When was the Second Bank of the United States created, and how long did it last?

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BlackTom AI · Accepted Answer

The question asks about the creation year of the Second Bank of the United States and how long it lasted. 
Option 1: '1791; 20 years' This is incorrect because 1791 refers to the First Bank of the United States, not the Second, and the Second Bank was established later, in the 1810s. The time span also mismatches the historical duration for the Second Bank. 
Option 2: '1816; 20 years' This aligns with historical records: the Second Bank of the United States was chartered in 1816 after the War of 1812, and its charter lasted for 20 years, ending in 1836. The dates and duration match standard accounts. 
Option 3: '1816; 30 years' While 1816 is correct for the establishment, the duration of the charter was not 30 years; it was 20 years, so this overstates the lifespan of the institution. 
Option 4: '1791; 30 years' This combines an incorrect establishment year (1791 pertains to the First Bank era) with a non-matching duration. The combination is historically inaccurate for the Second Bank. 
In evaluating these choices, focus on two key facts: the founding year of the Second Bank (1816) and the length of its charter (20 years). The other options either replace 1816 with 1791 or assume a 30-year charter, both of which do not match the established historical record. The option that correctly reflects both the founding year and the charter length is the one that states 1816 and 20 years.

ECON 5470-001 Spring 2025 Quiz 4

When was the Second Bank of the United States created, and how long did it last?

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