The Second Bank of the United States, located in Philadelphia, Pennsylvania, was the second federally authorized national bank in the United States during its 20-year charter from February 1816 to January 1836. 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 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.
Second Bank of the United States
Tags: Democracy in America