120-577: Nicholas Biddle (January 8, 1786 – February 27, 1844) was an American financier who served as the third and last president of the Second Bank of the United States (chartered 1816–1836). Throughout his life Biddle worked as an editor, diplomat, author, and politician who served in both houses of the Pennsylvania state legislature. He is best known as the chief opponent of Andrew Jackson in
240-678: A double-taxation treaty with the US, accepted by the Internal Revenue Service (IRS). Non-qualified dividends paid by other foreign companies or entities; for example, those receiving income derived from interest on bonds held by a mutual fund, are taxed at the regular and generally higher rate of income tax. When applied to 2013, this is on a sliding scale up to 39.6%, with an additional 3.8% surtax for high-income taxpayers ($ 200,000 for singles, $ 250,000 for married couples). A financier ( / f ɪ n ə n ˈ s ɪər , f ə -, - ˈ n æ n -/ )
360-636: A French-Canadian fur trapper named Toussaint Charbonneau , and his young Shoshone wife, Sacagawea . Charbonneau, at this time, began to serve as the expedition's translator. Peace was established between the expedition and the Mandan chiefs with the sharing of a Mandan ceremonial pipe . By April 25, Captain Lewis wrote his progress report of the expedition's activities and observations of the Native American nations they had encountered to-date in A Statistical view of
480-404: A book in 1814 and would become the standard account of the expedition for more than a century. But because he had been elected to the Pennsylvania state legislature, Biddle was compelled to hand over editorial responsibilities to Paul Allen (1775–1826), who supervised the project until its completion and appeared in print as the book's official editor. Biddle was elected as a Republican member of
600-464: A brief visit to Kentucky to see his wife before forcing him to return to Missouri. It is unlikely that he ever saw his wife again: "ten years after the expedition's end, York was still enslaved, working as a wagoner for the Clark family". The last years of York's life are disputed. In the 1830s, a Black man who said he had first come with Lewis and Clark was living as a chief with Native Americans they met on
720-569: A credit bubble that eventually burst with the Panic of 1837 . In 1839, after seeing his investment in cotton speculation backfire, Biddle resigned from his post as bank president, and in 1841, with the nation still reeling from depression, the Bank finally collapsed. Because the BUSP had issued loans to financial institutions and individual actors who pledged slave mortgages as collateral, the BUSP tragically became one of
840-582: A deer. The expedition was prepared with flintlock firearms, knives, blacksmithing supplies, and cartography equipment. They also carried flags, gift bundles, medicine, and other items that they would need for their journey. The route of Lewis and Clark's expedition took them up the Missouri River to its headwaters, then on to the Pacific Ocean via the Columbia River, and it may have been influenced by
960-402: A higher regard for her, and provided some support for her children in subsequent years. In the journals, they used the terms "squar" ( squaw ) and "savages" to refer to Sacagawea and other indigenous peoples. An enslaved Black man known only as York took part in the expedition as personal servant to William Clark, his enslaver. York did much to help the expedition succeed. He proved popular with
1080-514: A major political controversy known as the Bank War. When Jackson transferred the federal government's deposits from the Second Bank to several state banks, Biddle raised interest rates, causing a mild economic recession. The federal charter expired in 1836, before the Panic of 1837 , but the bank continued to operate with a Pennsylvania state charter until its ultimate collapse in 1841. Nicholas Biddle
1200-474: A nationalistic vision with an emphasis on regulation and flexibility. He was also innovative. Biddle occasionally engaged in the relatively new techniques of central banking –-controlling the nation's money supply, regulating interest rates, lending to state banks, and acting as the Treasury Department's chief fiscal agent. When state banks became excessive in their lending practices, Biddle's Bank acted as
1320-460: A newspaper, Biddle accosted an ill Pettis in his hotel room. Pettis recovered and then challenged Thomas to a duel. Thomas Biddle should not be confused with his second cousin, Thomas Biddle of Philadelphia, one of the city's leading exchange brokers. The Nicholas Biddle Estate in Bensalem Township, Pennsylvania , also known as " Andalusia ", is a National Historic Landmark , registered with
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#17328376750311440-567: A physician and former leader in the American Revolution . He also arranged for Lewis to be further educated by Andrew Ellicott , an astronomer who instructed him in the use of a sextant , among other navigational instruments. From Benjamin Smith Barton , Lewis learned how to describe and preserve plant and animal specimens; from Robert Patterson , refinements in computing latitude and longitude, and Caspar Wistar covered fossils , and
1560-408: A portrait of Jefferson and inscribed with a message of friendship and peace, called Indian Peace Medals . The soldiers were to distribute them to the tribes that they met. The expedition also prepared advanced weapons to display their military firepower. Among these was an Austrian-made .46 caliber Girandoni air rifle , a repeating rifle with a 20-round tubular magazine that was powerful enough to kill
1680-526: A restraint. In a few instances, he even rescued state banks to prevent the risk of "contagion" spreading. In 1823, Biddle started concentrating the Bank's facilities in the West, Southwest, and South to meet the demands for credit generated by the expansion of land, cotton, and slavery. He did this by directing his branch officers to circulate large quantities of branch drafts and by buying and selling millions of dollars of bills of exchange. As cotton moved downriver in
1800-555: A retaliatory raid from the Omaha tribe, to the south. A recent Sioux raid had killed 75 Omaha men, burned 40 lodges, and taken four dozen prisoners." Captain Lewis made his first mistake by offering the Sioux chief gifts first, which insulted and angered the Partisan chief. Communication was difficult, since the expedition's only Sioux language interpreter was Pierre Dorion who had stayed behind with
