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Encyclopedia of world history (facts on file library of world history) 7 volume set ( PDFDrive ) 1772

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baroque culture in Latin America dubious value; some banks failed At war’s end, Madison called for a new bank, as did House Speaker Henry Clay, who had helped kill the first one In 1816 the Second Bank of the United States won a 20-year charter and soon opened in a new Philadelphia location Organized on the same public-private lines as the previous bank, the Second Bank had a rocky start During the panic of 1819, it abruptly curtailed lending, harming its reputation In the Baltimore branch, a group of officials, including cashier James McCulloch, embezzled more than million dollars Ironically, McCulloch also figured in a major 1819 victory for the bank Maryland, at the behest of its state banks, had imposed a tax on the federal bank’s local operations In its unanimous McCulloch v Maryland decision, the Supreme Court declared the bank to be a “necessary and proper” use of federal power and forbade state taxation In 1823 Philadelphian Nicholas Biddle was promoted to the bank’s presidency and began reshaping its oversight mission and role in the economy Generally considered a banking success, although he lacked business training, Biddle would fail politically, as his arrogance and restrictive policies collided with the fiscal exuberance of an era of explosive growth Andrew Jackson was steeped in Jeffersonian ideals of agrarian republicanism He opposed public debt, paper money, and federally financed improvements The president’s intentions toward the bank vacillated He reappointed Biddle yet called the bank a “hydra of corruption” in his first message to Congress Jackson’s inner circle, including New York political mastermind Martin Van Buren, had additional reasons for undercutting Biddle’s bank A rivalry for banking predominance pitted New York City and Philadelphia Elsewhere, Jacksonian entrepreneurs and speculators seethed over Biddle’s efforts to curb credit and restrain inflation In 1832, a presidential election year, Biddle made a serious political error He allowed anti-Jackson political leaders, including Henry Clay, to persuade him to force Jackson’s hand by pressing for charter renewal four years early Congress passed the extension but could not override the president’s July veto, the first significant veto in U.S history In his fiery message, Jackson called the bank an enemy of “the humble members of society—the farmers, mechanics, and laborers.” Easily beating Clay to win a second term, Jackson was not content to allow the bank to complete its remaining years By the fall of 1833 Treasury Secretary Roger B Taney (later Supreme Court Chief Justice) had found ways to transfer government deposits 51 from the bank to so-called “pet” banks that supported Jacksonian initiatives By 1836, when the bank ceased to exist, deposits had been moved to 91 of the nation’s 600 banks The death of the Second Bank of the United States was not the only cause of the orgy of lending, speculation, and bank failure that fed the panic of 1837, but it was an important factor Financial and political battles over gold or silver, greenbacks or hard currency, roiled the 19th century, fueling populism after the Civil War Centralized banking did not reemerge until a Federal Reserve banking system was established in 1913 under President Woodrow Wilson See also financial panics in North America; political parties in the United States Further reading: Hammond, Bray Banks and Politics in America: From the Revolution to the Civil War Princeton, NJ: Princeton University Press, 1957; Kaplan, Edward S The Bank of the United States and the American Economy Westport, CT: Greenwood Press, 1999 Marsha E Ackermann baroque culture in Latin America The term baroque—originally a pejorative label meaning “absurd” or “grotesque”—is used to designate the artistic style that flourished in Europe and abroad in the 17th and early 18th centuries The baroque influence reached Latin America in the mid-17th century and continued to make its presence felt long after 1750, the year conventionally given as the end of the baroque movement in Europe The artistic movement, which originated in Rome in tandem with the Catholic Counter-Reformation, emphasized vigorous movement and emotional intensity Baroque works were typically characterized by a highly ornamental style and extensive use of decorative detail Given the movement’s roots in the Counter-Reformation, it comes as little surprise that most (though certainly not all) baroque art served a religious purpose Life-sized images aimed to capture the emotional states of their subjects (typically biblical figures), so that viewers could connect with the subject on an emotional level On major holy days, religious statues, often dressed in ornamental garments, were paraded through the streets of Latin American cities While Latin American culture was clearly influenced by European styles and aesthetic ideals, Latin American baroque was by no means a mere duplicate of

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