Under Biddle's administration the Bank, centered in Philadelphia with branches in the leading American commercial cities, performed a useful function for all economic interests and groups through facilitating the exchange of goods and payments in this predominantly commercial society. He returned to Philadelphia with only five of his original crewmen, all the rest having been detached to man the captured ships. Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas-0. from the University of Sydney and a Master of Education from Monash University. ." He declined renomination until 1812, when he returned to the legislature to support U.S. involvement in the War of 1812. Biddle took over just before the 1824 presidential election in which John … Biddle tries to turn nation against Jackson by financial/economic debt. https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/nicholas-biddle, "Nicholas Biddle "Nicholas Biddle In 1836, Biddle was forced to secure a charter from the Pennsylvania legislature to operate as a state bank. Bright, strong-willed and articulate, Biddle quickly became one of the Bank’s most influential directors. Did Andrew Jackson Shut down the bank to stop him? Uncertain of the bank's future, Biddle decided to press for re-chartering the bank in 1832, four years before the bank's original charter required the action. Nicholas Biddle was born in Philadelphia on January 8, 1786 to a family whose ancestors had come to America with William Penn. Using the power of the Bank to expand and contract the money supply, he played a prominent role in bringing order to the chaotic American marketplace and creating a stable currency. Stubbornness spilled over into recklessness at the climax of the Bank War, when Biddle used the Bank as an economic weapon and made inflammatory remarks about Jackson. Encyclopedia.com. Business Leader Profiles for Students. We serve the public by pursuing a growing economy and stable financial system that work for all of us. Biddle, completely disgraced, died on Feb. 27, 1844, and the general verdict on him and his career was stated by William Cullen Bryant, a Jacksonian editor and poet, who reported that Biddle had died "at his country seat, where he had passed the last of his days in elegant retirement, which, if justice had taken place, would have been spent in the penitentiary. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Born in Philadelphia on 10 September 1750, Nicholas Biddle went to sea at the age of 13, was shipwrecked on one voyage, and and joined the Royal Navy in 1770. Gale Encyclopedia of U.S. Economic History, Encyclopedia of the American Revolution: Library of Military History, The American Revolutionary War resulted in the emergence of a new country faced with the task of establishing a fundamental basis for government embo…, Banking https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas-0, "Biddle, Nicholas Though the move may have been necessary to protect the bank, the restriction of credit dealt a serious blow to the US economy. After one year, he took a tour of Europe and Greece, then settled in London where he worked for two years as secretary for future President James Monroe (1817–1875). The speech established him as an authority on banking, currency and government finance, and when in 1819 President Monroe was looking for a new government director to help manage the troubled Second Bank, he picked Biddle, his former secretary and friend. Frankfurt Arrogant, hypersensitive to criticism and unschooled in politics, he failed when put to the test during the vitriolic battle between Biddle and President Andrew Jackson over the rechartering of the Bank. Charles Biddle Jr. (1787–1836), who married Anna H. Stokes in 1808. Within the “Cite this article” tool, pick a style to see how all available information looks when formatted according to that style. Jackson began an assault upon the Bank in 1829, but many of the members of his party (the Democrats) in Congress did not agree. 16 Oct. 2020 . The Jacksonian Economy. He graduated from there as valedictorian (the top-ranked person in his class) in September 1801 at the age of only 15. SEE ALSO Boston Siege; Naval Operations, Strategic Overview. Fearing his political views as well as his unconstitutional pronouncement that he himself embodied the American people as president, the first real political opposition in party form arose in America, the Whig Party. See also: Bank of the United States (First National Bank), Bank of the United States (Second National Bank), Bank War, Central Bank, Andrew Jackson, Panic of 1837. 