Jackson and the Bank

By SkylerRoar

  • Second Bank

    The second bank of the state was created, though it wasn't popular in the new states with people disliking the monopoly that it had over the country's credit and currency, and the poorer people believed it represented only the wealthy few.

  • Jackson and Veto

    Jackson distrusted the bank and saw Nicholas Biddle, the bank's manager, as an easy target. While the bank was being put through a renewal of it charter, Jackson tried to veto it by denouncing monopoly and special privilege, his veto failed.

  • Presidential Campaign

    In the Presidential Campaign, the bank revealed a fundamental division. Debtor classes, entrepreneurs, and reginal bankers wanted to have an increased money supply and lower interest rates. Jackson used this and his supporters to coast an easy election over Henry Clay.

  • "Pet Banks"

    Jackson crushed the banks and ordered the deposits of government money into banks to stop, the banks that he deposited the government funds into were called pet banks.