Jackson and the 2nd national bank.

By Cheyennewilson24

  • Election of 1832

    It was between Andrew Jackson and Henry Clay. Jackson won through support of the people and the common hatred for the second national bank. He described it as a "monster".

  • Vetoed charter for the bank

    Jackson vetoed a renewed charter for the bank. Congress had drew it up, but he rejected it. This happened during the reelection. Discussion of the bank was a bitter point in political campaigning between Jackson and Henry Clay.

  • Countermove

    The president of the bank, Nicholas Biddle, began presenting state bank notes for redemption and calling loans, generally contracting credit. He thought that a financial crisis would make a need for the central bank. This would ensure the need for a renewed charter. His plan did not have much affect.

  • Shut down of the 2nd national bank

    Andrew Jackson announced that the government will no longer us the 2nd bank. He used his power to remove all federal funds from the bank. He redistributed the money to about 23 state banks known as "pet banks".

  • Abuse of power

    Congress declared that Jackson abused his presidential power in the "Bank Wars"

  • Bank charter expired

    After all the abuse Jackson put towards the bank, its charter expired in 1836 and it was closed down.