Nicholas Biddle Research Paper

Nicholas Biddle Nicholas Biddle was born on January 8, 1786 in Philadelphia to a successful merchant. He graduated Princeton College at the age of fifteen, and decided to pursue law. He gained American nationalism when he witnessed the Napoleonic Wars as an aide to the U.S. ambassador to France. Biddle wrote for the literary magazine, The Port Folio, under the pseudonym Oliver Oldschool (Shade, William). He also edited Lewis and Clark’s expedition notes and he was elected into the Pennsylvania State Legislature in 1810. He introduced two important bills there. One created a public school system, and the other was for the renewal of the charter of the Bank of the United States. Biddle was given the title of president of the bank in 1822. (Nicholas Biddle) …show more content…
Biddle wanted policies that the credit to the banks. He also tried to stabilize the money, investment, and discounts, regulate the money supply, and safeguarded government deposits (The Editors of Encyclopædia Britannica, Nicholas Biddle). Jackson had been convinced that his reelection in 1832 had been because he didn’t support the Bank of the United States, and so he was prepared to get rid of it. He vetoed a bill calling for an early renewal of the Bank, but it could still be renewed when the charter actually expired, four years later. Jackson took measures into his own hands and tried to limit the Bank’s economic power. After going through three secretaries of treasury, and acting against advice from congressional committees, Jackson announced that no more government funds would be going to the Bank of the United States. He would instead be placing them in twenty-three state banks, or “pet banks” as they were

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