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Second National Bank is Chartered
James Madison signs an act to establish the Second National Bank in April of 1816. -
Second National Bank Opens
The Second National Bank opened on January 7th, 1817 in Philadelphia, Pennsylvania. -
William Jones Elected Bank President
William Jones was elected the first president of the Second National Bank but resigned in 1819. After he resigned attorney Langdon Cheves was elected president of the bank and took more control over the bank's branches, removing banknotes from circulation, making fewer loans, and foreclosing mortgages. -
Nicholas Biddle Elected Bank President
Langdon Cheves withdrew his name from re-election in the Bank's Presidential Election and Nicholas Biddle became head of the bank. With his guidance dislike towards the bank decreased leading to economic growth. -
Biddle's Request to Renew the Charter
In 1832, after Andrew Jackson was re-elected a request was sent from the National Bank to renew its charter. This was denied and this led to torment from the bank towards Jackson in an attempt to force him to renew the charter. -
The Demise of the Second National Bank
The bank's charter was set to expire in 1836 but due to the dislike of the bank during this period it was never renewed by the president. The bank slowly declined until it was finally closed in 1836 when the charter ended. -
Election of 1840
In the election of 1840, William Henry Harrison was elected. This marked the end of the fight and struggle between Andrew Jackson and the National Bank. Jackson was no longer in office and the bank's charter had come to an end. Furthermore, when Harrison passed in 1841 on his 32nd day in office, vice president John Tyler took over, he proceeded to veto several bills attempting to renew the bank's charter.