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Establishment of the Second Bank of the United States
In 1816, the Second Bank of the United States was chartered by Congress. It was intended to stabilize the country's financial system and regulate state-chartered banks. -
William Crawford's Resignation
William Crawford, the Secretary of the Treasury and a strong supporter of the Bank, resigned due to health issues. His departure created a leadership vacuum at the Treasury Department. -
Andrew Jackson's Election
Andrew Jackson was elected as the President of the United States. He was a strong opponent of the Second Bank and believed it favored the wealthy elite over the common man. -
Renewal of the Bank's Charter
In 1832, Henry Clay and Daniel Webster pushed for the early renewal of the Bank's charter in an attempt to make it a key issue in the upcoming presidential election. -
Andrew Jackson's Veto
President Jackson vetoed the bill to renew the Bank's charter, calling it unconstitutional and a tool of the wealthy. This marked a significant escalation in the Bank battle. -
Removal of Federal Deposits
President Jackson ordered the removal of federal deposits from the Second Bank and their placement in state-chartered banks, known as the "Bank War." This move severely weakened the Bank's influence. -
Bank's Charter Expires
The charter of the Second Bank of the United States expired in 1836, and it became a state-chartered institution in Pennsylvania, where it continued to operate. -
Election of William Henry Harrison
In the presidential election of 1840, William Henry Harrison was elected as President. His victory marked the decline of the Bank as a central issue in American politics, as it had already lost much of its influence.