Many people did not like the limits that the Bank of the United States set. Political opposition grew. In 1811 the Bank of the United States was closed.
After 1811 the economy of the United States worsened. Not enough money, goods, and services were produced. People realized that a national bank was necessary. In 1816 another Bank of the United States was opened. After 1822 the central bank began to prosper.
Again, there was political opposition against having a central bank. Andrew Jackson led the opposition. He became president in 1829. He moved the country’s money out of the central bank. The economy finally collapsed at the end of Jackson’s second term in 1837. It was the first major depression in the United States.
Not until 1913 was another central bank established in the United States. It was called the Federal Reserve System. It remains in existence today.
