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Biddle, Nicholas (1786-1844) to William Appleton re: instructions on bank funds as Jackson dismantles bank

Gilder Lehrman Collection #: GLC01994.02 Author/Creator: Biddle, Nicholas (1786-1844) Place Written: s.l. Type: Autograph letter signed Date: 1833/01/24 Pagination: 1

Summary of Content: Written as president of the Bank of the United States to Appleton, President of the Office of Discount and Deposit, Boston. Biddle explains that "the loans in the remoter offices, particularly in the South and West, are gradually diminishing, and the fund[s] transferred into the more manageable form of domestic bills of exchange." Biddle explains that this policy will provide more funds for circulation in the Atlantic offices, where more money was needed. This was the very policy that angered President Jackson, who felt money should be kept in the originating region.

People:

Historical Era: National Expansion and Reform, 1815-1860

Keywords/Subjects: Bank of the US, Banking, Finance, Economics

Sub Era: Age of Jackson