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The bank, nearing the end of its Charter, needed a renewal. Knowing President Andrew Jackson questioned the constitutionality of the Bank, Congress passed a bill for it in hopes of Jackson not vetoing it if it was given proper legislation. The bill was returned on July 10th, 1832, unsigned, with an announcement of his veto. Jackson stated that the bank was "unauthorized by the Constitution, subversive to the rights of states, and dangerous to the liberties of the people."
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After talks of federal deposits of the national bank being distributed to state banks, Jackson's opponents and those who supported the bank formed the Whig Party. The term 'Whig' was used for those who opposed monarchies.
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The Deposit and Distribution Act was passed by Congress and signed into law by Andrew Jackson on June 23rd, 1836. The Act distributed current funds in the National Bank and Treasury to the various state banks, and along with it changed the flow of Federal depositions to that of the state banks.
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After the expiration of the National Bank's Charter, regulation of currency was left in the hands of the individual state banks.