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Jackson Vetos Bank Renewal
Although Jackson found the bank convenient and useful he couldn't renew the bank with its present unnecessary powers and abuse on the people. His veto was never overturned, and was the beginning of the "bank war" -
The Banks Countermove
Nicholas Biddle, the president of the national bank, anticipated Jackson actions and began calling in loans, redeeming state notes, and constricting credit in hopes to dramatize the need for a central bank. In fact his campaign only showed the dangers the bank could bring to the economy which ultimately hurt the view on the bank. -
Jackson Begins to Move to State Banks
After replacing two resistant secretary of states Jackson announced that he would begin using state banks for national affair. By the end of 1833, 23 " pet banks" had been selected -
Jackson wins the bank war
After intense arguments in congress the bank was never renews and after its expiration in 1836 Jackson had won the bank war. The Us wouldn't see another National bank until 1913 the federal reserve system was formed -
Panic of 1837
A financial crisis that sent the country into a recession into the 1840s. Jackson was largely to blame for his refusal to renew the bank. Hurt Domestic and foreign economy. Jackson also required land to be bought in gold and silver