1981 – April 13, 1987 James H. Higgins August 1, 1974-March 1, 1981 John A. Mayer February 8, 1963 – August 1, 1974 Frank R. Denton 1946-February 8, 1963 www.bnymellon.com Mellon Financial Corporation.
Citizens Financial Group
Several banks are known as Citizens Bank. Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Maine, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Between 1988 and its 2014 initial public offering, Citizens was a wholly owned subsidiary of The Royal Bank of Scotland Group. RBS sold its last 20.9% stake in the company in October 2015. Citizens operates more than 1,200 branches and 3,200 ATMs across 11 states under the Citizens Bank brand. Citizens ranks 23rd on the List of largest banks in the United States. Citizens was established in 1828 as the High Street Bank in Rhode Island. In 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which acquired its parent group to form Citizens Trust Company; the bank expanded through Rhode Island, opening a total of 29 branches in that state. It established Citizens Financial Group as a holding company when the bank acquired The Greenville Trust Company in 1954.
In 1985, Citizens changed status from a mutual savings bank to a federal stock savings bank. Expansion into other states began with Massachusetts in 1986. In 1988, Royal Bank of Scotland acquired Citizens. Under RBS ownership, Citizens acquired several smaller banks in New England to become the second largest bank in the region. In 1996, in conjunction with the acquisition of First NH Bank, the Bank of Ireland gained a 23.5% stake in Citizens, which RBS acquired two years to resume 100% ownership. In 1999, Citizens acquired the retail banking business of State Street Corporation increasing its footprint in Boston. Expansion outside New England began in 2001, when RBS purchased the retail banking division of Mellon Financial Corporation in Pennsylvania, New Jersey and Delaware for $2 billion. At one stroke, Citizens Bank became the second-largest bank in Pennsylvania, a major bank in both Philadelphia and Pittsburgh. In July 2003, the bank purchased the naming rights to the new home field of the Philadelphia Phillies, named Citizens Bank Park.
On January 17, 2003, Citizens Financial Group purchased Commonwealth Bancorp, the holding company for Commonwealth Bank, based in Norristown, Pennsylvania. In 2004, RBS purchased the credit card division of Connecticut-based People's Bank; this purchase allowed Citizens to market its own credit cards. In August 2004, Citizens Financial acquired Cleveland-based Charter One Financial, parent company of Charter One Bank, with branches in Illinois, Indiana, upstate New York, Vermont for $10.5 billion. Because Citizens Republic Bancorp of Flint, Michigan operated under the Citizens Bank name in most of Charter One's territory, Citizens Financial elected to keep the Charter One name in Charter One's Midwestern footprint. However, it re-branded the New Vermont branches as Citizens Bank; this purchase made Citizens Financial the 12th largest bank in the United States with over $131 billion in assets and 1,530 branches across 13 states. In early 2005, the Charter One name replaced the Citizens Bank banner on seven branches in Butler County, Pennsylvania.
This rebranding resolved a 3½-year-old name dispute with Butler-based Citizens National Bank. By mid 2005, Citizens National and Citizens Financial agreed to a compromise. Citizens National Bank changed its name to NexTier Bank, while the Citizens Financial Group branches reverted to the "Citizens Bank" name. A new corporate logo designed to show Citizens Bank's connection to the Royal Bank of Scotland debuted on April 26, 2005. In July 2006, Citizens Bank eliminated the mortgage department in Michigan and terminated over 100 employees. On September 1, 2007, the individual banks under Citizens Financial Group, excluding Citizens Bank of Pennsylvania, merged into RBS Citizens, N. A. In November 2008, Charter One sold its network of 65 branches in Indiana to Old National Bank which rebranded them under the Old National Bank banner; the transaction closed in June 2010. In 2014, Citizens sold 94 branches in metropolitan Chicago to U. S. Bancorp. Citizens Republic Bancorp was founded in Flint, Michigan in 1871 and merged with Republic Bank in 2006.
