Jackson and the Bank

By rogeliomeza

  • Second Bank of the United States

    James Madison Charters the second Bank of the United States. The purpose of the Second Bank of the United States was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.S. Treasury. Another reason for the Second Bank of the United States was to establish a national currency.

  • Jackson's veto

    The Second Bank of the US was going great for the next 16 years until Andrew Jackson decides that he wants to veto the law in order to ban the national bank. His reasoning behind banning the National bank was that he noticed the bank's unusual political and economic power and the lack of congressional oversight over its business dealings.

  • Jackson bans Federal deposits

    After Andrew Jackson bans the national bank, he still believes. The only other person who was allowed to do such a thing was the that there is more to fix in the United States so then he decides to start removing Federal funds. The only other person who was allowed to make those decisions was the Secretary of Treasury

  • Biddle's Response

    Biddle attempted to keep the bank alive despite Jackson's efforts, and he started to demand that loans were to be paid back. he also blamed all of this on Jackson, but new England thought that Biddle was being a little too strict

  • Jackson's Pet Banks

    President Jackson continued to try and dismantle the bank, Jackson raised seven state banks to spread federal deposits across. He decided to call them pet banks because they were made to obey him and he called them "bootlickers"

  • Election of 1840

    The 1840 United States presidential election was the 14th quadrennial presidential election, held from Friday, October 30 to Wednesday, December 2, 1840.