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President James Madison signed into existence the 2nd National Bank of the United States. -
This was the beginning of Andrew Jackson's first term in office.
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Jackson voiced his opinion that the bank was unconstitutional and useless. Furthermore, he alleged that they were unstable and proved a failure by not establishing a uniform currency. All his suggestions were shut down and nothing changed. -
Nicholas Biddle, president of the National Bank, petitioned Congress to recharter the second bank. It passes both houses. -
Jackson vetoes the recharter of the bank. He expresses his further distrust of the bank not being in the hands of the government. -
Andrew Jackson is reelected for a second term. -
Jackson continues his destructive conquest of the bank by withdrawing all federal funding/backing that was provided in the past. To do this, he even swapped out his cabinet members to meet this goal. -
In another attempt to disassemble the national bank, Jackson created seven mini state banks to allot the withdrawn federal deposits. -
This economic crash left many unemployed, frustrated, profitless, and very very frustrated at the Jackson Administration -
By this date, the second national bank ran out of time to be rechartered. Essentially it died out and Martin Van Buren took office.