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The Charter of the Second National Bank secured the National Bank to sustain for 20 years, until 1836, which restored the economy after multiple crises.
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The Panic of 1819 was an economic crisis that happened after the Bank of the United States made multiple loans and tightened its credits, as well as land issues after the War of 1812, causing multiple bankruptcies, mass unemployment, and decreases in bank usage.
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Nicholas Biddle was chosen to be President of the Second National Bank, and would be the main opposition against Andrew Jackson during his presidency and throughout the Bank War. He was made President of the Bank in 1823, up until the end of the Bank in 1836.
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The Election of 1828 was pivotal to the lifespan of the Bank. The election was won by Andrew Jackson, who strongly opposed a National Bank, and would actively work against it up to the point of its recharter in 1836.
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The Election of 1832, which was won by Andrew Jackson in the defeat of Henry Clay, was the decisive end to the Bank Battle, and ultimately confirmed Jackson's veto to the recharter of the National Bank.
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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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The Specie Circular of 1836 was, in an attempt to decrease land speculation, an executive order made by Andrew Jackson that made it so people have to use hard currency rather than paper currency. This contributed to the Panic of 1837.
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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, leading to high amounts of money being printed and handed out. Inflation arose in the economy, and it did not help any better that Jackson's policies preferred hard currency. This made many banks close due to insufficient reserves.
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The proposal of the Independent Treasury was made by President Martin Van Buren, which would uphold federal funds in the Treasury, rather than in a National Bank. The Independent Treasury would be repealed by William Harrison for a short interval, but would be signed into law by President James Polk.
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The Election of 1840 was thought to be a turning point for the Bank War. The election resulted in William Harrison winning, who was a leader of the Whig Party, allowing Whig policy to be reintroduced to the government, and thus allowing a plan for reestablishing the National Bank. One of the first things Harrison did was repeal the Independent Treasury Act, which separated federal funds from the government. However, Harrison died a month after his inauguration.