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Creation of the Second National Bank
After the First National Bank was not renewed in 1811, banking was done by state banks until in 1816 a new National bank was chartered, set to be renewed in 1836 It was widely disliked by the new states and the people in charge of the state banks. -
Bank Charter Renewal
4 years early, Henry Clay proposed renewing the bank charter early as a way to trip up Jackson politically before the election. It passed through the house and the senate. -
Bank Veto
Andrew Jackson vetoed the decision to renew the bank charter after it passed through the congress earlier in the year. This was done because, according to Jackson, its monopoly and the privileges it granted to special individuals went against the constitution, which he stated in his message against the National Bank -
Election of 1832
Andrew Jackson and Henry Clay were the main candidates up for president in the election of 1832 and were on opposites sides on the decision of the National bank. Jackson ended up winning the election against Clay, having a large amount of support despite his National Bank veto being a large topic. -
Biddle Response
Seeing that Jackson was trying to get rid of the National Bank, Biddle, president of the National Bank, tried to move against him by being more strict on how to curate money, to blame Jackson for money issues, and tried to stabilize the funds and receiving credit for the National Bank. -
Jackson shuts down National Bank
After winning the presidential election for a second term and seeing the support he had, Jackson shut down the National bank and removed all funds from the bank.