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 Bank, and began a campaign that would eventually lead to its destruction.
Why did Andrew Jackson attack the Bank of the United States?
They wanted a strong currency and central control of the economy. The opponents, principally agrarians, were distrustful of the federal government. The critical question — with whom would President Jackson side? These buildings, known as Bankers Row, are across from the Second Bank of the United States.
Who was president of the Bank of the United States?
Nicholas Biddle
There was some early mismanagement, but in 1823 Nicholas Biddle of Philadelphia became the bank’s president, and it began to flourish. Under Biddle, the central banking responsibilities were recognized and developed as consciously as those of the Bank of England at the same time—perhaps more so.
What did Jackson call the corrupt bargain?
Denounced immediately as a “corrupt bargain” by supporters of Jackson, the antagonistic presidential race of 1828 began practically before Adams even took office. To Jacksonians the Adams-Clay alliance symbolized a corrupt system where elite insiders pursued their own interests without heeding the will of the people.
What did Andrew Jackson do for the common man?
Jackson ran as the champion of the common man and as a war hero. He was the hero of the Battle of New Orleans of 1815, which was one of the few land victories of the War of 1812 and was actually fought after the peace treaty was signed.
How did Andrew Jackson cause a depression?
In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837. The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.
What was the first national bank in America?
The Bank of the United States, now commonly referred to as the first Bank of the United States, opened for business in Philadelphia on December 12, 1791, with a twenty-year charter.