1920-722: A valuable member of the party, aiding with hunting and protection from bears and other potential predators. He was the only animal to complete the entire trip. Lewis and his crew set-sail that afternoon, traveling down the Ohio River to meet up with Clark near Louisville, Kentucky , in October 1803, at the Falls of the Ohio . Their goals were to explore the vast territory acquired by the Louisiana Purchase and to establish trade and US sovereignty over
2040-489: Is risk attitude . Investor protection through government involves regulations and enforcement by government agencies to ensure that market is fair and fraudulent activities are eliminated. An example of a government agency that protects investors is the U.S. Securities and Exchange Commission (SEC), which works to protect reasonable investors in the United States . Similar protections exist in other countries, including
2160-451: Is a person whose primary occupation is either facilitating or directly providing investments to up-and-coming or established companies and businesses , typically involving large sums of money and usually involving private equity and venture capital , mergers and acquisitions , leveraged buyouts , corporate finance , investment banking , or large-scale asset management . A financier makes money through this process when their investment
2280-403: Is paid back with interest, from part of the company's equity awarded to them as specified by the business deal, or a financier can generate income through commission , performance, and management fees. A financier can also promote the success of a financed business by allowing the business to take advantage of the financier's reputation. The more experienced and capable the financier is, the more
2400-640: The Arctic Ocean in 1789. Mackenzie and his party were the first non-indigenous people to cross mainland North America, north of Mexico , reaching the Pacific coast of British Columbia in 1793–twelve years earlier than Lewis and Clark. Mackenzie's accounts in Voyages from Montreal (1801) informed Jefferson of Britain 's intent to establish control over the lucrative fur trade of the Columbia River , convincing him of
2520-504: The Bank War . Born into the Biddle family of Philadelphia , young Nicholas worked for a number of prominent officials, including John Armstrong Jr. and James Monroe . In the Pennsylvania state legislature, he defended the utility of a national bank in the face of Jeffersonian criticisms. From 1823 to 1836, Biddle served as president of the Second Bank, during which time he exercised power over
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#17328376750312640-517: The Cherokee from their ancestral lands. In addition, Biddle purchased bonds in the Republic of Texas , opposed territorial expansion into Oregon, and denounced abolitionists . Meanwhile, in the absence of any regulatory oversight provided by a central bank, state-chartered banks in the West and South relaxed their lending standards, took on greater risks, maintained unsafe reserve ratios, and contributed to
2760-599: The Clearwater , Snake , and Columbia rivers, past Celilo Falls and present-day Portland , at the confluence of the Willamette and Columbia rivers. Lewis and Clark used William Robert Broughton 's 1792 notes and maps to orient themselves once they reached the lower Columbia River. The sighting of Mount Hood and other stratovolcanos confirmed that the expedition had almost reached the Pacific Ocean. The expedition sighted
2880-475: The Columbia River , and the Pacific Ocean in 1805. The return voyage began on March 23, 1806, at Fort Clatsop , Oregon , ending six months later on September 23 of that year. President Thomas Jefferson commissioned the expedition, shortly after the Louisiana Purchase of 1803, to explore and detail as much of the new territory as possible. Furthermore, he wished to find a practical travel route across
3000-551: The Doctrine of Discovery . The expedition was sponsored by the American Philosophical Society (APS). Lewis and Clark received some instruction in astronomy , botany , climatology , ethnology , geography , meteorology , mineralogy , ornithology , and zoology . During the expedition, they made contact with over 70 Native American tribes and described more than 200 new plant and animal species. Jefferson had
3120-636: The Lakota nation (whom the Americans called Sioux or "Teton-wan Sioux") had problems when they met, and there was a concern the two sides might clash. According to Harry W. Fritz, "All earlier Missouri River travelers had warned of this powerful and aggressive tribe, determined to block free trade on the river. ... The Sioux were also expecting a retaliatory raid from the Omaha tribe, to the south. A recent Sioux raid had killed 75 Omaha men, burned 40 lodges, and taken four dozen prisoners." The expedition held talks with
3240-520: The Maureen and Mike Mansfield Library at the University of Montana . One of the expedition's primary objectives as directed by President Jefferson was to be a surveillance mission that would report back the whereabouts, military strength, lives, activities, and cultures of the various Native American tribes that inhabited the territory newly acquired by the United States as part of the Louisiana Purchase and
3360-690: The National Park Service of the U.S. Department of the Interior . Financier An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of property. Types of investments include equity , debt , securities , real estate , infrastructure , currency , commodity , token , derivatives such as put and call options , futures , forwards , etc. This definition makes no distinction between
3480-549: The Pennsylvania House of Representatives in 1810, and then in the Pennsylvania State Senate for the 1st district from 1813 to 1815. He originated a bill favoring a free system of public schools—available to all Pennsylvanians regardless of their economic class—almost a quarter of a century in advance of the times. Though the bill was initially defeated, it resurfaced repeatedly in different forms until, in 1836,
3600-503: The State Department . McLane's successor, William J. Duane , was also opposed to the Bank, but would not carry out Jackson's orders either. After waiting four months, President Jackson summarily dismissed Duane, replacing him with Attorney General Roger B. Taney as a recess appointment when Congress was out of session. In September 1833, Taney helped transfer the public deposits from the Bank to seven state-chartered banks. Faced with
3720-569: The United Kingdom where individual investors have certain protections via the Financial Services Compensation Scheme (FSCS). Company dividends are paid from net income , which has the tax already deducted. Therefore, shareholders are given some respite with a preferential tax rate of 15% on " qualified dividends " in the event of the company being domiciled in the United States. Alternatively, in another country having
Nicholas Biddle - Misplaced Pages Continue
