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The Second National Bank was chartered by President James Madison and was created in 1816, and Andrew Jackson did not like it. The bank was chartered for many reasons of the past one. The bank was mostly biased towards urban and industrial northern states. -
This was the countries first economic depression, it produced political division and ended the imprisonment for debt. It pushed Europe to a more independent economy. -
The Supreme Court upholds the constitutionality of the Bank of the United States and rules that a state cannot tax an agency authorized by the federal government. It ruled that the federal laws are superior to the state laws. -
The government deposited its funds in these state banks. Pet banks was a derogatory term by the opposes of Andrew Jackson. They were meant to receive large deposits of the government money.
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He wanted to destroy the bank so he could control all of the money. He announced no one will use the bank and used his executive power to remove all federal funds from the bank, which ended the Bank War.
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This was one of the sharpest financial crisis that triggered a long depression. Global movements of gold and silver and the falling costs of cotton were the causes. It later led to the bubble burst which was where every bank stopped payment in gold and silver.
