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Creation of the second bank
The Second National Bank was chartered by President James Madison and Andrew Jackson did not like it nor agree with it. It was created in order to comfortably handle funds as well as store funds. The bank was chartered for many different reasons. Jackson found that the bank was biased towards urban and northern states. -
Jackson’s first term
Jackson begins his first term as the President of the United States, and starts to go against the bank. Jackson investigates the bank’s policies and political agenda and digs deeper. Congress fights back towards Jackson. Jackson also fired gov't workers and replaced them with his supporters when he first began office. -
Election of 1832
Jackson, a strong defender of states' rights and
Unionism won the presidency. The National Republicans ran Henry Clay whose platform consisted of his American System. The Anti-Masonic Party ran William Wirt who received 7 electoral votes. -
Jackson’s veto message
Jackson, in his veto message of the recharter of the Second Bank of the U.S., said that the bank was a monopoly that favored the rich, and that it was owned by the wealthy and by foreigners. He argued it was unconstitutional. -
Pet banks
Jackson removed all federal funds from the Second Bank of the U.S. and then Jackson deposited all federal money in the state banks (pet banks) in his attempt to kill the Bank of the United States.