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FISION, the Leader in Agile Marketing, Reports Breakout Year

MINNEAPOLIS – January 18, 2018 –FISION Corporation (OTCQB: FSSN), an emerging leader in digital asset management, agile marketing, and sales enablement reports strong progress across the board in 2017, from major enterprise customer wins and global deployments, to completing a strategic acquisition, receiving its first U.S. patent, and becoming a public company.

According to FISION CEO Mike Brown, “Without a doubt, 2017 was our most successful and productive year yet and one that has laid a solid foundation for growth and market expansion in the year ahead.”

New customer wins in 2017 included a Fortune 50 global provider of aerospace and building systems, a Super Bowl-winning National Football League team, and a leading innovator in healthcare led by former top executives from Amazon, Google, and 2nd.MD.

Major global launches of the FISION platform included a Fortune 200 company that operates the world’s largest business network, and a Fortune 500 global financial services company with more than 20,000 investment advisors nationwide.

FISION generates revenues from these SaaS deployments with contracts that are usually three years in length and monthly subscription fees based on the number of users and/or locations.

While the integration of these large scale FISION deployments has extended over several months, they are creating very deep and ‘sticky’ engagements that the company expects to provide consistent and widening recurring revenue streams over time.

The Power of FISION

These new enterprise customers and deployments reflect the unique power and value of FISION’s cloud-based SaaS platform. They choose FISION over a myriad of other options because of how FISION enables their distributed sales and marketing teams to efficiently create, store, distribute, and measure omni-channel marketing communication.

Moreover, they have discovered how FISION facilitates the real-time customization and localization of collateral and communications in new and powerful ways, while ensuring critical legal and brand compliance.

By having their sales and marketing communications integrated with the FISION platform, they are realizing numerous benefits:

  • Easier and more efficient brand distribution and sales enablement across a large, distributed enterprise
  • Consistent brand messaging and regulatory compliance
  • 50%-100% gain in salesforce efficiency
  • 300% increase in marketing labor efficiency
  • Visibility into sales and marketing performance of people and materials down to the local level
  • Better business decisions based on actionable, real-time data and analytics
  • ROI typically in less than 90 days from launch

So Uniquely Powerful, its Patented

The underlying technology that delivers these benefits is so revolutionary and transformative, in May of this year FISION was awarded its first U.S. patent. The patent recognizes the exceptional degree of innovation at the core of the platform and validates its unique value proposition for enterprise customers and channel partners worldwide.

“This patent also secures the basis of our shareholder value that we believe has yet to be reflected in our market valuation,” noted Brown. “For those familiar with our industry, they know that such methods of use patents are rare in our space and therefore provide us a strong competitive barrier to entry. We continue to strengthen and enhance our proprietary IP, and we have three additional patents pending that we believe further set us apart from the competition.”

The industry has begun to take notice, and earlier this year FISION received the prestigious 2017 SalesTech Award. The award recognizes companies that demonstrate excellence, innovation, and leadership in sales technology.

Channel Partners Opening Worldwide Opportunities

Today, every major enterprise in the world uses a CRM to manage their contacts, and many use marketing automation tools to generate leads. However, finding effective ways to manage content with greater efficiencies throughout the customer buying journey is still a huge challenge for most enterprises. FISION excels in bridging the gap between CRM and many marketing tech platforms.

One of the company’s active channel partners includes Marketo, a recognized world leader in engagement marketing software and solutions. Marketo helped the company land the financial services company where FISION is currently solving major pain points in terms of brand management and regulatory compliance with their distributed network of 20,000 registered representatives.

Given how FISION highly complements their service offerings, earlier this year Marketo appointed FISION as a global LaunchPoint Partner. Both companies have continued to partner for winning new business, and they are currently addressing the needs of a large global manufacturer.

This fall, FISION announced a strategic partnership with a global, award winning creative agency. The alliance combines FISION’s engagement marketing platform and measurement capabilities with the agency’s strengths in creative execution, strategy, data, and analytics.

The agency works with dozens of renowned global brands, where improving local communications and empowering distributed sales and marketing teams with better tools is essential. The agency wants its clients to take advantage of how FISION can simplify brand distribution, provide better social integration, and put more data behind customer interactions through ‘insight-driven engagement.’