16 Oct. 2020 . Baton Rouge: Louisiana State University Press, 1949. Weisberger, Bernard A. More Biddle History. Sighting a sail at 3 p.m. on 7 March 1778, Biddle made for it. In 1818, Biddle was defeated in a race for the U.S. Congress. After spending about a year in that post, he toured Europe and Greece and then served in London as secretary to James Monroe, who was at that time the U.S. minister to Great Britain. His political instincts, however, were less astute: He believed that any reasonable person must agree with him on the value of the bank to the nation's economy. Under Biddle's guidance, the bank expanded to twenty-nine branches and controlled one-fifth of the country's loans and bank notes in circulation. After Biddle retired in 1839—briefly pursuing the U.S. presidency as a Whig running against Martin Van Buren—he and other former officers of the bank were indicted for fraud and theft in connection with the cotton scheme. During his tenure, he dropped the restrictions his predecessor had imposed upon branch operations. a. men accepting the idea that they had the right to express their political views, just not vote for them b. the increasing popularity of fiction about women workers, based on the Lowell girls c. the Lydia Maria Child Publishing House, which emphasized women's literature ... c. Nicholas Biddle … This article explains the political maneuvering that surrounded the rechartering of the Second Bank of the United States, with a focus on the hostile relationships of men like Jackson, Clay, Calhoun, Biddle… "Biddle, Nicholas ." 60262 Frankfurt am Main Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas. Banks and Politics in America from the Revolution to the Civil War. 1810: Elected to Pennsylvania legislature. . . A talented administrator and pragmatic businessman, Nicholas Biddle developed the Bank of the United States into a prototype of the modern central banking system. Encyclopedia.com. “This worthy President thinks that because he has scalped Indians and imprisoned Judges, he is to have his way with the Bank,” Biddle wrote to a federal judge in February 1834.6 By the fall of that year, Biddle was so reviled for his nationwide curtailment of credit that he was hunted by mobs in Philadelphia, forcing him to bar the doors of his house and post armed guards. Bolstered by his supporters, Jackson resolved to destroy the bank. In January 1823 Biddle was elected president of the Bank—a mixed public and private institution—being acceptable to the government and the shareholders alike but Encyclopedia of the American Revolution: Library of Military History. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Banking Crisis of 1933 Public Company 2 Fritz Redlich, The Molding of American Banking: Men and Ideas (New ." All of this caused the relationship between the Bank and the government to deteriorate rapidly following Jackson's election to the presidency. (October 16, 2020). Webb's newspaper activities reflected his personal views and political motivations, and he worked to make the New York Courier the largest circulating paper in the country. However, the date of retrieval is often important. Few who met Biddle as a young man doubted that he would go far. Using the power of the bank to expand and contract the money supply, Biddle played a prominent role in creating a stable currency and in bringing order to the chaotic American marketplace. In 1804 Biddle went to France as a member of the American legation, where he worked on claims resulting from the Louisiana Purchase. The bank collapsed in February 1841, taking Biddle's personal fortune with it. As president of the Pennsylvania bank, Biddle authorized risky loans and investments, and hatched a dubious plan to use bank funds to corner the market on cotton. Biddle was a brilliant administrator who maintained complete control over the Bank of the United States. Despite his failures, Biddle remains an imposing figure in American history. Biddle’s father, Charles, was a wealthy merchant and the vice president of the Supreme Executive Council of Pennsylvania. The Bank's failure made Biddle the target of many lawsuits during the final years of his life. Results Overall, 59% would definitely get the vaccine, 29% had low levels of hesitancy, 7% had high levels of hesitancy and 6% were resistant. the Civil War (Princeton, N.J.: Princeton University Press, 1957) p. American Heritage, July–August 1997. using the power of the bank to expand and contract the money supply, biddle played a prominent role in creating a stable currency and in bringing order to the chaotic american marketplace. 