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Jackson Vetoes The Bank
Jackson vetoed the legislation on July 10, 1832, delivering a carefully crafted message to Congress - and the American people. -
Nicholas Biddle
The president of the Bank. In response to the banks, he started presenting state bank notes for redemption, calling in loans, and generally contracting credit. A financial crisis, he thought, would dramatize the need for a central bank. -
"Pet Banks"
Jackson declares that the Bank will no longer store money, and moves the money into smaller "pet" banks. -
Jackson Wins
In 1836 the charter expires and Jackson wins the Bank War. -
The Panic of 1837
Biddle's actions eventually led to economic compromise. High inflation occurred and over 800 banks closed their doors.