The Bank battle

Charter of the 2nd Bank

Apr 10, 1816

Congress had recharted the Second bank for 20 years with $35 million to be able to help stabilize the economy. This was made to help the financial instability that was left when the First Bank charter expired.

Panic of 1819

1819

The Panic of 1819 was a financial crisis that occurred because of the bank's policies such as calling in loans and tightening credit which had led to economic distress and unemployment and also caused resentment against the Bank.

Debate over the banks role

1823

This was an intense debate about the Bank's constitutionality and influence on the economy. This debate was making a division between those who thought that the Bank was necessary for the economy and those who thought of it as a threat.

state bank competition

1824

The state-charted banks had started to grow in competition with the Second Bank. The state banks had their own provided credit and currency which challenged the Second Bank through dominance over the national money. The Second bank control had started to weaken because of the other state banks

Election of Jackson

Nov 4, 1828

Andrew Jackson had won against John Adams. This is when he was going to start challenging the Second Bank.

banks recharter bill passed by congress

Jun 11, 1832

The Congress had passed a bill to renew the Banks charter for another year in hopes of winning Jacksons support but the bill was being supported by his opponents.

Jackson vetoes recharter bill

Jul 10, 1832

This is when President Jackson vetoed the bill because he thought that the bank was unconstitutional and also his veto message challenged the Supreme court.

withdrawal of federal deposits

1833

Jackson had ordered for the withdrawal of federal deposits from the bank. He had sent the money to pet banks which are state-chartered banks. This made the Bank weak which led to a faster fall for the Bank.

senate censure of Jackson

Mar 28, 1834

The senate had censured Jackson for removing the deposits from the Second Bank which created way for Jacksons opponents to start to criticize his actions.

Expiration of the second Bank charter

Jan 1, 1836

This is when the charter for the Second Bank had expired and Biddle had accepted the offer to make the Ban into a state-chartered bank in Pennsylvania.

Panic of 1837

May 10, 1837

This was a financial crisis that followed after the removal of the Bank and led to excessive currency given by state banks, bank failures, and economic depression.

Election of 1840

Dec 2, 1840

This is when Willian Henry Harrison had won against Matin Van Buren in the presidential election and had marked the end of the Bank War.