Question

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

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.