The First Bank of the United States expired in 1811 which is part of the reason that the Second Bank of the United States was bank chartered in 1816, which was merely five years later. The Second Bank of the United Sates’ location was in Philadelphia, Pennsylvania and it was founded by the United States of America’s president, James Madison, out of the hope that it could possibly help to stabilize the currency.
James Polk was opposed to the Second Bank of the United States and also was the 11th president of the United States of America. James Polk rather than favoring paper money actually favored gold and silver because he mistrusted banks. James Polk had many positions politically throughout his life and even until his death at 53. One of the positions that he held was as the chairman of a very powerful group called the Ways and Means Committee. He had been a supporter of Andrew Jackson for a very long time and while on this committee was able to help him when it came time to withdraw from using the Second Bank of the United States.
This decision was made while he was in place on this committee and while Andrew Jackson was president. The Ways and Means Committee was a pro-administration faction of the United States congress. The committee of Ways and Means was and is also still the main tax-writing committee that is a part of the United States House of Representatives. They have a great deal to do with the funds of the United States of America and much more. The position that James Polk held was thought to be very prominent as Chairman and this is a very high position for in individual who has previously been president.