Jackson and the Bank Timeline

By Lorenzo Lee Cariaga

  • 2nd Bank in 1816

    The Second National Bank was created in 1816 five years after the War of 1812 to combat that debt that the U.S. Treasury was placed in after the wars.

  • Bank War of 1832

    The Bank War of 1832 was a political struggle faced within the U.S. over what would happen with the Second National Bank during Andrew Jackson's re-election. Jackson eventually made the decision to veto the Bill to recharter the Bank, arguing that the charter gave the Bank to much power over the federal markets which enabled it to generate profits for its stockholders.

  • Jackson Shuts down the Second National Bank

    Jackson ordered that, before the Banks charter ends, all government deposits made within the bank be withdrawn and deposited in different state-chartered banks where they became known as "pet banks."

  • Election of 1836

    In this election, Democrat and chosen successor to Andrew Jackson, Martin Van Buren, had won against several Whig Party candidates. This pushed the 2nd National Bank further away from recovering from the damage that Jackson cause, effectively killing it once Buren had won the election.

  • Election of 1840

    This election saw the victory of a Whig Party member, William Henry Harrison, against Buren. While giving his inaugural address, Harrison caught a cold with advanced to pneumonia, and after only a month of service, he became the first President to die while still in office.