Question

charter of __________________________ expired in 1811. Calhoun introduced a bill to replace it, giving the new institution power to _______________________ and ____________________________. a) The Bank of the United States, regulate commerce and taxation b) The Second Bank of the United States, regulate currency and trade c) The Federal Reserve, control interest rates and print money d) The Treasury Department, oversee foreign relations and defense

Answer 1

The charter that expired in 1811 was for the Bank of the United States. To address financial instability, John C. Calhoun introduced a bill leading to the establishment of the Second Bank of the United States in 1816, which was empowered to regulate currency and trade.

Step-by-step explanation:

The charter of the Bank of the United States expired in 1811. With the expiration of the charter, the country faced threats of financial instability. In an attempt to restore stability, John C. Calhoun proposed a bill to replace the bank.

This new institution, commonly known as the Second Bank of the United States, was given the power to regulate currency and trade. The bank operated under a twenty-year charter, established by Congress in 1816 as a key financial institution. Over time, however, it too faced controversy and resentment, particularly from President Jackson and many citizens who perceived it as a tool favoring the wealthy.

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