3840-532: The "vilest miscreants of the savage race". They came close to blows several times, until the Lakota chief, Black Buffalo, persuaded Lewis to distribute more tobacco to the assembled warriors. Lewis complied and the expedition was allowed to continue upstream to the Arikara villages. In the winter of 1804–05, the party built Fort Mandan , near present-day Washburn, North Dakota . Just before departing on April 7, 1805,
3960-513: The American presence there, with the American flag flying over the fort. During the winter at Fort Clatsop, Lewis committed himself to writing. He filled many pages of his journals with valuable knowledge, mostly about botany, because of the abundant growth and forests that covered that part of the continent. The health of the men also became a problem, with many suffering from colds and influenza. Knowing that maritime fur traders sometimes visited
4080-562: The Bank was obligated to make these payments on behalf of the Treasury. The Bank demanded that private and state-chartered commercial banks, many of which had loaned excessively and previously served as fiscal agents during the War of 1812, now pay the Second Bank in specie, which was then sent to Europe to pay the federal government's creditors. This rather sudden contraction of the country's monetary base after three years of speculation helped contribute to
4200-508: The Bank's charter forbid the institution from purchasing commodities. Biddle also invested in and bailed out several state-chartered banks in the South whose capital was derived partially from slave mortgages. Some of these banks, including the Union Bank of Mississippi, financed the dispossession of Native Americans. Indeed, post-notes issued by the BUSP helped conclude one of the treaties that removed
4320-540: The Bank's stockholders and board of directors. President Jackson vetoed the bill in a stunning move that carried significant consequences for the relationship between Congress and the executive branch. The reasons for Jackson's veto were legion and included concerns over the Bank's monopoly power and concentrated wealth, constitutional scruples, states' rights, the Bank's foreign stockholders and ability to foreclose on large parcels of land, sectional animosity toward eastern financiers, and political patronage. An additional factor
4440-553: The Columbia River, and later by trekking over land. Before leaving, Clark gave the Chinook a letter to give to the next ship captain to visit, which was the same Captain Hill who had been nearby during the winter. Hill took the letter to Canton and had it forwarded to Thomas Jefferson, who thus received it before Lewis and Clark returned. They made their way to Camp Chopunnish in Idaho, along
4560-501: The Corps had as many as 45 members, including the officers, enlisted military personnel, civilian volunteers, and York , an African-American man enslaved by Clark. From St. Charles, the expedition followed the Missouri through what is now Kansas City, Missouri , and Omaha, Nebraska . On August 20, 1804, Sergeant Charles Floyd died, apparently from acute appendicitis . He had been among
4680-690: The Indian nations inhabiting the Territory of Louisiana , which outlined the names of various tribes, their locations, trading practices and water routes used, among other points. President Jefferson would later present this report to Congress. They followed the Missouri to its headwaters, and over the Continental Divide at Lemhi Pass , then north to Traveler's Rest , and crossed the Bitteroots at Lolo Pass . They descended on foot, then proceeded in canoes down
4800-421: The Lakota near the confluence of the Missouri and Bad Rivers in what is now Fort Pierre, South Dakota . One of their horses disappeared, and they believed the Sioux were responsible. Afterward, the two sides met and there was a disagreement, and the Sioux asked the men to stay or to give more gifts (or tribute) instead, before being allowed to pass through their territory. Clark wrote they were "warlike" and were
4920-651: The Lewis and Clark expedition set off in May, the Spanish sent four armed expeditions of 52 soldiers, mercenaries , and Native Americans on August 1, 1804, from Santa Fe , New Mexico northward under Pedro Vial and José Jarvet to intercept Lewis and Clark and imprison the entire expedition. They reached the Pawnee settlement on the Platte River in central Nebraska and learned that the expedition had been there many days before. The expedition
Nicholas Biddle - Misplaced Pages Continue
5040-505: The Louisiana territory to the Pacific Ocean. He did not attempt to make a secret of the Lewis and Clark expedition from Spanish, French, and British officials, but rather claimed different reasons for the venture; he used a secret message to ask for funding, due to poor relations with the opposition Federalist Party in Congress. Congress subsequently appropriated $ 2,324 for supplies and food,
5160-534: The Missouri and Columbia Rivers, and for the most part the expedition did not encounter hostilities. However, there was a tense confrontation on September 25, 1804, with the Teton- Sioux tribe (also known as the Lakota people , one of the three tribes that comprise the Great Sioux Nation ), under chiefs that included Black Buffalo and the Partisan. These chiefs confronted the expedition and demanded tribute from
5280-467: The Missouri's headwaters to the westward-flowing Columbia. The Corps of Discovery departed from Camp Dubois (Camp Wood) at 4 pm on May 14, 1804. Under Clark's command, they traveled up the Missouri River in their keelboat and two pirogues to St. Charles, Missouri where Lewis joined them six days later. The expedition set out the next afternoon, May 21. While accounts vary, it is believed
5400-674: The National Republican candidate, John Quincy Adams . Although Biddle traveled to the branch offices to examine the veracity of these claims in person, and denied them unequivocally, Jackson continued to believe that they were true. In January 1832, Biddle submitted an application to Congress for a renewal of the Bank's twenty-year charter, four years before the current charter was due to expire. Henry Clay and other Bank supporters hoped to force Jackson into making an unpopular decision that might cost him during an election year, but there were also pressures for an early application emanating from
5520-402: The Native American nations for extended periods of time during the winter months, they soon learned first hand of their customs and social orders. One of the primary customs that distinguished Native American cultures from those of the West was that it was customary for the men to take on two or more wives if they were able to provide for them and often took on a wife or wives who were members of
