Second Bank History Fact 24: The Second Bank’s charter expired in 1836 and the bank closed Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice,” “sound policy” and the Constitution. Jackson vetoes extension of national bank charter? The Bank issue had indeed cost Jackson dearly. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. C. It was neither good nor … President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. The president of the bank has told us that most of the State banks exist by its forbearance. The affair resulted in the shutdown of the Bank and its replacement by state banks. The featured image of the Second Bank of the United States is courtesy of Picryl. In 1832, Jackson's political opponents decided to make the Bank an election issue by forcing an early renewal of the Bank's 20 year charter, but the plan backfired when President Jackson vetoed the bill. When it was created under President James Madison in 1816, the SUSB had been given a twenty-year life span. Congressional efforts to override the veto fell short. All comments are moderated and must be civil, concise, and constructive to the conversation. Its evils exist only as abuses. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank … Will you help us remain a refreshing oasis in the increasingly contentious arena of modern discourse? The Imaginative Conservative applies the principle of appreciation to the discussion of culture and politics—we approach dialogue with magnanimity rather than with mere civility. 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 promises to empower the “common man” of America appealed to the voters and paved the way for his victory. The Second Bank of the United States was founded in 1816; five years after this first bank’s charter had expired. That is what motivated his fight against the Second Bank of the United States. Most members of Congress had benefited so greatly from the SUSB that they had failed to understand they were directly opposing the sentiments and the will of the average American. When it was created under President James Madison in 1816, the SUSB had been given a twenty-year life span. As such, Andrew Jackson’s veto message is well worth repeating at length. In summation: by ending the Second Bank of the United States, Andrew Jackson did the country a disservice. Keep in mind that essays represent the opinions of the authors and do not necessarily reflect the views of The Imaginative Conservative or its editor or publisher. Many of our rich men have not been content with equal protection and equal benefits, but have besought us to make them richer by act of Congress. (Gifts may be made online or by check mailed to the Institute at 9600 Long Point Rd., Suite 300, Houston, TX, 77055. There are necessary evils in government. ), but it also had been responsible for the inflation and sudden deflation that had caused the Panic/Depression of 1819. The SUSB, Jackson well understood, was not only in violation of the republican spirit of America, it was threatening to all liberties in America. S = USA 1832-1836 E = Andrew Jackson, Van Buren, and a military soldier fight the multi-headed Second Bank of the United States. But this is the subject of a much different essay. Many people saw the Second Bank of the United States, the "monster bank," as a tool for the privileged few, not for the public good. On September 10, 1897, a 25-year-old London taxi driver named George Smith becomes the first person ever arrested for drunk driving after slamming his cab into a building. He felt he had received a mandate from the public to close the bank once and for all, despite Congress’ objections. Reasons Jackson Opposed the National Bank In 1816, most Americans had still resided in the original land, hugging the coast of the Atlantic. d) too many loans were outstanding. What was Andrew Jackson's opinion of the Second Back of the United States? And, to be certain, the average American of 1832 was no longer the average American of 1816. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President, Directors, and Company, of the Bank of the United States". Finally, Jackson had succeeded in destroying the bank; its charter officially expired in 1836. Despite Jefferson’s lobbying, the financial chaos that resulted from the War of 1812 prompted Congress to issue a twenty-year charter to the Second Bank of the United States in 1816. The powers, privileges, and favors bestowed upon it in the original charter, by increasing the value of the stock far above its par value, operated as a gratuity of many millions to the stockholders. Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. Jackson, the epitome of the frontiersman, resented the bank’s lack of funding for expansion into the unsettled Western territories. 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