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Congress pushing for the renewal of the Second National Bank
In 1832, Congress started to push for an early renewal of the National Bank's Charter, even though it didn't expire for another four years. -
Jackson's Veto
President Andrew Jackson vetoed the re-chartering of the Second National Bank because he believed the bank was incompatible with justice and went against the Constitution of the United States. The efforts of Congress to override this veto failed. -
The Election of 1832
During the Election of 1832, Jackson was running against Henry Clay, who supported the National Bank. Jackson won the presidency by an overwhelming majority. -
Pet Banks
After Jackson's veto of the early re-chartering of the Bank, there was still a chance it could renew after it expired in four years. Jackson wanted to make sure this did happen so he ordered an end to deposits of government money in the National Bank and with drawled the money already in the Bank. The government then deposited funds in selected state banks, called "pet banks" by Jackson's opposition. -
Jackson's Censure
In 1833, Congress demanded that President Jackson release certain documents regarding the veto of the Bank, and when Jackson refused, the Senate voted to censure, or reprimand, him for assuming power not stated in the constitution. -
Bank Closes
The National Banks charter expired in 1836 and was not renewed, therefore Jackson had won the Bank war. -
Panic of 1837
This was a financial crisis in the United States during a recession. Profits, wages, and prices started going down while unemployment went down. This was caused by Andrew Jackson's economic polices such as refusing to renew the National Bank.