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Second Bank
The Second Bank was a struggle for the states and the bankers because it was involving the nation's money. It would hold deposits, issue debt to the public, redeem banknotes, and make payments to the federal government. -
McCulloch v. Maryland
McCulloch goes against Maryland stating that the states had no right to collect taxes. The Supreme Court upholds the bank's constitutionality, showing that no state has the right to tax an agency authorized by the federal government. -
Government Deposits
Clay ended deposits of government money being put in the bank and gradual withdrawals. Jackson fires his Secretary of Treasury for not withdrawing government deposits from the second bank to place them in state banks. -
Federal Deposits
The U.S. Senate censures Jackson for removing government deposits from the bank. He was accused of keeping all the power and authority for himself and not using it for the laws and Constitution. -
Election of 1840
Jackson shared the Republican's distrust of the financial establishment from the banks. Congress created an early renewal of the charter. Jackson vetoes this action, but Congress still overrides it. The election was between General William Henry Harrison and President Martin Van Buren. Harrison won the popular vote, but it dominated the electoral vote.