III. Timeline: The Bank Battle Begin the Bank Battle timeline with the charter of the 2nd Bank in 1816 and end with the election of 1840 - Faith.W 9/10/25
By hamsterfaith
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The aftermath was basically the bank had weakened, before its charter ran out, Jackson ordered that all the U.S. government deposits to be withdrawn and deposited. The plan that Biddle had backfired on him and the finical distress caused greater suspicion for the Banks power. As the Bank War Kept going, Jackson opponents organized the Whig Party named after British opponents of monarchical power. The Whig nominated Senate formally and urged for Jackson removing the federal funds.
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Congress issued a twenty-year charter for the Second Bank of United States, the government controlled 20% of the banks stock. The charter handled all federal deposits and expeditions, loan borrowing caused Panic of 1819, it became reliable intuition, by the end of 1820, the bank got over 20-9th branches and got over 70 million dollars in business annually.
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President Jackson, message exposed how corrupt and evil the bank is, as it was completely unconstitutional. He favored cash over the bank notes, and blamed the bank for causing the Panic of 1819.
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In the veto message Jackson contradicted the 1819 Supreme Court ruling in McCulloch V. Maryland. It said that the Bank of The United States was constitutional he even claimed the right himself, as a president to judge it’s constitutional rights, independence of Congress or the courts.
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In the end Jackson vetoed the bill and won the reelection in 1832, he became reelected but lost some votes in the process.
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The House approved by 107-85 and the Senate by 28-20, all but two-five congressmen were up to advocate the bill. Since New Jersey and Delaware were pro delegates for the bank, they started to protest in both county's, 15 from Pennsylvania. Jackson renewed the charter and even got reelected, after vetoing the bill. The charter was now officially renewed.
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This was after Jackson got reelected, he wanted to find a way to persevere money in the U.S. These banks are where he ordered his treasure secretary to put all his federal deposits. In the end he transferred the federal money into pet banks.
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The new second bank had new limited operations because of Biddle. This caused a downfall to the bank as it lead to unemployment rises, inflation reaching highest rates in U.S. history and business closed.
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The War Department had forbade the bank from carrying out its option of paying Revolutionary War pensions as a way to turn the public against it. The bank lost support and new political party called the Whigs, challenging tyranny.
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Biddle did not have the funds nor capital to make payments on national debt, after the second bank became more limited.
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The Charter of the second bank expired in 1836, and defeated they ended up accepting a offer from Pennsylvania, turning into the state chartered bank. The removal of the bank, regulating forces, state banks, and began printing currency, and gaining large amounts of income. The high inflation and Jackson favored, hard currency, gold or silver, it led investors to get panic, banks closed and money dropped which led to a finical crisis known as the Panic of 1837.
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The charter of the second bank, of the United States, expired in 1836 and they defeated Biddle. They accepted the offer from Pennsylvania, to turn it into a state chartered bank, the removal of the Bank the state banks began printing currency and lending large amounts of money.
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Jackson had fired his other two secretaries and made allies with Roger Taney, after this happened Biddle contracted the banks operations by calling in some loans and exchanging state notes to protect the institution and its investors. The banks board of governors ended up, agreeing and concurring these changes.