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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.
Despite the economic boom following Jackson's victory in the Bank War, land speculation in the west caused the Panic of 1837. [309] Jackson's transfer of federal monies to state banks in 1833 caused western banks to relax their lending standards; [ 310 ] the Indian Removal Act made large amounts of former Native American lands available for ...
[1] [2] The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. The ailing economy of early 1837 led investors to panic, and a bank run ensued, giving the crisis its name. The bank run came to a head on May 10, 1837 ...
In 1833, Jackson had federal deposits withdrawn from the bank, causing great political controversy.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.
Jackson emerged triumphant in the "Bank War" and the federal charter of the Second Bank of the United States expired in 1836. The destruction of the bank and Jackson's hard money policies would contribute to the Panic of 1837.
Jackson, who expressed deep hostility to most banks, vetoed the measure, ratcheting up tensions in a major political controversy known as the Bank War. [5] When Jackson transferred the federal government's deposits from the Second Bank to several state banks, Biddle raised interest rates, causing a mild economic recession.
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(Grynaviski) President Andrew Jackson strongly opposed the renewal of its charter, and built his platform for the election of 1832 around doing away with the Second Bank of the United States. Jackson's political target was Nicholas Biddle, financier, politician, and president of the Bank of the United States.