5640-576: The Native American nations were constantly at war with other tribes, especially the Sioux, who, while remaining generally friendly to the white fur traders, had proudly boasted of and justified the almost complete destruction of the once great Cahokia nation, along with the Missouris, Illinois, Kaskaskia , and Piorias tribes that lived about the countryside adjacent to the upper Mississippi and Missouri rivers. Sacagawea, sometimes spelled Sakajawea or Sakagawea ( c. 1788 – December 20, 1812),
5760-631: The Native Americans along the Missouri River. Jefferson also wanted to establish a US claim of "discovery" to the Pacific Northwest and Oregon territory by documenting an American presence there before European nations could claim the land. According to some historians, Jefferson understood that he would have a better claim of ownership to the Pacific Northwest if the team gathered scientific data on animals and plants. However, his main objectives were centered around finding an all-water route to
5880-418: The Native Americans, who had never seen a Black man. He also helped with hunting and the heavy labor of pulling boats upstream. Despite his contributions to the Corps of Discovery, Clark refused to release York from bondage upon returning east. While all the other explorers enjoyed rewards of double pay and hundreds of acres of land, York received nothing. After the end of the expedition, Clark allowed York only
6000-582: The Pacific Ocean (London, 1784), an account of Cook's third voyage , and Le Page du Pratz 's The History of Louisiana (London, 1763), all of which greatly influenced his decision to send an expedition. Like Captain Cook, he wished to discover a practical route through the Northwest to the Pacific coast. Alexander Mackenzie had already charted a route in his quest for the Pacific, following Canada 's Mackenzie River to
6120-486: The Pacific Ocean for the first time on November 7, 1805, arriving two weeks later. The expedition faced the beginning of its second bitter winter camped on the north side of the Columbia River, in a storm-wracked area Clark called Dismal Nitch . Lack of food was a major factor. The elk, the party's main source of food, had retreated from their usual haunts into the mountains, and the party was now too poor to purchase enough food from neighboring tribes. On November 24, 1805,
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#17328376750316240-520: The Pacific coast and commerce. His instructions to the expedition stated: The object of your mission is to explore the Missouri River, & such principle stream of it, as, by its course and communication with the waters of the Pacific ocean, whether the Columbia, Oregon, Colorado or any other river may offer the most direct & practicable water communication across this continent for the purpose of commerce. The US mint prepared special silver medals with
6360-532: The Pennsylvania "common-school" system was inaugurated as an indirect result of his efforts. After Biddle moved to the Pennsylvania State Senate , he lobbied for the rechartering of the First Bank of the United States . It was on this subject that he made his first major speech, which attracted general attention at the time, and was warmly commended by Chief Justice John Marshall and other leaders of public opinion. The First Bank had been established in 1791 under
6480-551: The U.S. Army and in the U.S. House of Representatives, and Edward C. Biddle (1815–1872), with whom Nicholas worked in the international cotton trade during the late 1830s. Nicholas had a younger brother, Thomas Biddle , a War of 1812 veteran who became a federal pension agent and director at the Second Bank's branch office in St. Louis, Missouri. On August 26, 1831, Thomas participated in a duel with U.S. Representative Spencer Pettis of Missouri. The duel took place on "Bloody Island" , in
6600-507: The administration of President George Washington . Congress opted not to renew its twenty-year charter in 1811, and as a result, the First Bank closed its doors. After economic hardships, monetary pressures, and problems financing the federal government during the War of 1812 , Congress and the president granted a new twenty-year charter to the Second Bank of the United States in 1816. The Second Bank
6720-579: The appropriation of which was left in Lewis's charge. In 1803, Jefferson commissioned the Corps of Discovery and named Army Captain Meriwether Lewis its leader, who then invited William Clark to co-lead the expedition with him. Lewis demonstrated remarkable skills and potential as a frontiersman, and Jefferson made efforts to prepare him for the long journey ahead as the expedition was gaining approval and funding. Jefferson explained his choice of Lewis: It
6840-475: The booming expansion of land, cotton, and slavery in the Old Southwest. In 1837 and 1838, Biddle secretively dispatched agents into the South to buy up several million dollars worth of cotton with the notes of state-chartered banks, all in an effort to restore the nation's credit and pay off foreign debts owed to British merchant bankers. Critics called this an example of illegal cotton speculation and noted that
6960-616: The command of Captain Meriwether Lewis and his close friend Second Lieutenant William Clark . Clark, along with 30 others, set out from Camp Dubois (Camp Wood), Illinois , on May 14, 1804, met Lewis and ten other members of the group in St. Charles, Missouri , then went up the Missouri River . The expedition crossed the Continental Divide of the Americas near the Lemhi Pass , eventually coming to
7080-450: The details of which came to light in a congressional report published in April 1832, helped convince hard-line Jacksonians that the corrupt "Monster Bank" must be destroyed. Biddle was told that such vigorous campaign spending would only give credence to Jackson's theory that the Bank interfered in the American political process, but chose to dismiss the warning. Ultimately, Clay's strategy failed, and in November he lost handily to Jackson, who
7200-499: The earliest examples in the country's history of an interregional corporate lobby and public relations campaign. Articles, stockholders' reports, editorials, essays, philosophical treatises, petitions, pamphlets, and copies of congressional speeches were among the diverse forms of media that Biddle transmitted to various sections of the country through loans and Bank expenditures. Reports of unusually generous loans to pro-BUS politicians and even small bribes to sympathetic newspaper editors,
7320-399: The expedition declare "sovereignty" and demonstrate their military strength to ensure native tribes would be subordinate to the U.S., as European colonizers did elsewhere. After the expedition, the maps that were produced allowed the further discovery and settlement of this vast territory in the years that followed. In 1807, Patrick Gass , a private in the U.S. Army, published an account of
