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Jackson's Veto
President Andrew Jackson decides not to renew the Banks charter because of the unfair privilege's that it held. The Bank received, considerable almost monopolistic power that affected the other states. Also, some of the Bank's stockholders were from foreign countries and the bank "operated as a gratuity of many millions [of dollars] to the stockholders". -
Nicholas Biddle
Nicholas Biddle was the President of the Bank who completely disagreed with the disbanding of the second national bank. Therefore, he began a "countermove"; he began to accumulate more credit by calling in loans, state bank notes and more. Biddle had put a lot of effort into renewing the bank charter, but Jackson was able to let the bank's charter expire. -
Shutting Down Second Bank
President Andrew Jackson received this charter renewal for the bank four years early. Even after having vetoed the banks renewal, he went further. He removed all of the federal funds in the bank and began placing the federal funds in state banks known as "pet banks". By October 1, 1833, no funds were to be deposited in the bank. -
The Charter Expires
After having won the election for a second time, President Andrew Jackson believed that he had the people's support to close the bank. He was able to remove funds and place them in "pet banks", no longer deposit in the bank. Finally in 1836 the banks charter expired in 1836. Jackson had won the bank war.
