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Vetoed Re-Charter
President Jackson vetoed the recharter for the bank, even though it would've resolved conflict. It had passed in both Houses, but Jackson had the ultimate say so, as he was the president. The bank was a huge topic in both Jackson and Clay's campaigns. -
Election of 1832
Andrew Jackson and Henry Clay were running for President at the time. Jackson won because he hated the bank and there was a common hatred of the bank amongst the people. -
Nicholas Biddle
The banks president Nicholas Biddle really disagreed with the vetoing of the bank. So, he then began a countermove in which he began to get a bunch of credit by calling for loans, state bank notes, etc. Although Biddle did all of this, Jackson still let the charter expire. -
The Bank was Shut Down
President Jackson received a charter to renew the bank 4 years in advance. Even though he'd already vetoed the bank, he decided to remove all federal funds in the bank. He placed the funds in "pet banks", or state banks. By 10/01/1833, no more funds could be deposited in the bank. Shortly after this, in 1834, Congress declared that Jackson was abusing his powers. -
Charter Expiration
Jackson wins the election of '36, and decided to close the bank.