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#17328376750317440-427: The expedition encountered the various Native American tribes during the course of their journey, they observed and recorded information regarding their lifestyles, customs and the social codes they lived by, as directed by President Jefferson. By European standards, the Native American way of life seemed harsh and unforgiving as witnessed by members of the expedition. After many encounters and camping in close proximity to
7560-442: The expedition for their passage over the river. The seven native tribes that comprised the Lakota people controlled a vast inland empire and expected gifts from strangers who wished to navigate their rivers or to pass through their lands. According to Harry W. Fritz, "All earlier Missouri River travelers had warned of this powerful and aggressive tribe, determined to block free trade on the river. ... The Sioux were also expecting
7680-539: The expedition sent the keelboat back to St. Louis with a sample of specimens, some never-before-seen east of the Mississippi. One chief asked Lewis and Clark to provide a boat for passage through their national territory. The Americans quickly continued westward (upriver), and camped for the winter in the Mandan nation's territory. After the expedition had set-up camp, nearby tribal members came to visit in fair numbers, some staying all night. For several days, Lewis and Clark met in council with Mandan chiefs. Here they met
7800-427: The final week of August, Lewis and Clark reached the edge of the Great Plains , a place abounding with elk , deer , bison , pronghorn and beavers . The Lewis and Clark Expedition established relations with two dozen Native American nations, without whose help the group would have risked starvation during the harsh winters and/or become hopelessly lost in the vast ranges of the Rocky Mountains. The Americans and
7920-399: The financial Panic of 1819 . Meanwhile, in Tennessee , military hero and future presidential candidate Andrew Jackson was hard-pressed to pay his debts during this period. He developed a lifelong hostility to all banks that were not completely backed by gold or silver deposits. This meant, above all, hostility to the new Second Bank of the United States . As a banker, Biddle promulgated
8040-448: The financier as "a man who can make two dollars grow for himself where one grew for someone else before". Lewis and Clark Expedition The Lewis and Clark Expedition , also known as the Corps of Discovery Expedition , was the United States expedition to cross the newly acquired western portion of the country after the Louisiana Purchase . The Corps of Discovery was a select group of U.S. Army and civilian volunteers under
8160-481: The financier will be able to contribute to the success of the financed entity, and the greater reward the financier will reap. The term, financier, is French , and derives from finance or payment . Financier is someone who handles money. Certain financier avenues require degrees and licenses including venture capitalists , hedge fund managers, trust fund managers, accountants , stockbrokers , financial advisors , or even public treasurers . Personal investing on
8280-411: The financiers bring to bear in their decisions gives a wide range of entrepreneurial ideas a chance for insightful evaluation. And, importantly, the financier and the entrepreneur do not need the state's or social partners' approval. Nor are they accountable later on to such social bodies if the project goes badly, not even to the financier's investors. So projects that would be too opaque and uncertain for
8400-592: The fine arts. He became associate editor of a literary magazine called Port-Folio , which was published from 1806 to 1823. When editor Joseph Dennie died in 1812, Biddle took over the magazine and lived on 7th Street, near Spruce Street. That same year, Biddle was elected a member of the American Philosophical Society . Biddle also edited the journals of the Lewis and Clark Expedition . He encouraged President Thomas Jefferson to write an introductory memoir of his former aide and private secretary, Captain Meriwether Lewis (1774–1809). Biddle's work would be published as
8520-413: The first to sign up with the Corps of Discovery and was the only member to die during the expedition. He was buried at a bluff by the river, now named after him , in what is now Sioux City , Iowa . His burial site was marked with a cedar post on which was inscribed his name and day of death. 1 mile (2 km) up the river, the expedition camped at a small river which they named Floyd's River . During
8640-527: The first year of the journey was built near Pittsburgh, Pennsylvania , in the summer of 1803, to Lewis's specifications, and was completed on August 31. The vessel was immediately loaded with equipment and provisions. While in Pittsburgh, Lewis bought a Newfoundland dog , Seaman , to accompany them. Newfoundlands are amicable, large working dogs and good swimmers, lovers of water and commonly found on fishing boats, as they can assist in water rescues. Seaman proved
8760-501: The groups reunited, one of Clark's hunters, Pierre Cruzatte, mistook Lewis for an elk and fired, injuring Lewis in the thigh. Once together, the Corps was able to return home quickly via the Missouri River. They reached St. Louis on September 23, 1806. In March 1804, before the expedition began in May, the Spanish in New Mexico learned from General James Wilkinson that the Americans were encroaching on territory claimed by Spain. After
8880-576: The immediate family circle, e.g. men in the Minnetaree and Mandan tribes would often take on a sister for a wife. Chastity among women was not held in high regard. Infant daughters were often sold by the father to men who were grown, usually for horses or mules. Women in Sioux nations were often bartered away for horses or other supplies; yet this was not practiced among the Shoshone nation, who held their women in higher regard. They witnessed that many of
9000-527: The importance of securing the territory posthaste. In Philadelphia , Israel Whelen , purveyor of public supplies, purchased necessities for the expedition with a list provided by Lewis; among the items found were 193 pounds of portable soup , 130 rolls of pigtail tobacco , 30 gallons of strong spirit of wine , a wide assortment of Native American presents, medical and surgical supplies, mosquito netting and oilskin bags. Two years into his presidency, Jefferson asked Congress to fund an expedition through
