Why was it necessary to create a second bank of the United states in 1816

Question

Social Studies

Barnaby

20 July, 04:36

Why was it necessary to create a second bank of the United states in 1816

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Callum Mcintyre · Answer 1

It was necessary to create the Second Bank of the United States in order to bring order and stability to a chaotic financial situation in the U. S.

Explanation:

In less than 30 years after the First Bank of the United States was opened, the Second Bank of the United States was created in the same city of Philadelphia. The United States government was unable to manage the chaos that was created due to the financial crisis prevalent in the nation due to war debts and industrialists demanding aids. Hence, to bring the situation under control, the creation of the Second Bank of the United States was one of the steps taken.