Editing Langdon Cheves (section)

===Background===
Shortly after Cheves left office in March 1815, President Madison successfully lobbied the new [[14th United States Congress|14th Congress]] to re-charter the National Bank, headquartered in Philadelphia and governed along much the same lines as its 1791 predecessor. Madison and Secretary Dallas successfully installed [[William Jones (statesman)|William Jones]] as its first President.{{sfn|Huff|1977|pp=96–101}}

Under Jones's leadership, the Bank was soon overextended through branch loans and the decision to accept promissory notes, often backed in its own stock, from subscribers in lieu of specie. Nevertheless, the Bank initially flourished in the booming post-war economy.{{sfn|Huff|1977|pp=96–101}}

Jones's tenure came to an end in January 1819. At that time, the country was experiencing a financial panic, the [[Panic of 1819]], which left the Bank on the brink of collapse. Cheves himself later referred to the Bank during this period as "a ship without a rudder or sails, on short allowance of provisions and water, on a stormy sea and far from land." It paused operations on July 20, 1818, and demanded payment of specie from state banks, bankrupting many and leading to a wave of resentment.{{sfn|Huff|1977|pp=96–101}}