9120-467: The indigenous peoples. Lewis and Clark were the first Americans to cross the Continental Divide, and the first Americans to see Yellowstone, enter into Montana, and produce an official description of these different regions. Their visit to the Pacific Northwest, maps, and proclamations of sovereignty with medals and flags were legal steps needed to claim title to each indigenous nation's lands under
9240-555: The investors in the primary and secondary markets . That is, someone who provides a business with capital and someone who buys a stock are both investors. An investor who owns stock is a shareholder . There are two types of investors: retail investors and institutional investors . A retail investor is also known as an individual investor . There are several sub-types of institutional investor: Investors might also be classified according to their profiles . In this respect, an important distinctive investor psychology trait
9360-471: The journey. He was promoted to sergeant during the course of the expedition. Paul Allen edited a two-volume history of the Lewis and Clark expedition that was published in 1814, in Philadelphia , but without mention of the actual author, banker Nicholas Biddle . Even then, the complete report was not made public until more recently. The earliest authorized edition of the Lewis and Clark journals resides in
9480-575: The largest owners of plantations, slaves, and slave-grown products in Mississippi as debtors rushed to repay creditors during the economic downturn of the early 1840s. Biddle and a few of his colleagues had borrowed tens of thousands of dollars of cash from the BUSP on their own account without going through the normal lending process and without informing the Bank's board, and as a result, a grand jury indicted Biddle on charges of fraud in December 1841. Biddle
9600-475: The loss of the federal deposits, Biddle decided to raise interest rates. A mild financial panic ensued from late 1833 to mid-1834. Intended to force Jackson into a compromise and demonstrate the utility of a national bank for the nation's economy, the move had the opposite effect of increasing anti-Bank sentiment. Meanwhile, Biddle and other Bank supporters attempted to renew the Bank's charter on numerous occasions. All their attempts failed because they did not have
9720-590: The lower Columbia River, Lewis and Clark repeatedly asked the local Chinooks about trading ships. They learned that Captain Samuel Hill had been there in early 1805. Miscommunication caused Clark to record the name as "Haley". Captain Hill returned in November 1805, and anchored about 10 miles (16 km) from Fort Clatsop. The Chinook told Hill about Lewis and Clark, but no direct contact was made. A Russian maritime expedition under statesman Nikolai Rezanov arrived at
9840-494: The majority of the party voted to move their camp to the south side of the Columbia River near modern Astoria, Oregon . Both Sacagawea and the enslaved York participated in the vote. On the south side of the Columbia River, 2 miles (3 km) upstream on the west side of the Netul River (now Lewis and Clark River), they constructed Fort Clatsop . They did this not just for shelter and protection, but also to officially establish
9960-462: The middle of the Mississippi River, near St. Louis. Because Thomas was nearsighted, the two exchanged shots from a perilously close distance of five feet. Pettis died within hours while Thomas succumbed to his wounds three days later. The origins of the duel can be traced to Pettis's criticism of Nicholas's management of the Bank, which Thomas defended. After an exchange of letters to the editor of
10080-498: The mouth of the Columbia River while Lewis and Clark were still there. Neither Rezanov nor Lewis and Clark knew about each other. Rezanov had come from Novo-Arkhangelsk (today Sitka, Alaska ), intending to establish a Russian agricultural colony to help with the perennial food shortages in Russian America , and made plans for a relocation of the capital of Russian America from Sitka to the lower Columbia River. But his ship, Juno ,
10200-403: The nation's money supply and interest rates, seeking to prevent economic crises. With prodding from Henry Clay and the Bank's major stockholders, Biddle engineered a bill in Congress to renew the Bank's federal charter in 1832. The bill passed Congress and headed to President Andrew Jackson's desk. Jackson, who expressed deep hostility to most banks, vetoed the measure, ratcheting up tensions in
10320-549: The north bank of the Clearwater River, where the members of the expedition collected 65 horses in preparation to cross the Bitterroot Mountains , lying between modern-day Idaho and western Montana. However, the range was still covered in snow, which prevented the expedition from making the crossing. On April 11, while the Corps was waiting for the snow to diminish, Lewis's dog, Seaman , was stolen by Native Americans, but
10440-531: The northwest in general. The expedition was to make native people understand that their lands now belonged to the United States and that "their great father" in Washington was now their sovereign. The expedition encountered many different native nations and tribes along the way, many of whom offered their assistance, providing the expedition with their knowledge of the wilderness and with the acquisition of food. The expedition had blank leather-bound journals and ink for
10560-483: The other hand, has no requirements and is open to all using the stock market or by word-of-mouth requests for money. A financier "will be a specialized financial intermediary in the sense that it has experience in liquidating the type of firm it is lending to". Economist Edmund Phelps has argued that the financier plays a role in directing capital to investments that governments and social organizations are constrained from playing: [T]he pluralism of experience that
10680-475: The other party and was also involved with diplomatic affairs with another tribe. Consequently, both chiefs were offered a few gifts, but neither was satisfied and they wanted some gifts for their warriors and tribe. At that point, some of the warriors from the Partisan tribe took hold of their boat and one of the oars. Lewis took a firm stand, ordering a display of force and presenting arms; Captain Clark brandished his sword and threatened violent reprisal. Just before
10800-483: The potion, she delivered a healthy boy who was given the name Jean Baptiste Charbonneau . When the expedition reached Marias River, on June 16, 1805, Sacagawea became dangerously ill. She was able to find some relief by drinking mineral water from the sulphur spring that fed into the river. Though she has been discussed in literature frequently, much of the information is exaggeration or fiction. Scholars say she did notice some geographical features, but "Sacagawea ...