Brands that already use FISION will now have access to the agency’s fully integrated approach, mixing the best in creativity, strategy, and technology to drive greater impact at every stage in their go-to-market lifecycle. Through this agency relationship, FISION has established a global reseller network with worldwide client opportunities.

Jason Mitzo, the company’s Chief Revenue Officer, has been instrumental in creating and leading these important channel partner relationships. Jason brought to FISION existing relationships with some of the world’s top brands, including Ariba, Aveda, Crowne Plaza Hotels, InterContinental Hotels Group, SAP, Mitsubishi Motors and others.

Before joining FISION, Mitzo was a successful team leader at Oracle, and Oracle Eloqua is now another important channel partner for FISION.  “Jason has a talent for building important relationships and attracting customer interest in our offerings,” said Brown, “and his skills have proven invaluable for our successful transition from SMB to major enterprise sales.”

Platform Expansion Across Global Enterprises

Another key element to FISION’s go-to-market strategy has been the expansion of its platform within a customer’s enterprise after initially deploying for a single department or subsidiary. The company is finally seeing this approach gaining traction with several enterprise customers.

FISION is actively engaged in expanding its deployment for a global provider of financial and insurance products that serves more than 5 million clients across the U.S., United Kingdom, South Africa, China, Singapore, and Australia.

FISION’s ability to easily localize communications, including for multiple languages and geographical regions, has been a key differentiator among its competition. As part of this process, FISION has introduced a close channel partner who brings complementary solutions, further strengthening both the client and partner relationship.

FISION is also advancing a number of other expansion opprotunties with existing clients, including with a leading global wholesaler of mutual funds that is a subsidiary of one of its existing clients.

Successful M&A

In April, FISION acquired a local Minneapolis-based company, Volerro, a recognized leader in cloud-based content collaboration and agile marketing technology. Volerro brought to FISION two major enterprise clients that included a top five U.S. bank (also based in Minneapolis), and a $3.2 billion U.S. retailer operating 363 stores across 24 states. Volerro enhances the FISION platform with complementary cloud-based collaboration, agile marketing, and sales enablement software.

FISION can now offer the full range of agile marketing capabilities, from ideation and creation, to distribution and local sales enablement. FISION users will be able to act smarter, faster, nimbler, and more efficiently to drive revenues and win in the marketplace.

“Given our enhanced value proposition with Volerro, we are seeing broader and more easily-accessible sales opportunities that can deliver incremental recurring revenue growth for both FISION and our channel partners,” noted Mitzo. “Volerro’s easy-to-deploy, cloud-based service also creates a new entry point for ‘landing and expanding.’”

One such opportunity materialized recently with the Volerro wining a contract with a National Football League team, which has now expanded into discussions for a full FISION platform deployment.

FISION management continues to explore and identify additional acquisition targets that could provide the company complementary technology and accretive earnings potential.

Building for the Future

To provide greater liquidity and transparency for our shareholders, in March FISION became a fully reporting, publicly traded company. As anticipated, this has enhanced the company’s visibility in the capital markets and attracted new investors.

A key addition to the company’s management team has been its chief technology officer and chief product officer, Wade Anderson. Anderson brought to FISION extensive experience in leading SMB and enterprise companies through software development, systems architecture, and program delivery. With an MBA (Summa Cum Laude) in Technology Application Management, he has served organizations that include Accenture, Best Buy, and the State of Minnesota.

Anderson is responsible for FISION’s product strategy, overall systems architecture and user experience, as well as building teams and project execution. He has been leading a transformation in the company’s operational infrastructure in preparation for customer growth in 2018.

A key change in 2017 was the company’s migration to Microsoft’s Azure Cloud. This state-of-the-art cloud data service has lowered IT costs and improved security and reliability, while supporting virtually unlimited scalability globally without additional capex.

Further strengthening the foundation for growth, the company recently moved its headquarters to an iconic building in the heart of Minneapolis. It neighbors now include some of the most progressive brands in the tech space.

The new location supports FISION’s efforts to hire the best in the tech space and continue creating the positive corporate culture that earned it the “Best Places to Work” award from the Minneapolis/St. Paul Business Journal, and the “Best Company to Work For” award from Minnesota Business Magazine, both received earlier this year.

Strengthening Fundamentals

FISION is ending 2017 with more than 65,000 users across 21 countries, servicing enterprise clients in the health care, hospitality, financial/insurance, software and technology industries.

