The Second Bank of the United States was chartered with the goal of controlling changes in the value of currency issued by state banks. Its initial capital was $35 million.

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The charter of the First Bank of the United States expired in 1811.  The War of 1812 had proven expensive and difficult to finance so with its end President Madison sought to create the Second Bank, which would help finance the federal debt.  Many in Congress opposed the establishment of the bank, but Madison prevailed.