10920-534: The purported transcontinental journey of Moncacht-Apé by the same route about a century before. Jefferson had a copy of Le Page's book in his library detailing Moncacht-Apé's itinerary, and Lewis carried a copy with him during the expedition. Le Page's description of Moncacht-Apé's route across the continent neglects to mention the need to cross the Rocky Mountains , and it might be the source of Lewis and Clark's mistaken belief that they could easily carry boats from
11040-473: The purpose of recording such encounters, as well as for scientific and geological information. They were also provided with various gifts of medals, ribbons, needles, mirrors, and other articles which were intended to ease any tensions when negotiating their passage with the various Native American chiefs whom they would encounter along their way. Many of the tribes had friendly experiences with British and French fur traders in various isolated encounters along
11160-431: The revival and reorganization of the Second Bank and its largest investor. The Bank War began when President Jackson started criticizing the Bank early in his first term. Beyond the long list of personal and ideological objections that Jackson maintained toward the Bank, there were rumors that Bank officers at some of the branch offices had interfered in the presidential contest of 1828 by providing financial assistance to
11280-416: The search for possible living remnants. Lewis, however, was not ignorant of science, having demonstrated a marked capacity to learn, especially with Jefferson as his teacher. At Monticello , Jefferson possessed an enormous library on the subject of North American geography, to which Lewis had full access. He spent time consulting maps and books, as well as conferring with Jefferson. The keelboat used for
11400-430: The situation erupted into a violent confrontation, Black Buffalo ordered his warriors to back off. The captains were able to negotiate their passage without further incident with the aid of better gifts and a bottle of whiskey. During the next two days, the expedition made camp not far from Black Buffalo's tribe. Similar incidents occurred when they tried to leave, but trouble was averted with gifts of tobacco. As
11520-430: The state or social partners to endorse can be undertaken. The concept of the financier has been distinguished from that of a mere capitalist based on the asserted higher level of judgment required of the financier. However, financiers have also been mocked for their perceived tendency to generate wealth at the expense of others, and without engaging in tangible labor. For example, humorist George Helgesen Fitch described
11640-595: The struggle, the soldiers killed two Blackfeet men. Lewis, George Drouillard , and the Field brothers fled over 100 miles (160 kilometres) in a day before they camped again. Meanwhile, Clark had entered the Crow tribe 's territory. In the night, half of Clark's horses disappeared, but not a single Crow had been seen. Lewis and Clark stayed separated until they reached the confluence of the Yellowstone and Missouri Rivers on August 11. As
11760-428: The summer and fall. The result was that Biddle helped provide an economic infrastructure that facilitated long-distance trade, propagated a relatively stable and uniform currency, and played a major role in integrating and consolidating fiscal operations at the federal level. Indeed, Biddle won praise for the Bank by making steady payments to reduce the country's public debt, by preventing a potentially harmful recession in
11880-605: The two-thirds majorities in Congress to overcome a presidential veto . The Second Bank's twenty-year charter expired in April 1836, but Biddle worked with the Pennsylvania state legislature to prolong the institution as a state-chartered bank, the United States Bank of Pennsylvania (BUSP). The BUSP remained open for several more years. It was in the later years of his career that Biddle began to invest significant financial resources not only in internal improvement projects, but also in
12000-631: The western half of the continent—directly avoiding the hot and desolate desert southwest —and to establish an American presence in the new lands before European powers attempted to establish claims of their own. The campaign's secondary objectives were scientific, economical and humanitarian, i.e., to document the West's biodiversity , topography and geography and to establish positive trade relations with (potentially unknown) Native American tribes. The expedition returned to St. Louis to report their findings to President Jefferson via maps, sketches, and various journals. One of Thomas Jefferson 's goals
12120-460: The winter and spring months, merchants drew up bills of exchange representing the value of cotton exports, presenting them to the Bank's southern branches. Using its interregional network of branch offices and the transportation improvements then under way, the Bank would ship these bills to the Northeast where merchants could use them to pay for imported manufactured goods arriving from Great Britain in
12240-519: The winter of 1825–1826, and more generally, by smoothing out variations in prices and trade. He was also important in the 1833 establishment of Girard College , an early free private school for poor orphaned boys in Philadelphia, under the provisions of the will of his friend and former legal client, Stephen Girard (1750–1831), one of the wealthiest men in America. Girard had been the original promoter of
12360-424: The world and the various nations. For many years after, this Digest was regarded as an authority on the subject. In late 1818, $ 4 million of interest payments on the bonds previously sold in 1803 to pay for the Louisiana Purchase were due, in either gold or silver, to European investors. The Treasury Department, therefore, had to acquire additional amounts of specie . As the federal government's chief fiscal agent,
12480-446: Was Jackson's personality. The president was well known for his stubbornness and continued to harbor resentment toward Clay from the earlier " Corrupt Bargain " accusation following the presidential election of 1824 . At Biddle's direction, the Bank poured tens of thousands of dollars into a campaign to defeat Jackson in the presidential election of 1832 . This was a continuation of a strategy that one historian has referred to as one of
12600-533: Was a Shoshone Native American woman who arrived with her husband and owner Toussaint Charbonneau on the expedition to the Pacific Ocean. On February 11, 1805, a few weeks after her first contact with the expedition, Sacagawea went into labor which was slow and painful, so the Frenchman Charbonneau suggested she be given a potion of rattlesnake's rattle to aid in her delivery. Lewis happened to have some snake's rattle with him. A short time after administering
