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Charter of the 2nd Bank
In 1816, a second bank was chartered by Congress and president Madison, after the nation was not in the best financial position because of the war that had gone on years prior. This charter was also 20 years and Madison signed the Bank Bill despite his earlier opposition New states and lower classes were not in favor of the bank because they beileved it would create a monopoly and only favor the wealthy. Jackson beilieved that Nicholas Biddle was not fullfilling the duties that were given to him -
McCulloch V. Maryland
Overall this court case ruled that the Natinal Banks were constitutional and said that the states could not tax federal agencies because they were supreme. However, the bank was still very contriversal amongst the people. Critics said that the bank would create a mess in the banking system. -
Charter of the "3rd" Bank
In 1832, once the 20 years of the charter for the second bank was up, the charter was to be renew because Congress was in favor of the bank. However, Jackson was president at the time and he vetoed the bill. He believed the bank gave the economic power to the wealthy people. He also believes it was unconstitutional even after the Supreme Court ruled that it was not. -
Roger Taney
Roger Taney was one of the secretaries of the treasury. Jackson had been telling the secretaries to take federal deposits and place them in the state pet banks. Most of them (3) refused and were fired, except Roger Taney. He agreed to do it leading to the expiration of the charter in 1836. -
Election of 1840
At this point, the country is curently in a really bad recisson so the economy is not really thriving. This is also known as "The Panic of 1837". This is important because this made Buren unpopular and his VP even more unpopular. Meanwhile, the whig party which was created due to Jackson lack of funds for the bank, was growing. The were in favor of William Henry Harrison, which wins, and focused on aid in the growing of the economy.
