Question

QUESTION 1

1. The first commercial bank in America was the Bank of North America, chartered by the American Continental Congress.

True

False

1 points   

QUESTION 2

1. Not only did the federal government keep its funds in the First BUS but it also had a 50% ownership stake in the bank.

True

False

1 points   

QUESTION 3

1. The First Bank of the United States lost the vote in Congress to get another charter by one vote in both the House of Representative and the Senate.

True

False

1 points   

QUESTION 4

1. Fearing that it was overextended, the Second BUS redeemed its holdings of state bank notes and the money supply contracted by nearly 50% in one year, leading to America’s first depression.

True

False

1 points   

QUESTION 5

1. While the Second BUS was able to get the Congress to approve an extension of its charter, President Jackson vetoed the legislation.

True

False

1 points   

Answer 1

The first commercial bank in America was the Bank of North America, chartered by the American Continental Congress. True Reason: It was established in May 26, 1781. Not only did the federal government keep its funds in the First BUS but it also had a 50% ownership stake in the bank True The First Bank of the United States lost the vote in Congress to get another charter by one vote in both the House of Representative and the Senate. False Reason: It was passed and approved by the Senate and House of Representatives Fearing that it was overextended, the Second BUS redeemed its holdings of state bank notes and the money supply contracted by nearly 50% in one year, leading to America's first depression. C True While the Second BUS was able to get the Congress to approve an extension of its charter, President Jackson vetoed the legislation. True Reason: President Andrew Jackson vetoed the re-chartering bill in 1832 as he objected the unusual powers of the bank.