12720-471: Was arrested and forced to pay compensation to creditors using the remainder of his personal fortune. The charges were later dismissed. On February 27, 1844, at the age of fifty-eight, Biddle died at the Andalusia estate from complications related to bronchitis and edema. Funds from his wife's family supported the ongoing civil lawsuits that plagued Biddle toward the end of his life. Nicholas's father, Charles ,
12840-471: Was born into a prominent family in Philadelphia , in the Commonwealth of Pennsylvania , on January 8, 1786. Ancestors of the Biddle family had immigrated to the Pennsylvania colony along with the famous Quaker proprietor, William Penn , and subsequently fought in the pre- Revolutionary colonial struggles . Young Nicholas's preparatory education was received at an academy in Philadelphia, where his progress
12960-512: Was covering 70 to 80 miles (110 to 130 km) a day and Vial's attempt to intercept them was unsuccessful. The Lewis and Clark Expedition gained an understanding of the geography of the Northwest and produced the first accurate maps of the area. During the journey, Lewis and Clark drew about 140 maps. Stephen Ambrose says the expedition "filled in the main outlines" of the area. The expedition documented natural resources and plants that had been previously unknown to Euro-Americans, though not to
13080-488: Was impossible to find a character who to a complete science in botany, natural history, mineralogy & astronomy, joined the firmness of constitution & character, prudence, habits adapted to the woods & a familiarity with the Indian manners and character, requisite for this undertaking. All the latter qualifications Capt. Lewis has. In 1803, Jefferson sent Lewis to Philadelphia to study medicinal cures under Benjamin Rush ,
13200-422: Was in many ways a revived and reorganized version of the First Bank. President James Monroe subsequently appointed Biddle as a government director. When Bank President Langdon Cheves resigned in 1822, Biddle became the institution's new president. During his association with the Bank, President Monroe, under authority from Congress, directed him to prepare a "Commercial Digest" of the laws and trade regulations of
13320-493: Was not the guide for the Expedition, she was important to them as an interpreter and in other ways." The sight of a woman and her infant son would have been reassuring to some indigenous nations, and she played an important role in diplomatic relations by talking to chiefs, easing tensions, and giving the impression of a peaceful mission. In his writings, Meriwether Lewis presented a somewhat negative view of her, though Clark had
13440-634: Was not the main goal of the mission. For years, Thomas Jefferson read accounts about the adventures of various explorers on the western frontier, and, consequently, maintained a long-held interest in further exploring this mostly-unknown region of the continent. In the 1780s, while Minister to France , Jefferson met John Ledyard in Paris , where they discussed a possible trip to the Pacific Northwest . Jefferson had also read Captain James Cook 's A Voyage to
13560-772: Was noteworthy for his devotion to the cause of American independence and served alongside Benjamin Franklin on the Supreme Executive Council of Pennsylvania . His paternal uncle and namesake, Nicholas Biddle (1750–1778), was a naval hero who died during the American Revolutionary War . Another uncle, Edward Biddle , was a member of the First Continental Congress of 1774 . In 1811, Biddle married Jane Margaret Craig (1793–1856). The couple had six children, including Charles John Biddle , who served in
13680-586: Was offered an official position before he had even finished his law studies. As secretary to former Revolutionary War officer and delegate to the Continental Congress , John Armstrong Jr. , he went abroad in 1804 and was in Paris when Napoleon Bonaparte was crowned as emperor of the new French Empire . Afterwards he participated in an audit related to the Louisiana Purchase , acquiring his first experience in financial affairs. Biddle traveled extensively through Europe as secretary for James Monroe , who
13800-466: Was reelected to a second term. In early 1833, Jackson, despite opposition from some members of his cabinet, decided to withdraw the Treasury Department's public (or federal) deposits from the Bank. The incumbent secretary of the treasury, Louis McLane , a member of Jackson's Cabinet, professed moderate support for the Bank. He therefore refused to withdraw the federal deposits directed by the president and would not resign, so Jackson then transferred him to
13920-578: Was retrieved shortly. Worried that other such acts might follow, Lewis warned the chief that any other wrongdoing or mischievous acts would result in instant death. On July 3, before crossing the Continental Divide, the Corps split into two teams so Lewis could explore the Marias River . Lewis's group of four met some men from the Blackfeet nation. During the night, the Blackfeet tried to steal their weapons. In
14040-422: Was so rapid that he entered the class of 1799 at the University of Pennsylvania . At thirteen years old, Biddle had completed his coursework, but was not allowed to graduate due to his age. His parents accordingly sent him to Princeton (then the “College of New Jersey”) where he entered the sophomore class, and graduated in 1801 as valedictorian , dividing the first honor of the class with his only rival. Biddle
14160-498: Was then serving as the United States minister to the Court of St. James . In Great Britain, Biddle took part in a conversation with Cambridge University professors involving comparisons between the modern Greek dialect and that of Homer ; a conversation that captured Monroe's attention. In 1807, Biddle returned home to Philadelphia. He practiced law and wrote, contributing papers to different publications on various subjects, but chiefly in
14280-452: Was to find "the most direct and practicable water communication across this continent, for the purposes of commerce." He also placed special importance on declaring US sovereignty over the land occupied by the many different Native American tribes along the Missouri River , and getting an accurate sense of the resources in the recently completed Louisiana Purchase. The expedition made notable contributions to science, but scientific research
14400-525: Was unable to cross the Columbia Bar . So Rezanov went to California instead, setting in motion a process that eventually led to the founding of Fort Ross, California . Lewis was determined to remain at the fort until April 1, but was still anxious to move out at the earliest opportunity. By March 22, the stormy weather had subsided and the following morning, on March 23, 1806, the journey home began. The Corps began their journey homeward using canoes to ascend
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