16 Oct. 2020 . A member of one of early America's most aristocratic families, Nicholas Biddle was born January 8, 1786, in Philadelphia. "To open up our society, economy and community fully again, we need to develop a vaccine and get it out to the population as quickly as possible," study co-author Professor Nicholas Biddle … Satire on the public conflict between Andrew Jackson and Nicholas Biddle over the future of the Bank of the United States, and the former's campaign to destroy it. Encyclopedia.com. Marriage to an heiress allowed him to indulge his fascination with ancient Greek culture on a huge estate outside Philadelphia. Bank Failures Biddle became president at age 37—younger than most of the directors who elected him—and immediately put into action his plan for developing the Bank into a great balance wheel of the monetary system. Encyclopedia of the American Revolution: Library of Military History. He resigned from the Bank in April 1839, believing it and the nation safe and secure. He was admitted to the University of Pennsylvania at the age of 10 and three years later transferred to Princeton University as a sophomore. Bankruptcies multiplied, while wages and prices declined. . The charges were dismissed, but creditors had lost faith in the bank, and it failed in the Depression of 1839–43. Incorporated: 1904 as th…, BANKING (October 16, 2020). Son of a successful Philadelphia merchant, he graduated from Princeton University at the age of 15, at the top of his class. Details may include related records, political party, location, and more. He directed the removal of almost $10 million in government deposits, which were placed in state or "pet banks." In the fall of 1804, Biddle joined General John Armstrong as a member of the American legation (diplomatic mission) to France, where he worked on claims resulting The developing transportation system, which united the vast geographical areas of the United States and connected them with Europe, was paralleled by a system of domestic and foreign exchange that facilitated payments and increased the profits of trade. (October 16, 2020). But Nicholas Biddle, an economist at the Australian National University who oversaw a major poll on immigration late last year, found that people living … As Biddle was growing in financial stature, his future nemesis, General Andrew Jackson, was growing in political stature. During the time he spent overseas, Biddle acquired valuable insights into the problems and techniques of international finance. Temin, Peter. Nicholas Biddle, with the head and hoofs of a demon, runs to Jackson’s left. Export-Import On September 10, 1833, President Jackson pulled the government deposits out of the Bank of the United States (BUS) and put it into the state banks. Young Nicholas was extremely bright, so much so that he entered the University of Pennsylvania at age 10. Business Leader Profiles for Students. Broke and shunned by old friends and associates, he retreated to his wife’s estate, where he died at the age of 58—heartbroken, according to his biographer, at the loss of the bank and his fall from grace.7. Therefore, that information is unavailable for most Encyclopedia.com content. Returning to America after this voyage, Biddle took the Patriot side and volunteered for duty. The political fallout from Australia’s unprecedented bushfire season has been substantial, with the government receiving major criticism for its handling of the crisis. Refer to each style’s convention regarding the best way to format page numbers and retrieval dates. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. The currency supplied by the Bank, no matter where made payable, was received in most places at par, sometimes commanded a premium, and was never at a discount of more than 1/4 of 1 percent. https://www.encyclopedia.com/education/economics-magazines/biddle-nicholas, "Biddle, Nicholas We strive to advance policy that promotes economic well-being. After this, Biddle cruised in the North Atlantic, taking many supply ships whose cargoes were sent to General George Washington during the siege of Boston. Public Company ." banks. Biddle was a precocious student whose parents took a keen interest in his education. Biddle exasperated the president by his repeated refusal to seriously investigate charges of political interference by some Bank branches during the 1828 elections. But his naivete proved disastrous. He understood the potential of the American economy and formulated a method for realizing it. National Bank Controversy. The Second Bank of the United States. 1801: Graduated as valedictorian from Princeton University at age 15. 16 Oct. 2020 . When state bankers visited the white house to plead for relief, Jackson said,” We have no money here, gentleman. (1750–1778). Jackson vetoed the move, publicly denouncing the bank as a monopoly that was under foreign influence. Bankruptcies multiplied while wages and prices declined. Nicholas Biddle (1786–1844) established the Bank of the United States as a prototype of the modern central banking system. C. the f Vetoed bill to recharger second national bank on July 10, 1832. Stock Exchanges: New York London Paris Düsseldorf Henry Clay and the Bank Wars Personal feuds and political posturing marked the Bank Wars of 1832. His hardheaded convictions proved disastrous for the bank. D) prohibited the existence of state banks. Arguably, a more temperate and politically astute leader of the Second And he squandered what might have been opportunities for rapprochement with Jackson, brushing off his allegations against the Bank and antagonizing him by pressing ahead with recharter in 1832. The saga of Czar Nicholas v. King Andrew I, as drawn by political cartoonists of the time, became a landmark in studies of Presidential power. (4969) 71500 Nicholas Biddle: Nationalist and Public Banker, 1786-1844. 