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2nd bank in 1816
Chartered by Congress in 1816, the Second Bank played a pivotal role in the "bank wars," which pitted President Andrew Jackson against powerful bank president Nicholas Biddle. President Jackson contended that the Second Bank was unconstitutional and dangerous to republican ideals. -
1832 bank recharter bill
The Second Bank of the United States' charter was set to expire in 1836, but Daniel Webster and Henry Clay proposed to recharter it early in order to put Andrew Jackson on shaky political ground. -
Jacksons veto
Jackson was in strong opposition to the National Bank, while those in the North supported it as an economy stabilizer, and he vetoed the Bank Recharter Bill of 1832 due to its overly powerful market power. This upset businessmen in the North, but supporters of Jackson were glad he was fighting for the "common man." -
Jackson Removes Federal Deposits
After issuing his veto against the Second Bank of the United States, Jackson continued his attack against the bank by issuing the removal of federal funds. Since the Secretary of Treasury was the only one legally allowed to remove funds by the bank's charter, Jackson swapped out his cabinet to match his goals. -
Crash of 1837
Heavily contributed to by over speculation in the western lands of the U.S., this financial crisis led to a drop of prices, profits, and wages, and unemployment saw a great rise. This led to more criticism of the Jackson administration, as many people in the North and South were heavily effected. -
Election of 1840
William Henry Harrison won