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Updated: August 9, 2026
United States Bank in 1824 the Supreme Court saved the institution by denying the power of a State to impose taxation of the sort and by asserting unequivocally the right of Congress to enact the legislation upon which the Bank rested. And after Nicholas Biddle, a Philadelphia lawyer-diplomat, succeeded Langdon Cheves as president of the Bank in 1823 an era of great prosperity set in.
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