1818: Appointed director of Bank of the United States. Encyclopedia.com. That same year he was elected to the Pennsylvania legislature. Although arrested on charges of criminal conspiracy in 1842, he was exonerated. Although he tried to remain neutral in the presidential race between John Quincy Adams and Andrew Jackson in 1828, Biddle came under fire amid allegations that some branches had exercised improper influence by refusing loans to Jackson's supporters. Biddle’s vision of central banking arose, in large measure, in response to the ideological challenge of justifying the growing authority of banks and bankers in Jacksonian America. A renaissance man accomplished in literature as well as finance, Biddle was the country’s first central banker, and he was a master of his craft. Overview Under his guidance, the Bank expanded to 29 branches. Nicholas Biddle (1786-1844) was president of the Second Bank of the United States from 1823 to 1836. President Andrew Jackson’s protracted conflict with Nicholas Biddle, known colloquially as the “Bank War,” endures as a seminal chapter in the nation’s political and economic history. In a speech that has been called “the maturest expression of banking knowledge to be found in America in that period,”2 Biddle argued that the First Bank was constitutional and crucial to the economy as a repository of wealth and issuer of uniform currency. Germany It was during his lengthy stay overseas that Biddle gained valuable insights into the problems and techniques of international finance. Encyclopedia.com. Most online reference entries and articles do not have page numbers. Committed now to a career in finance instead of literature, he quipped in a verse written for a young admirer that: “I prefer my last letter from Barings or Hope/to the finest epistles of Pliny or Pope.”3. The collapse of the bank consumed Biddle’s personal fortune and what remained of his reputation. Caterall, Ralph C.H. In the 1820s, under Nicholas Biddle, the Bank of the United States A) was financially sound and profitable. Biddle was “the prototype of the modern business executive,”4 a manager who could both formulate bold ideas and execute them by delegating to handpicked subordinates. Those talents proved inadequate, however, when Biddle was thrown into the political cauldron that Jackson stirred up during the Bank War. In this cartoon, President Andrew Jackson refuses to renew the charter for the Bank of the United States. Bolstered by his supporters, Jackson resolved to destroy the Bank. During his final years, Biddle faced many lawsuits. serving as a director by presidential appointment. It’s conceivable that if not for Biddle, the Bank would have stayed in business for decades, altering the course of banking history. Biddle was a precocious student and was admitted to the University of Pennsylvania when he was ten years old. Dr. Nicholas Biddle is a Fellow at the Centre for Aboriginal Economic Policy Research (CAEPR) at The Australian National University (ANU). The bank's federal charter was terminated in 1836, but it was granted a state charter to operate as the Bank of the United States of Pennsylvania. Notes issued by local state banks circulated at par in the immediate vicinity of their issue, and this mixed national currency was elastic, uniform, sound, and completely adequate for the needs of the expanding economy. . Hammond, Bray. Difficulties in financing the War of 1812 caused the creation of a second Bank of the United States (1816-36). He worked odd jobs to earn a living, including street vending, selling oysters in the winter and ice cream in the summer. His political instincts, however, were less astute: He believed that any reasonable person must agree with him on the value of the bank to the nation's economy. San Francisco, California 94104 Various historians have identified these men as Nicholas Biddle, William B. Preston, Daniel Webster, Henry Clay, and an unidentified fifth man. Business Leader Profiles for Students. 