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Why did the banking system established by the National Bank Acts have problems with liquidity?
too much money had been loaned to other customers.
What did Jackson try to do after his reelection in 1832?
tried to replace bank notes with hard money withdrew funds from the Bank of the United States and put them in state banks
What did supporters and opponents of the second Bank believe?
Supports: the Second Bank earned strong support from business people, because they liked the fact that the bank made loans to businesses. moreover the bank was a safe place for the federal goverment to keep its money, and the stable money it issued formed a stable currency Opponents: the opponents of the Second Bank disliked the way the bank loans made by state banks (fearing that the state banks where making to many loans) Bank directors often limited the amount of money banks could lend, this angered farmers and merchants that wanted to buy land. The most powerful enemy of the bank at that time was Andrew Jackson (the seventh president of the united states) According to Jackson,"the bank allowed a small group of wealthy people to enrich themselves at the expense of ordinary people"
How many banks did baby face nelson rob?
Baby Face Nelson robbed 4 banks. They were as follows:a bank in Grand Haven, Michigan - failedthe Security National Bank in Sioux Falls, South Dakota - netted around $49,000the First National Bank in Mason City, Iowa - netted $52,000the Merchant National Bank in South Bend, Indiana - netted $28,000I hope I answered the question. Thanks :D
Why were there widespread bank closures in 1929?
The main reason that the banks closed, was because of "a run on the banks." This was people who would rush to the bank, to take their money out. Also, because of bad regulation of the federal government, the banks were in terrible shape. In 1933, after Franklin D. Roosevelt, took over the office of President of the United States, he went to work on the "New Deal," he promised to the country. President Roosevelt's first task was to reopen the banks. He first closed every bank in the country by declaring a nationwide "bank holiday." He then authorized the treasury to supervise the reopening of only those banks which were financially sound. He went on the radio in a Fireside Chat to explain the government's movements and plead for confidence. Within days many of the banks were open, and depositors returned with their funds. By April confidence was restored and the crisis ended. To prevent a recurrence of the panic, Congress created the Federal Deposit Insurance Corporation (FDIC). People no longer needed to fear bank failures, for the government guaranteed that their funds were protected.