The company’s annualized recurring revenue under contract doubled year-over-year as of January 2018. Recurring revenue now represents more than 70% of its overall revenue, with the one-time setup fees representing the balance.

Gross margins expanded to 82% during the course of the year. FISION’s cloud-based SaaS revenue model is inherently scalable, with low capex requirements that provide strong leverage in its model. Along with a number of major engagements that are entering full deployment, the company expects these healthy margins to support positive cash-flow in the latter half of 2018.

“While our growth is still in the early stages, the foundation we’ve established as a small, Minneapolis-based company in terms of our marquee global customers, industry partners, and patented, award-winning technology is truly phenomenal by any measure,” said Brown. “We are well on course for strong, profitable growth.”

The Year Ahead

Company management anticipates the customer deployments currently underway will keep FISION on track to realize significant gains in recurring revenue in the first quarter of 2018. They see this momentum continuing to build throughout the year as new customers come online, and existing customers expand their deployments of FISION and our new Volerro offerings.

“When I reflect on how far we have come over the last year, and how much further we will go in the next, I couldn’t be more excited and optimistic,” said Brown. “Now that we have successfully transitioned to winning large enterprise customers, we are seeing unprecedented opportunity on a global scale.

“Our active sales pipeline is approaching nearly $16 million in total contract value. Given how we have several major deals in the later stages of contracting, we’re confident we will close a significant portion of this pipeline in 2018. As our momentum continues to build, we see the pipeline being replenished and expanding with new major enterprise prospects as well as intra-customer expansion opportunities.”

About FISION Corporation

Founded in 2011, Minneapolis-based FISION is the nation’s leading provider of agile marketing software that simplifies collaboration across global organizations, and more effectively manages brand and marketing content. FISION allows marketing and sales teams to work better together by enabling them to more quickly and easily create, distribute and measure the performance of compelling, localized, on-brand communications. FISION’s patented technology brings unrivaled capabilities to clients across more than 20 countries, which includes some of the world’s largest corporations in healthcare, hospitality, financial/insurance, software, and technology.

Volerro Corporation, a wholly owned subsidiary of FISION, provides a SaaS platform that simplifies how enterprise teams create, refine and distribute content. By streamlining content production and team coordination, its cloud-based collaboration service eliminates “content chaos” among product, brand, marketing, and creative teams. Volerro’s ReVu.Me cloud app allows team members to work on the same document in real-time with integrated chat and voice conferencing. For more information, visit www.volerro.com.

For additional information, call 1-866-378-2506 or visit www.fisiononline.com
To receive future press releases via email, sign up at www.fisiononline.com/ir/email-alerts
Follow FISION on Twitter @fisiononline or on Facebook.
For answers to frequently asked questions, see visit FISION’s FAQ page: www.fisiononline.com/ir/faq/

Important Cautions Regarding Forward-looking Statements

Any statements contained in this press release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to FISION Corporation or (the “Parties”) are intended to identify such forward-looking statements. The Parties undertake no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect future financial results are discussed more fully in the Parties’ respective filings with the U.S. Securities and Exchange Commission (“SEC”), including the their most recent Annual Report on filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Company Contact:
Garry Lowenthal, EVP & CFO
FISION Corporation
(612) 927-3620

Media Relations:
TrendLogic PR
(800) 992-6299
[email protected]

Investor Relations:
Ron Both, CMA
(949) 432-7557
[email protected]

Источник: https://www.fisiononline.com/news/fision-leader-agile-marketing-reports-breakout-year/index.html
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Second Bank of the United States

This article is about the early 19th-century federal institution. It is not to be confused with the First Bank of the United States, the early 20th-century corporation the Bank of the United States, or the modern corporation Bank of America.

National bank in Philadelphia, Pennsylvania (1816–41)

The Second Bank of the United States was the second federally authorized Hamiltoniannational bank in the United States. Located in Philadelphia, Pennsylvania, it was chartered from February 1816 to January 1836.[1] The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President Directors and Company of the Bank of the United States".[2] While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government.