In 2007, Citizens Republic prevailed in a case to prevent Citizens Financial from using the similar name in Michigan and Ohio. FirstMerit Bank acquired Citizens Republic in 2013 and rebranded all branches as FirstMerit until 2016 when Huntington Bancshares acquired FirstMerit. With conflicting names no longer an issue, Citizens Bank announced June 30, 2014, that Charter One branches in Michigan and Ohio would be rebranded as Citizens Bank; the name change took place on April 27, 2015, bringing to an end the name Charter One in Cleveland. In May 2008, Citizens Financial Group failed to publicly announce that it was under investigation by the Securities and Exchange Commission for its involvement in the sub-prime mortgage crisis that devastated the U. S. housing market and bond investors around the world. The SEC only investigated banks if suspected of involvement in the purchase and sale of subprime securities. In 2008, the company anticipated writing off $2 billion in bad loans. Royal Bank of Scotland posted the biggest loss in British corporate history and announced cost cutting measures at Citizens.
A Philadelphia developer sued Citizens Bank January 27, 2010, for $8 billion, under a claim that the bank used sham accusations of default to recall loans in an effort to prop up its failing parent companies, Citizens Financial Group and "its ultimate parent, The Royal Bank of Scotland Group." Following the effective nationalization of RBS in 2008, speculation arose as to wheth
Second Bank of the United States
The Second Bank of the United States, located in Philadelphia, 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 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, was accountable to Congress and the U. S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder. Four thousand private investors held 80% of the bank's capital, including one thousand Europeans; the bulk of the stocks were held by a few hundred wealthy Americans. In its time, the institution was the largest monied corporation in the world; the essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.
S. Treasury, to establish a sound and stable national currency; the federal deposits endowed the BUS with its regulatory capacity. Modeled on Alexander Hamilton's First Bank 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 1836, underwent liquidation in 1841; the political support for the revival of a national banking system was rooted in the early 19th century transformation of the country from simple Jeffersonian agrarianism towards one interdependent with industrialization and finance.
In the aftermath of the War of 1812 the federal government suffered from the disarray of an unregulated currency and a lack of fiscal order. A national alliance arose to legislate a central bank to address these needs; the political climate—dubbed the Era of Good Feelings—favored the development of national programs and institutions, including a protective tariff, internal improvements and the revival of a Bank of the United States Southern and western support for the bank, led by Republican nationalists John C. Calhoun of South Carolina and Henry Clay of Kentucky was decisive in the successful chartering effort; the charter was signed into law by James Madison on April 10, 1816. Subsequent efforts by Calhoun and Clay to earmark the bank's $1.5 million establishment "bonus", annual dividends estimated at $650,000, as a fund for internal improvements, was vetoed by President Madison, on strict constructionist grounds. Opposition to the bank's revival emanated from two interests. Old Republicans, represented by John Taylor of Caroline and John Randolph of Roanoke characterized the Second Bank of the United States as both constitutionally illegitimate and a direct threat to Jeffersonian agrarianism, state sovereignty and the institution of slavery, expressed by Taylor's statement that "...if Congress could incorporate a bank, it might emancipate a slave".
Hostile to the regulatory effects of the central bank, private banks—proliferating with or without state charters—had scuttled rechartering of the first BUS in 1811. These interests played significant roles in undermining the institution during the administration of U. S. President Andrew Jackson; the BUS was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars The central bank was charged with restraining uninhibited private bank note issue—already in progress—that threatened to create a credit bubble and the risks of a financial collapse. Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form; the national bank was engaged in promoting a democratized expansion of credit to accommodate laissez-faire impulses among eastern business entrepreneurs and credit hungry western and southern farmers. Under the management of the first BUS president William Jones, the bank failed to control paper money issued from its branch banks in the West and South, contributing to the post-war speculative land boom.
When the U. S. markets collapsed in the Panic of 1819—a result of global economic adjustments—the central bank came under withering criticism for its belated tight money policies—policies that exacerbated mass unemployment and plunging property values. Further, it transpired that branch directors for the Baltimore office had engaged in fraud and larceny. 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 as the economy began to correct; the central bank's reaction to the crisis—a clumsy expansion 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, 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 app