The Money War
The Money War
This chapter examines the controversies surrounding money and banking in the early years of the new American Republic. It shows how the U.S. Constitution restricted the right of coinage to the federal government and forbade both the states and the national government to issue paper money. It then coinsiders the issuance of Treasury notes by Secretary of the Treasury Albert Gallatin in the 1812–1814 war, while Salmon P. Chase, Secretary of the Treasury under the Lincoln administration, asked Congress to authorize repeated issues of greenbacks. The chapter also considers Alexander Hamilton's application for a central bank that would become the Bank of the United States, which competed with other banks. Finally, it discusses the establishment of the Second Bank of the United States and the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States.
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