A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder.[3][4] Four thousand private investors held 80% of the bank's capital, including three thousand Europeans. The bulk of the stocks were held by a few hundred wealthy Americans.[5] In its time, the institution was the largest monied corporation in the world.[6]

The essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.S. Treasury, and to establish a sound and stable national currency.[7][8] The federal deposits endowed the BUS with its regulatory capacity.[1][9]

Modeled on Alexander Hamilton's First Bank of the United States,[10] the Second Bank was chartered by President James Madison in 1816 and began operations at its main branch in Philadelphia on January 7, 1817,[11][12] managing 25 branch offices nationwide by 1832.[13]

The efforts to renew the bank's charter put the institution at the center of the general election of 1832, in which the bank's president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the "hard-money"[14][15]Andrew Jackson administration and eastern banking interests in the Bank War.[16][17] Failing to secure recharter, the Second Bank of the United States became a private corporation in 1836,[1][18] and underwent liquidation in 1841.[19]

History[edit]

Establishment[edit]

The political support for the revival of a national banking system was rooted in the early 19th century transformation of the country from simple Jeffersonian agrarianism towards one interdependent with industrialization and finance.[20][21][22] In the aftermath of the War of 1812, the federal government suffered from the disarray of an unregulated currency and a lack of fiscal order; business interests sought security for their government bonds.[23][24] A national alliance arose to legislate a national bank to address these needs.[25][26]

The political climate[25]—dubbed the Era of Good Feelings[27]—favored the development of national programs and institutions, including a protective tariff, internal improvements and the revival of a Bank of the United States.[10][22][28] Southern and western support for the bank, led by Republican nationalists John C. Calhoun of South Carolina and Henry Clay of Kentucky, was decisive in the successful chartering effort.[29][30][31] The charter was signed into law by James Madison on April 10, 1816.[32] Subsequent efforts by Calhoun and Clay to earmark the bank's $1.5 million establishment "bonus", and annual dividends estimated at $650,000, as a fund for internal improvements, were vetoed by President Madison, on strict constructionist grounds.[33]

An 1824 draft on the Bank written and signed by Daniel Webster, its attorney and the director of the Boston branch
A promissory noteissued by the Second Bank of the United States, December 15, 1840, for the amount of $1,000

Opposition to the bank's revival emanated from two interests. Old Republicans, represented by John Taylor of Caroline and John Randolph of Roanoke,[34] characterized the Second Bank of the United States as both constitutionally illegitimate and a direct threat to Jeffersonian agrarianism, state sovereignty and the institution of slavery, expressed by Taylor's statement that "...if Congress could incorporate a bank, it might emancipate a slave."[35][36] Hostile to the regulatory effects of the national bank,[37] private banks—proliferating with or without state charters[38]—had scuttled rechartering of the first BUS in 1811.[39][40] These interests played significant roles in undermining the institution during the administration of U.S. President Andrew Jackson (1829–1837).[41]

Economic functions[edit]

The Bank of the US was a national bank. However, it did not serve the functions of a modern central bank: It did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort.[42]

The BUS was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars.[43] The national bank was charged with restraining uninhibited private bank note issue—already in progress[43][44]—that threatened to create a credit bubble and the risks of a financial collapse. Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form.[45] Simultaneously, the national bank was engaged in promoting a democratized expansion of credit to accommodate laissez-faire impulses among eastern business entrepreneurs and credit-hungry western and southern farmers.[46][47]

Under the management of the first BUS president William Jones, the bank failed to control paper money issued from its branch banks in the West and South, contributing to the post-war speculative land boom.[48][49] When the U.S. markets collapsed in the Panic of 1819—a result of global economic adjustments[43][50]—the national bank came under withering criticism for its belated tight money policies—policies that exacerbated mass unemployment and plunging property values.[51] Further, it transpired that branch directors for the Baltimore office had engaged in fraud and larceny.[52]

Resigning in January 1819,[53] Jones was replaced by Langdon Cheves, who continued the contraction in credit in an effort to stop inflation and stabilize the bank, even as the economy began to correct. The national bank's reaction to the crisis—a clumsy expansion, then a sharp contraction of credit—indicated its weakness, not its strength.[54] The effects were catastrophic, resulting in a protracted recession with mass unemployment and a sharp drop in property values that persisted until 1822.[51][55] The financial crisis raised doubts among the American public as to the efficacy of paper money, and in whose interests a national system of finance operated.[56] Upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s.[56] The national bank was in general disrepute among most Americans when Nicholas Biddle, the third and last president of the bank, was appointed by President James Monroe in 1823.[57]

