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Second National Bank is Chartered
President James Madison signed into existence the 2nd National Bank of the United States. -
Jackson Elected
This was the beginning of Andrew Jackson's first term in office. -
Jackson's first annual address to Congress
Jackson voiced his opinion that the bank was unconstitutional and useless. Furthermore, he alleged that they were unstable and proved a failure by not establishing a uniform currency. All his suggestions were shut down and nothing changed. -
Petition for Recharter
Nicholas Biddle, president of the National Bank, petitioned Congress to recharter the second bank. It passes both houses. -
Jackson vetoes petition
Jackson vetoes the recharter of the bank. He expresses his further distrust of the bank not being in the hands of the government. -
Election of 1832
Andrew Jackson is reelected for a second term. -
Removal of Federal Deposits
Jackson continues his destructive conquest of the bank by withdrawing all federal funding/backing that was provided in the past. To do this, he even swapped out his cabinet members to meet this goal. -
Jackson's baby banks
In another attempt to disassemble the national bank, Jackson created seven mini state banks to allot the withdrawn federal deposits. -
Panic of 1837
This economic crash left many unemployed, frustrated, profitless, and very very frustrated at the Jackson Administration -
The Election of 1840
By this date, the second national bank ran out of time to be rechartered. Essentially it died out and Martin Van Buren took office.