Most powerful bank in the country Held government funds and issued money President of Bank: Nicholas Biddle Jacksons Hatred for the Bank… Distrust in Banks after losing money Thought Bank had too much power Could influence Congress through loans Favored the wealthy and hurt the common man

Bank need a charter to operate 1832 – Biddle asks for a renewal, even though it did not expire till – Election year, Biddle thought Jackson would agree to keep supporters on his side Jackson took the risk

Jackson vetoes Congress vote to renew Bank charter Claimed bank was… Unconstitutional Monopoly Became main issue of the Presidential campaign of 1832 Henry Clay calls Jackson a tyrant and a president that wanted too much power Jackson claimed he was a defender of the people Jackson wins reelection in 1832

Jacksons agenda Destroy the Bank before its charter ended Deposited government funds in state banks (aka = pet banks) Biddle fights back Makes it harder for people to borrow money Jackson wins the war, but the economy would be the victim

State banks issued too much money, which resulted in inflation Inflation = an increase in prices and a decrease in the value of money Jackson left office with a puffed-up economy Martin Van Buren is elected president in 1836 Fear about the state of economy spread throughout the country Banks ran out of gold and silver, banks defaulted, and a depression followed

Jackson can be found on the $20 bill The Controversy Should Jackson be honored on the $20 bill for his actions??? Leading exterminator of Native Americans His war against the National Bank