Under Biddle's guidance, the BUS evolved into a powerful banking institution that produced a strong and sound system of national credit and currency.[58] From 1823 to 1833, Biddle expanded credit steadily, but with restraint, in a manner that served the needs of the expanding American economy.[59]Albert Gallatin, former Secretary of the Treasury under Thomas Jefferson and James Madison, wrote in 1831 that the BUS was fulfilling its charter expectations.[37]

Jackson's Bank War[edit]

Main article: Bank War

By the time of Jackson's inauguration in 1829, the national bank appeared to be on solid footing. The U.S. Supreme Court had affirmed the constitutionality of the bank under McCulloch v. Maryland, the 1819 case which Daniel Webster had argued successfully on its behalf a decade earlier,[60] the U.S. Treasury recognized the useful services it provided, and the American currency was healthy and stable.[57] Public perceptions of the national bank were generally positive.[61][62] The bank first came under attack by the Jackson administration in December 1829, on the grounds that it had failed to produce a stable national currency, and that it lacked constitutional legitimacy.[63][64][65] Both houses of Congress responded with committee investigations and reports affirming the historical precedents for the bank's constitutionality and its pivotal role in furnishing a uniform currency.[66] Jackson rejected these findings, and privately characterized the bank as a corrupt institution, dangerous to American liberties.[67]

A Democratic cartoon from 1833 showing Jackson destroying the bank with his "Order for the Removal," to the approval of the Uncle Sam-like figure to the right, and the annoyance of the bank's president, shown as the Devil himself. Numerous politicians and editors who were given favorable loans from the bank run for cover as the financial temple crashes down.

Biddle made repeated overtures to Jackson and his cabinet to secure a compromise on the bank's rechartering (its term due to expire in 1836) without success.[68][69] Jackson and the anti-bank forces persisted in their condemnation of the BUS,[63][70] provoking an early recharter campaign by pro-bank National Republicans under Henry Clay.[71][72] Clay's political ultimatum to Jackson[73]—with Biddle's financial and political support[74][75]—sparked the Bank War[76][77] and placed the fate of the BUS at center of the 1832 presidential election.[78]

Jackson mobilized his political base[79] by vetoing the recharter bill[80] and, the veto sustained,[81] easily won reelection on his anti-bank platform.[82] Jackson proceeded to destroy the bank as a financial and political force by removing its federal deposits,[83][84][85] and in 1833, federal revenue was diverted into selected private banks by executive order, ending the regulatory role of the Second Bank of the United States.[1][a]

In hopes of extorting a rescue of the bank, Biddle induced a short-lived financial crisis[57][86] that was initially blamed on Jackson's executive action.[87][88] By 1834, a general backlash against Biddle's tactics developed, ending the panic,[89][90] and all recharter efforts were abandoned.[18]

State bank[edit]

In February 1836, the bank became a private corporation under the Commonwealth of Pennsylvania law.[1] 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.[19]

Branches[edit]

The bank maintained the following branches. Listed is the year each branch opened.[91]

  • Augusta, Georgia (1817, closed 1817)
  • Baltimore, Maryland (1817)
  • Boston, Massachusetts (1817)
  • Charleston, South Carolina (1817)
  • Chillicothe, Ohio (1817)
  • Cincinnati, Ohio (1817)
  • Fayetteville, North Carolina (1817)
  • Lexington, Kentucky (1817)
  • Louisville, Kentucky (1817)
  • Middletown, Connecticut (1817)
  • New Orleans, Louisiana (1817)
  • New York City, New York (1817)
  • Norfolk, Virginia (1817)
  • Portsmouth, New Hampshire (1817)
  • Providence, Rhode Island (1817)
  • Richmond, Virginia (1817)
  • Savannah, Georgia (1817)
  • Washington, D.C. (1817)

[edit]

Share of the Second Bank of the United States, issued 18. June 1838, signed by Nicholas Biddle
  • William Jones, January 7, 1817 – January 25, 1819
  • James Fisher, January 25, 1819 – March 6, 1819 (Acting)
  • Langdon Cheves, March 6, 1819 – January 6, 1823
  • Nicholas Biddle, January 6, 1823 – March 3, 1836

Terms of charter[edit]

