Before long, even legislators who had opposed the First Bank had to admit that the nation needed a national bank. State banking interests, Virginia farmers and some Federalists continued their fight against the Bank. It took six proposals and two years of debate, but, in 1816, Congress finally passed a bill establishing the Second Bank of the U.S. Like the First Bank of the United States, it was chartered for 20 years, and had one-fifth of its stock held by the government.
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