1822: Became president of Bank of the United States. Admitted to the bar, he showed more interest in letters than the law, preparing the journals of the Lewis and Clark expedition for publication and editing the Port Folio, an influential literary magazine. Gale Encyclopedia of U.S. Economic History. Jackson, however, believed that the bank’s president Nicholas Biddle had used the institution’s deposits and influence to assist John Quincy Adams in the 1828 election. - Biddle’s plan worked. Three years later, in October 1810, he was elected to the Pennsylvania legislature. He was subsequently passed over by then-President Monroe for appointment to office because of their differing political views. On the subsequent exploration of the Arctic he made the acquaintance of Horatio Nelson, who also had sacrificed rank in the navy for this adventure. He was an early advocate of the debated principle of central banking, and under his direction the Bank performed most of the functions of present-day central banks. ", The only biography of Nicholas Biddle is Thomas P. Govan, Nicholas Biddle: Nationalist and Public Banker (1959). Govan, Thomas Payne. Baring Brothers and Hope and Co. were international banking firms. Northern democrats worried that the president’s “lawless and reckless” Bank War would ruin the party. He graduated in September 1801. Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/nicholas-biddle. Biddle responded by curtailing loans. . When the Second Bank of the United States was at the height of its power, wrote the Inquirer newspaper of Philadelphia in February 1844, “no man was more courted or eulogized” than its president, Nicholas Biddle.1 The Inquirer was being kind; years removed from his heyday, Biddle was still the most prominent banker in the nation despite his ongoing battles with Jackson, he played an important role in trying to shore up the U.S. banking system. Although the American economy survived the crisis of 1839, it then experienced a period of exuberant economic growth characterized by wild speculation and uncertainty. Wilburn, Jean Alexander. https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas, "Biddle, Nicholas ." Nicholas Biddle has 6 Voter Records. Arrogant, hypersensitive to criticism and unschooled in politics, he failed when put to the test during the vitriolic battle between Biddle and President Andrew Jackson over the rechartering of the Bank. The American people as a whole seemed satisfied with the currency and credit system and the operations of the national bank, but President Andrew Jackson, who distrusted all banks, charged that the Second Bank of the United States was unconstitutional and that if its power was not checked it would enable a financial oligarchy to dominate the nation. ©2020 Federal Reserve Bank of Minneapolis. Bank Failures Biddle had miscalculated, however. But shortly afterward the Bank of England, itself in danger, renewed financial pressure on the United States, and 2 years later the United States Bank closed its doors. Who is the longest reigning WWE Champion of all time? Biddle responded by curtailing loans. 292. Encyclopedia.com. There are 6 voter registration records for Nicholas Biddle. His parents were Charles Biddle, a successful merchant and vice president of the Supreme Executive Council of Pennsylvania, and Hannah Shepard, the daughter of a North Carolina merchant. In 1811, as a newly elected member of the Pennsylvania Legislature, he spoke in favor of a new federal charter for the First Bank of the United States, which many state lawmakers opposed. Biddle was financially savvy but ultimately politically inept. Federal Reserve Bank of Minneapolis: Pursuing an Economy that works for all of us. □. One such change involved reestablishing a central banking system very similar to Biddle's bank. He began the study of law, but, too young to enter practice, he lived in Europe from 1804 to 1807, first as secretary to John Armstrong, the U.S. minister to Napoleonic France, then as a traveler, and finally as a secretary to James Monroe, the U.S. minister in England. Although he was eventually found innocent, he continued to be plagued with other legal problems until his death in 1844. The Second Bank of the United States was chartered for many of the same reasons as its predecessor, the First Bank of the United States. His parents took a keen interest in his education. Edward Smith robbed the Wall Street bank of $245,000. Rewarded with command of the recently launched, 32-gun Randolph, Biddle was sent to the West Indies. The Tariff of 1832, passed in the summer, lowered the rates on imported goods, a move designed to calm southerners. Currently, Nicholas is married. Pennsylvania. Total Assets:…, Nicholas III, Patriarch of Constantinople, Nicholas Neef, Francis Joseph (1770-1854), https://www.encyclopedia.com/education/economics-magazines/biddle-nicholas, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/nicholas-biddle, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/biddle-nicholas-0, Banking, Finance, Panics, and Depressions, The Governor and Company of the Bank of Scotland. The enlargement of credit operations stimulated the economy, which was still suffering from the effects of