The Second Bank of the United States was America's national bank, comparable to the Bank of England and the Bank of France, with one key distinction – the United States government owned one-fifth (20%) of its capital. Whereas other national banks of that era were wholly private, the Second Bank of the United States was more characteristic of a government bank.[92]

Under its charter, the bank had a capital limit of $35 million, $7.5 million of which represented the government-owned share. The national bank was required to remit a "bonus" payment of $1.5 million, payable in three installments,[4] to the government for the privilege of using the public funds, interest free, in its private banking ventures.[93] The institution was answerable for its performance to the U.S. Treasury and Congress[94] and subject to Treasury Department inspection.[4]

As exclusive fiscal agent for the federal government,[95][94] it provided a number of services as part of its charter, including holding and transfer of all U.S. deposits, payment and receipt of all government transactions, and processing of tax payments.[96] In other words, the BUS was "the depository of the federal government, which was its principal stockholder and customer."[94][97]

The chief personnel for the bank comprised 25 directors, five of whom were appointed by the President of the United States, subject to Senate approval.[4] Federally appointed directors were barred from acting as officials in other banks. Two of the three BUS presidents, William Jones and Nicholas Biddle, were chosen from among these government directors.[94]

Headquartered in Philadelphia, the bank was authorized to establish branch offices where it deemed suitable, and these were immune from state taxation.[4]

BUS regulatory mechanisms[edit]

The primary regulatory task of the Second Bank of the United States, as chartered by Congress in 1816, was to restrain the uninhibited proliferation of paper money (bank notes) by state or private lenders,[37] which was highly profitable to these institutions.[98]

In this capacity, the bank would preside over this democratization of credit,[11][99] contributing to a vast and profitable disbursement of bank loans to farmers, small manufacturers and entrepreneurs, encouraging rapid and healthy economic expansion.[11]

Historian Bray Hammond describes the mechanism by which the bank exerted its anti-inflationary influence:

Receiving the checks and notes of local banks deposited with the [BUS] by government collectors of revenue, the [BUS] had constantly to come back on the local banks for settlements of the amounts which the checks and notes called for. It had to do so because it made those amounts immediately available to the Treasury, wherever desired. Since settlement by the local banks was in specie i.e. silver and gold coin, the pressure for settlement automatically regulated local banking lending: for the more the local banks lent the larger amount of their notes and checks in use and the larger the sums they had to settle in specie. This loss of specie reduced their power to lend.[100]

Under this banking regime, the impulse towards overspeculation, with the risks of creating a national financial crisis, would be avoided, or at least mitigated.[101][102][103] It was just this mechanism that the local private banks found objectionable, because it yoked their lending strategies to the fiscal operations of the national government, requiring them to maintain adequate gold and silver reserves to meet their debt obligations to the U.S. Treasury.[37] The proliferation of private-sector banking institutions – from 31 banks in 1801 to 788 in 1837[104] – meant that the Second Bank faced strong opposition from this sector during the Jackson administration.[11]

Architecture[edit]

United States historic place

The architect of the Second Bank of the United States was William Strickland (1788–1854), a former student of Benjamin Latrobe (1764–1820), the man who is often called the first professionally trained American architect. Latrobe and Strickland were both disciples of the Greek Revival style. Strickland went on to design many other American public buildings in this style, including financial structures such as the Mechanics National Bank (also in Philadelphia). He also designed the second building for the main U.S. Mint in Philadelphia in 1833, as well as the New Orleans, Dahlonega, and Charlotte branch mints in the mid-to-late 1830s.

Strickland's design for the Second Bank of the United States is in essence based on the Parthenon in Athens, and is a significant early and monumental example of Greek Revival architecture.[107] The hallmarks of the Greek Revival style can be seen immediately in the north and south façades, which use a large set of steps leading up to the main level platform, known as the stylobate. On top of these, Strickland placed eight severe Doric columns, which are crowned by an entablature containing a triglyphfrieze and simple triangular pediment. The building appears much as an ancient Greek temple, hence the stylistic name. The interior consists of an entrance hallway in the center of the north façade flanked by two rooms on either side. The entry leads into two central rooms, one after the other, that span the width of the structure east to west. The east and west sides of the first large room are each pierced by a large arched fan window. The building's exterior uses Pennsylvania blue marble, which, due to the manner in which it was cut, has begun to deteriorate due to weak parts of the stone being exposed to the elements.[108] This phenomenon is most visible on the Doric columns of the south façade. Construction lasted from 1819 to 1824.

