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In 1816, the Second Bank of the United States was chartered by Congress. It was intended to stabilize the country's financial system and regulate state-chartered banks. -
William Crawford, the Secretary of the Treasury and a strong supporter of the Bank, resigned due to health issues. His departure created a leadership vacuum at the Treasury Department. -
Andrew Jackson was elected as the President of the United States. He was a strong opponent of the Second Bank and believed it favored the wealthy elite over the common man. -
In 1832, Henry Clay and Daniel Webster pushed for the early renewal of the Bank's charter in an attempt to make it a key issue in the upcoming presidential election. -
President Jackson vetoed the bill to renew the Bank's charter, calling it unconstitutional and a tool of the wealthy. This marked a significant escalation in the Bank battle. -
President Jackson ordered the removal of federal deposits from the Second Bank and their placement in state-chartered banks, known as the "Bank War." This move severely weakened the Bank's influence. -
The charter of the Second Bank of the United States expired in 1836, and it became a state-chartered institution in Pennsylvania, where it continued to operate. -
In the presidential election of 1840, William Henry Harrison was elected as President. His victory marked the decline of the Bank as a central issue in American politics, as it had already lost much of its influence.