Jackson V. Bank

By LMWallace

  • Jackson Vetos Bill

    Jackson reduces the Bank's economic power so that the charter will not expire in 1836. After Jackson fired and hired a lot of politicians and people in the cabinet he announces that after October 1, 1833 the federal funds will no longer be held in the national bank. Instead of using the national bank he will be using different state banks. He chose there to be 23 state banks that would replace the national bank.

  • Bank Recharter Legislation

    Biddle's supporters in Congress, mainly Daniel Webster and Henry Clay, introduced Bank recharter legislation. Even though the charter was not going to expire for 4 more years, they felt that the current Congress would recharter the Bank. They thought that Jackson would not risk losing votes in Pennsylvania and other states by vetoing it. Jackson reacted by saying to his vice-president, Martin Van Bur en, "The Bank is trying to kill me, Sir, but I shall kill it!"

  • Clay's Renewal

    Henry Clay decided in 1832 that he would push forward a bill that would renew the charter. The charter renewal was a political move. If Jackson signed the bill it might change voter's minds in the West and South and ruin Jackson's bid for a second presidential term. If he vetoed the bill, the problem might move voters in the Northeast. Andrew Jackson decided to veto the bill and then gave a long speech on why he chose to do this so he would not lose as many voters if he gave an explanation.

  • Biddle's Countermove

    Nicolas Biddle, the president of the national bank, saw Jackson's actions coming so he made sure the states bank notes were known and he called in for loans so that the national bank has more money. He thought that the financial crisis that he made happen would show the real need for a central bank. People pointed out that Biddle's actions to put the people in harms way like these really is only showing us how dangerous the central bank really is.

  • Jackson's Victory

    The federal deposits from the national bank were never put into the second bank so this means the charter expired in 1836 and Jackson has won the battle with the bank.