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On July 10, 1832, President Andrew Jackson vetoes the government’s effort to re-charter the Second Bank of the United States, one of his most forceful actions against the institution, which he ...

The Bank War was a political struggle that developed over the issue of rechartering the Second Bank of the United States (B.U.S.) during the presidency of Andrew Jackson (1829–1837). The affair resulted in the shutdown of the Bank and its replacement by state banks. The Second Bank of the United States was established as a private organization with a 20-year charter, having the exclusive ...

Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century.The first Bank of the United States, chartered in 1791 over the objections of Thomas Jefferson, ceased in 1811 when Jeffersonian ...

The Bank War was the political struggle that ensued over the fate of the Second Bank of the United States during the presidency of Andrew Jackson. In 1832, Jackson vetoed a bill to recharter the ...

The Bank War was a long and bitter struggle waged by President Andrew Jackson in the 1830s against the Second Bank of the United States, a federal institution that Jackson sought to destroy. Jackson's stubborn skepticism about banks escalated into a highly personal battle between the president of the country and the president of the bank, Nicholas Biddle.

Jackson’s veto of the Bank charter and the removal of the federal deposits to the state banks worsened the Panic of 1837. (However, Andrew Jackson and his distrust of power in the hands of a privileged few extended the meaning of American democracy to the farmers, mechanics and laborers – not just the merchants and the bankers.)

President Andrew Jackson disagreed. Jackson—like Jefferson and Madison before him—thought that the Bank of the United States was unconstitutional. When Congress voted to extend the Second Bank’s charter in 1832, Jackson vetoed the bill. To explain his decision to the nation, Jackson issued this veto message on July 10, 1832.

Andrew Jackson, to a delegation of bankers discussing the recharter of the Second Bank of the United States, 1832 The Second Bank of the United States was chartered in 1816 for a term of 20 years. The time limitation reflected the concerns of many in Congress about the concentration of financial power in a private corporation.

In retaliation, Andrew Jackson removed the federal deposits from the BUS prompting the newly formed opposition Whig party to officially censure Jackson for what they perceived as the abuse of executive power. Both Jackson’s war on the bank, and the bank’s war on Jackson was on. ... Jackson explained that by destroying the Bank, he severed ...

When Jackson vetoed the Bank recharter bill for personal reasons, he transformed the veto from a safeguard against unconstitutional laws to a weapon of presidential will. By couching his reelection as a popular mandate to remove the deposits and destroy the Bank, Jackson established electoral success as a go-ahead to take specific executive action.

Woodrow Wilson wrote that Jackson's considered his reelection "a deliberate verdict against the Bank,—a command to destroy it; and its fate was sealed. The President proceeded with characteristic promptness and directness. He first turned to Congress (December, 1832), the very Congress which had passed the vetoed bill, and asked for an ...

Anger towards the Bank was once again on the rise, and one man knew how to use it: Andrew Jackson. ... destroying the Bank became Jackson’s single minded goal. Despite his opposition, the Senate successfully passed the recharter bill with a vote of 28 to 20 and then the House passed it by 107 to 85. Even in the face of Jackson’s crusade ...

According to the History Channel, President Andrew Jackson vetoed a new charter for the Second Bank of the United States because the bank was heavily biased toward business interests and had no congressional oversight. This bias led the bank to not support western expansion, which Jackson favored. Jackson also felt that the bank was too powerful, both politically and economically.

Andrew Jackson despised the Second Bank of the United States ostensibly because it held too much power over the economy, but actually because his political enemies controlled it. ... Jackson set out to destroy the Bank for it had even provided loans to his political rivals. The Bank’s President, Nicholas Biddle (1786-1844), routinely used ...

Andrew Jackson was a self-made man. After fighting in the Revolutionary War, he moved to Tennessee to become an attorney. ... there appears an unaccountable disposition to destroy the most useful and most approved institutions of the government." ... The final blow to the bank came on April 4th, 1834 when Congress voted in support of Jackson's ...

The Bank issue had indeed cost Jackson dearly. The Nullification Crisis with South Carolina and the tariff issue distracted Jackson as he transitioned to his second term, but by the spring of 1833, he again focused on destroying the Bank. He announced that he would withdraw the government's money from the Bank, much to Biddle and Clay's dismay.

During Andrew Jackson's second term, he was determined to shut down the bank. Jackson and his party considered the Second Bank of the U.S. to be an illegitimate corporation whose charter violated state sovereignty and posed a threat to the agriculture-based economy. In 1832, when congress voted to re-authorize the bank, President Jackson ...

Consequently, much could be learned by the study of Andrew Jackson’s stand against the “moneyed-interest” drive to re-charter the Second National Bank. Indeed, through reading Jackson’s battles against the Bank, one yearns to find leaders with similar backbones to break the Federal Reserve monopoly on America’s money.

“The bank,” Andrew Jackson told Martin Van Buren, “is trying to kill me, but I will kill it!” That is just the unwavering force that Edward Clay depicted in this lithograph, which praised Jackson for terminating the Second Bank of the United States. Clay shows Nicholas Biddle as the Devil running away from Jackson as the bank collapses ...