Jackson and The Bank

By Meaganjhart

  • Jackson Veto's the Bank Bill

    Jackson vetoed the bill calling for the renewal of the Second National Banks charter.

  • Election of 1832

    Presidential election between Andrew Jackson and Henry Clay that was focused around the National Bank

  • The Bank War

    The name that was given to Jackson's campaign to destroy the Second National Bank.

  • Jackson's Annoucement

    Jackson announced that the federal government would no longer use the National Bank and they would no longer deposit any funds there.

  • Biddle's Countermove

    Biddle, the president of the Second National Bank, began to present banknotes and call loans to get redemption to Jackson.

  • Abuse of Power

    Congress censured Jackson for what was seen as an "abuse of power" during Jackson's fight against the Bank.

  • The Second Bank Charter

    The Bank charter expired and the federal deposits were not returned. This ended the Bank War.

  • Deposit and Distribution Act

    Provided a distribution of $30 million to state banks, that was provided by tariff proceeds and public land.

  • Panic of 1837

    The result of the Bank War and Jackson refusing to renew the charter of the Second National Bank caused the financial crisis in the U.S. Unemployment rose and profit and wages went down.