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The Bank War was a political struggle that developed over the issue of rechartering the Second ... Jackson swiftly removed the Bank's federal deposits. In 1833, he ...
In 1833, Jackson had federal deposits withdrawn from the bank, causing great political controversy. [8] [7] In order to do this, on September 23, 1833, Jackson had dismissed Secretary of the Treasury William J. Duane, who had refused orders to do this, and in his place made the recess appointment of Roger Taney as secretary of the treasury. [9]
During September 1833, President Jackson issued an executive order that ended the deposit of government funds into the Bank of the United States. After September 1833, these deposits were placed in the state chartered banks, commonly referred to as Jackson's "pet banks".
1832 – Jackson vetoes the charter renewal of the Second Bank of the United States, bringing to a head the Bank War and ultimately leading to the Panic of 1837. December 28, 1832 – Calhoun resigns as vice president. 1833 – The Force Bill expands presidential powers.
Jackson saw his victory as a mandate to continue his war on the Bank's control over the national economy. [288] In 1833, Jackson signed an executive order ending the deposit of Treasury receipts in the bank. [289] When Secretary of the Treasury McLane refused to execute the order, Jackson replaced him with William J. Duane, who also refused.
Pet banks is a derogatory term for state banks selected by the U.S. Department of Treasury to receive surplus Treasury funds in 1833. Pet banks are sometimes confused with wildcat banks . Although the two are distinct types of institutions that arose concomitantly, some pet banks were known to also engage in practices of wildcat banking. [ 1 ]
Nicholas Biddle was born into a prominent family in Philadelphia, in the Commonwealth of Pennsylvania, [6] on January 8, 1786. [7] Ancestors of the Biddle family had immigrated to the Pennsylvania colony along with the famous Quaker proprietor, William Penn, and subsequently fought in the pre-Revolutionary colonial struggles. [8]
In 1833, in the midst of the Bank War, President Andrew Jackson attempted to remove federal deposits from the Second Bank of the United States, whose money-lending functions were taken over by the legions of local and state banks that materialized across America, thus drastically increasing credit and speculation. [4]