1816 Second Bank of the US

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.


The Rush-Bagot Agreement began as a series of letters between acting United States Secretary of State Richard Rush and the British Minister to Washington Sir Charles Bagot. Once the terms of the agreement were reached both sides started following * them. The treaty was officially ratified by the US Senate on April 16, 1818.

Under the terms of the Rush-Bagot Agreement, the fishing quarrels between the United States and Canada were temporarily settled. American fisherman gained access, once again, to the waters around Newfoundland.

The border between the United States and Canada, from the Great Lakes to the Rocky Mountains, was set at the 49th parallel. The issue of the Oregon Territory was left to be settled at a later date.