The Greek Revival style used for the Second Bank contrasts with the earlier, Federal style in architecture used for the First Bank of the United States, which also still stands and is located nearby in Philadelphia. This can be seen in the more Roman-influenced Federal structure's ornate, colossal Corinthian columns of its façade, which is also embellished by Corinthian pilasters and a symmetric arrangement of sash windows piercing the two stories of the façade. The roofline is also topped by a balustrade, and the heavy modillions adorning the pediment give the First Bank an appearance much more like a Roman villa than a Greek temple.

Current building use[edit]

Since the bank's closing in 1841, the edifice has performed a variety of functions. Today, it is part of Independence National Historical Park in Philadelphia.[109] The structure is open to the public free of charge and serves as an art gallery, housing a large collection of portraits of prominent early Americans painted by Charles Willson Peale and many others.

The building was designated a National Historic Landmark in 1987 for its architectural and historic significance.[107]

The Wall Street branch in New York City was converted into the United States Assay Office before it was demolished in 1915. The federal-style façade was saved and installed in the American Wing of the Metropolitan Museum of Art in 1924.

In popular culture[edit]

The Bank of the United States building was described by Charles Dickens in a chapter of his 1842 travelogue American Notes for General Circulation, Philadelphia, and its solitary prison:

We reached the city, late that night. Looking out of my chamber-window, before going to bed, I saw, on the opposite side of the way, a handsome building of white marble, which had a mournful ghost-like aspect, dreary to behold. I attributed this to the sombre influence of the night, and on rising in the morning looked out again, expecting to see its steps and portico thronged with groups of people passing in and out. The door was still tight shut, however; the same cold cheerless air prevailed: and the building looked as if the marble statue of Don Guzman could alone have any business to transact within its gloomy walls. I hastened to inquire its name and purpose, and then my surprise vanished. It was the Tomb of many fortunes; the Great Catacomb of investment; the memorable United States Bank.

The stoppage of this bank, with all its ruinous consequences, had cast (as I was told on every side) a gloom on Philadelphia, under the depressing effect of which it yet laboured. It certainly did seem rather dull and out of spirits.[110]

See also[edit]

Notes[edit]

References[edit]

