The Bank Battle

Second National Bank

1816

this bank was created to stabilize the economy after the war of a812 and it expenses. this bank had to be created because the charter for the original national bank, founded by Alexander Hamilton, expired in 1811 right before the war of 1812 causing a need for a new one.

Jackson's Veto

1832

Jackson vetoed the bill that congress passed to recharter the National Bank. along with this veto, he argued as to why he did it. in his address he explained that the bank was too concentrated in power with the select few individuals. He based the argument around making the people feel as if their rights were being infringed on.

Bank war

1833

"The Bank War" was the name of Jackson's campaign which was designed to eliminate the powers of the National Bank along with the bank itself. The Bank War started in 1832 and finished in 1836 because that is when the charter expired for the bank.

Bank license expires

1836

when the bank license expired this Tok the economy into a downward spiral because there was no more order in currency and states started irresponsibly authorizing citizens money, and led to the panic of 1837. the bank was deemed as unconstitutional because people felt like it had too much power and too much control.