Details
JACKSON, ANDREW, 1767-1848, President. Document signed ("Andrew Jackson") as President, Washington, D.C., 5 January 1836. 1 page, folio, 382 x 250mm. (15 1/4 x 10 in.), integral blank, large papered seal of the United States, boldly written in a calligraphic hand, top edge dusty, document cleanly separated at central horizontal fold (repairable).
ANDREW JACKSON APPOINTS A DIRECTOR TO THE NATIONAL BANK WHICH HE LATER REFUSED TO RE-CHARTER
A highly unusual Presidential appointment naming a Director to the Second Bank of the United States, chartered by Congress in 1816. The President was authorized to appoint five of the bank's 25 directors. "...[I]n pursuance of the Law of Congress passed the tenth day of April 1816, entitled 'An Act to incorporate the Subscribers to the Bank of the United States,' and reposing special trust and confidence in the Integrity, diligence and discretion of Edward D. Ingraham of Pennsylvania, I...do appoint him a Director in the Bank of the United States..."
Andrew Jackson vetoed the recharter of the Second Bank of the United States in 1832 in a dispute with its director, and his veto was upheld in Congress. In the meantime, Jackson withdrew all federal funds deposited there and distributed them to smaller state banks, with disastrous consequences that led to massive inflation and the Panic of 1837.
ANDREW JACKSON APPOINTS A DIRECTOR TO THE NATIONAL BANK WHICH HE LATER REFUSED TO RE-CHARTER
A highly unusual Presidential appointment naming a Director to the Second Bank of the United States, chartered by Congress in 1816. The President was authorized to appoint five of the bank's 25 directors. "...[I]n pursuance of the Law of Congress passed the tenth day of April 1816, entitled 'An Act to incorporate the Subscribers to the Bank of the United States,' and reposing special trust and confidence in the Integrity, diligence and discretion of Edward D. Ingraham of Pennsylvania, I...do appoint him a Director in the Bank of the United States..."
Andrew Jackson vetoed the recharter of the Second Bank of the United States in 1832 in a dispute with its director, and his veto was upheld in Congress. In the meantime, Jackson withdrew all federal funds deposited there and distributed them to smaller state banks, with disastrous consequences that led to massive inflation and the Panic of 1837.