the Panic of 1819. Biddle was also interested in banking and the economy. In the center Biddle (left) and Jackson square off. Biddle's work as a banker has been extensively treated in Ralph C. H. Catterall, The Second Bank of the United States (1903); Fritz Redlich, The Molding of American Banking: Men and Ideas (2 vols., 1947-1951); Walter B. Smith, Economic Aspects of the Second Bank of the United States (1953); and Bray Hammond, Banks and Politics in America from the Revolution to the Civil War (1957). We’ll never know, of course; the Second Bank was destroyed, and out of its ashes Biddle formed the U.S. Bank of Pennsylvania, a commercial bank run under a state charter. In 1842 he was arrested on charges of criminal conspiracy. Under his firm direction, the Second Bank grew into a powerful instrument of monetary stability, the rock upon which a decade of robust economic growth was built. Because he recognized the value of a central bank to the nation's economy, he believed that all reasonable citizens recognized it as well. Fax: (4969) 7150-4225 Encyclopedia of World Biography. ." Export-Import New York: Columbia University Press, 1967. The Bank, in their opinion, was a useful and necessary arm of the Treasury, and they, in alliance with most of the opposition party (the National Republicans) rechartered the institution in 1832. On 1 August 1775 he took charge of the Pennsylvania galley Franklin in the Delaware River defenses, but in December he became one of the first four captains of the Continental navy. Banks across the country—including Biddle's new United States Bank of Pennsylvania—were forced to suspend payment of specie for the redemption of notes. Return to: The "Monster" of Chestnut Street, Brilliant and seemingly destined for greatness, America’s first central banker failed when put to the test in the Bank War, Sign up for emails to get the latest news, research, and information from the Federal Reserve Bank of Minneapolis. Test. . This is the Nicholas Biddle known to Presidential historians, an aristocratic foil pitted against the muscular Presidency of Andrew Jackson. We conduct world-class research to inform and inspire policymakers and the public. Chicago: University of Chicago Press, 1959. An unfavorable view of Biddle is in Arthur M. Schlesinger, Jr., The Age of Jackson (1945). It also controlled one-fifth of the country's loans and bank notes in circulation and one-third of the total bank deposits and specie (gold and silver). This costly failure not only discredited Biddle but also the principle of central banking, and it was not until the early years of the 20th century that the United States, through the creation of the Federal Reserve Banks (1912), once more returned to the system that had provided the national economy with a uniform, sound, and elastic currency. 1804: Worked in France as member of American legation. Commanding the 14-gun Andrea Doria, which had a crew of 130, he took part in the naval operations led by Esek Hopkins in early 1776 that captured Forts Montague and Nassau in the Bahamas. Retrieved October 16, 2020 from Encyclopedia.com: https://www.encyclopedia.com/education/economics-magazines/biddle-nicholas. At the age of fifteen, Biddle was the highest ranking student in his class. . We have lots of information about Nicholas: religious views are listed as unknown, ethnicity is unknown, and political affiliation is currently a registered None. Pick a style below, and all but four of its 315 officers and men were lost whose parents a... Who met Biddle as a collecting and disbursing agent for the federal government of.... Worked in France as member of the second Bank of the modern central banking system very similar to 's. The second Bank of the largest in Philadelphia on January 8, 1786 and..., `` Biddle, ed on claims resulting from the Pennsylvania legislature to support involvement! Jackson 's position: the Story of Nicholas Biddle of the American Revolution: of... 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Merchant, he helped establish Girard College in Philadelphia on January 8, 1786, in 1822 Biddle assumed presidency... First Bank of the modern central banking system very similar to Biddle 's personal with! Feuds and political nicholas biddle political views marked the Bank of the Bank, the Bank as a state.... ) had to borrow credit from state banks to stay afloat were placed in institutions... When Biddle was defeated in a race for the U.S. Congress age they... From there as valedictorian ( the top-ranked person in his class Co. were banking. Collapsed, taking Biddle 's mother was the highest ranking student in class. Thomas p. Govan, Nicholas. for fear of losing popularity New York: W.W. Norton and Co.,.! Wars personal feuds and political posturing marked the Bank of 1832 copy the for!

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