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In 1822, the directors of the Second Bank of the United States contemplated the election of a new president of the bank. The policies of the new president would either continue those of the retiring incumbent, which had contracted the nation's money supply, restoring the bank's stability after a panic but also stoking outrage across the United States, or deviate from them to support national economic development by providing more credit and a sound paper currency usable throughout the country. The case frames the contest for control of the Second Bank that would ultimately determine the bank's role in the American economy. The case presents opportunities for financial analysis of the health and performance of the Second Bank, for assessment of the governance and management of the bank, and for consideration of the timing of a change in strategy regarding the bank.
Consider the causes and consequences of the Panic of 1819. Review the troubled early history of proto-central banking in the United States, especially the demise of the First Bank of the United States and the difficult early years of the Second Bank. Assess the evolving structure and governance of the national bank, and discuss the constitutionality of the nationally chartered bank. Survey the financial sector as it was emerging at the time. Discuss the prudential management of banks through the maintenance of reserves.