  1. ^ abcdeHammond 1947, p. 155.
  2. ^Hall & Clarke 1832, p. 625.
  3. ^Hammond 1947, p. 149.
  4. ^ abcdeDangerfield 1966, p. 12.
  5. ^Hofstadter 1948, pp. 60–61.
  6. ^Hammond 1956, p. 102 harvnb error: no target: CITEREFHammond1956 (help).
  7. ^Hammond 1947, p. 149–150.
  8. ^Dangerfield 1966, pp. 10–11.
  9. ^Hammond 1956, p. 9 harvnb error: no target: CITEREFHammond1956 (help).
  10. ^ abRemini 1993, p. 140.
  11. ^ abcdWilentz 2005, p. 205.
  12. ^Remini 1993, p. 145.
  13. ^Wilentz 2005, p. 365.
  14. ^Meyers 1953, pp. 212–213.
  15. ^Schlesinger 1945, pp. 115–116.
  16. ^Hammond 1956, p. 100 harvnb error: no target: CITEREFHammond1956 (help).
  17. ^Hammond 1957, p. 359.
  18. ^ abWilentz 2005, p. 401.
  19. ^ abHammond 1947, p. 157.
  20. ^Hammond 1956, p. 10 harvnb error: no target: CITEREFHammond1956 (help).
  21. ^Dangerfield 1966, pp. 88–89.
  22. ^ abWilentz 2005, p. 181.
  23. ^Wilentz 2005, pp. 204–205.
  24. ^Hammond 1947, p. 149.
  25. ^ abDangerfield 1966, p. 10.
  26. ^Wilentz 2005, pp. 204–205.
  27. ^Wilentz 2005, p. 182.
  28. ^Schlesinger 1945, p. 11.
  29. ^Wilentz 2005, pp. 203, 205.
  30. ^Schlesinger 1945, pp. 11–12.
  31. ^Dangerfield 1966, pp. 10–11.
  32. ^Dangerfield 1966, p. 11.
  33. ^Minicucci 2004[page needed]
  34. ^Remini 1981, p. 32.
  35. ^Schlesinger 1945, pp. 20–21.
  36. ^Wilentz 2005, pp. 203, 214.
  37. ^ abcdHammond 1947, p. 150.
  38. ^Dangerfield 1966, p. 87.
  39. ^Hammond 1947, p. 152.
  40. ^Wilentz 2005, pp. 203–204.
  41. ^Hammond 1947, p. 153.
  42. ^Hill 2015, online.
  43. ^ abcWilentz 2005, p. 206.
  44. ^Dangerfield 1966, p. 76.
  45. ^Dangerfield 1966, pp. 73–74.
  46. ^Hofstadter 1948, pp. 55–56.
  47. ^Wilentz 2005, pp. 205–207.
  48. ^Dangerfield 1966, pp. 80–81, 85.
  49. ^Remini 1981, p. 28.
  50. ^Dangerfield 1966, pp. pp. 86, 89.
  51. ^ abDangerfield 1966, p. 84.
  52. ^Dangerfield 1966, pp. 81, 83.
  53. ^Dangerfield 1966, p. 80.
  54. ^Dangerfield 1966, pp. 85–86.
  55. ^Wilentz 2005, pp. 207–208.
  56. ^ abDangerfield 1966, p. 89.
  57. ^ abcHammond 1947, p. 151.
  58. ^Remini 1981, p. 229.
  59. ^Hofstadter 1948, p. 62.
  60. ^Killenbeck 2006, pp. 98–109.
  61. ^Hammond 1957, p. 371.
  62. ^Schlesinger 1945, p. 77.
  63. ^ abWilentz 2005, p. 362.
  64. ^Hammond 1947, pp. 151–152.
  65. ^Remini 1981, pp. 228–229, 303.
  66. ^Hammond 1957, pp. 377–378.
  67. ^Hammond 1957, p. 379.
  68. ^Hofstadter 1948, pp. 59–60.
  69. ^Schlesinger 1945, p. 81.
  70. ^Remini 1981, pp. 301–302.
  71. ^Remini 1981, pp. 341–342.
  72. ^Hammond 1957, p. 385.
  73. ^Remini 1981, p. 365.
  74. ^Wilentz 2005, p. 369.
  75. ^Remini 1981, p. 343.
  76. ^Schlesinger 1945, p. 87.
  77. ^Remini 1981, p. 361.
  78. ^Remini 1981, p. 374.
  79. ^Schlesinger 1945, p. 91.
  80. ^Schlesinger 1945, p. 87.
  81. ^Wellman 1966, p. 132.
  82. ^Remini 1981, pp. 382–383, 389.
  83. ^Remini 1981, pp. 375–376.
  84. ^Wilentz 2005, pp. 392–393.
  85. ^Schlesinger 1945, p. 98.
  86. ^Hofstadter 1948, pp. 61–62.
  87. ^Wilentz 2005, p. 396.
  88. ^Schlesinger 1945, p. 103.
  89. ^Wilentz 2005, p. 400.
  90. ^Schlesinger 1945, pp. 112–113.
  91. ^PhiladelphiaFed 2021, p. 7.
  92. ^Hammond 1947, p. 140.
  93. ^Wilentz 2005, p. 364.
  94. ^ abcdHammond 1947, p. 149.
  95. ^Wellman 1966, p. 92.
  96. ^Wilentz 2005, p. 365.
  97. ^Hammond 1957, p. 9.
  98. ^Wilentz 2005, pp. 74–75.
  99. ^Hofstadter 1948, p. 56.
  100. ^Hammond 1956, pp. 9–10 harvnb error: no target: CITEREFHammond1956 (help).
  101. ^Hammond 1947, pp. 149–150.
  102. ^Wilentz 2005, p. 205.
  103. ^Hofstadter 1948, p. 56.
  104. ^Hammond 1947, p. 153.
  105. ^NRIS 2006, online.
  106. ^Gallery 2004, p. 35 harvnb error: no target: CITEREFGallery2004 (help).
  107. ^ abNPS 2017, online.
  108. ^NPS 2009, online.
  109. ^Independence Hall 2020, online.
  110. ^Dickens 1913, p. 81.

Bibliography[edit]

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External links[edit]

Источник: https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States
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