As a result, the spoils system allowed those with political influence to ascend to powerful positions within the government, regardless of their level of experience or skill, thus compounding both the inefficiency of government as well as enhancing the opportunities for corruption.

The spoils system was a method of appointing officials to the government of the United States of America based on political connections rather than on impersonal measures of merit. The name was derived from the phrase “to the victor go the spoils”.

Spoils System Denounced as Corruption But they were essentially powerless to fight against it. Jackson’s political ally (and future president) Martin Van Buren was at times credited with having created the new policy, as his New York political machine, known as the Albany Regency, had operated in a similar fashion.

What was the result of Jackson’s’ Veto of the renewal of the Second Banks charter? Jackson vetoed the bill arguing that it was unconstitutional. Clay and Webster’s plan had backfired. Jackson’s veto of the bill actually was supported by the people and he was re-elected.

In February 1836, the bank became a private corporation under the Commonwealth of Pennsylvania law. A shortage of hard currency ensued, causing the Panic of 1837 and lasting approximately seven years. The bank suspended payment in 1839 and was liquidated in 1841.

National Bank was recognized for its innovative and highly flexible “Bespoke Notes® Program” and becomes the first Canadian Bank to take home the honours for its made-to-measure products offered to individuals for a multitude of underlying needs.

National Bank Limited was born as the first hundred percent Bangladeshi owned Bank in the private sector. At present, NBL has been carrying on business through its 213 branches & 14 sub branches spread all over the country.

The Federal Reserve is the central bank of the United States; it is not a national bank but rather a unique system of institutions specially chartered by Congress to serve in this capacity.

Toronto-Dominion Bank

The Royal Bank of Canada

The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and TD Canada Trust. Occasionally, the term “Big Six Banks” is used, with the sixth bank referring to the National Bank of Canada.