2. War Against the Bank Jackson Made many enemies during his presidency
His enemies thought he increased his power and spread corruption through the spoils system.

3. War Against the Bank
Jackson had another great battle during his presidency and that was with the Bank of the United States.

4. War Against the Bank
The United States Bank controlled the country’s money supply.
It also held the US’s money.
It was chartered by Congress but, controlled by private bankers.

5. War Against the Bank
Jackson disliked the President of the Bank because:
1. Jackson considered himself self-made; Nicholas Biddle, the president of the bank, came from a well to do family was not self-made.

6. War Against the Bank
In 1832 Jackson’s opponents to the coming election gave him a chance to take action against the bank.
Henry Clay & Daniel Webster planned to use the bank against Jackson to defeat him.

7. War Against the Bank What Happened
Clay & Webster pushed Biddle to apply for a new bank charter early.
Clay & Webster thought the bank had popular support
They thought if Jackson vetoed the charter it would kill his chances for re-election.

8. War Against the Bank What Happened Jackson Vetoed the charter anyway.
Jackson always thought the bank was unconstitutional. Despite the Supreme Court ruling in McCulloch v Maryland

9. War Against the Bank Jackson Said:
“ …when laws…make the rich richer, and the potent more powerful, the humble members of society…who have neither the time nor the means of securing for themselves, have the right to complain …of their government.”

10. The Election of 1832
The Bank played a large roll in the election of 1832.
The plan for the bank by Clay & Webster backfired.
Jackson won re-election by 55% of the popular vote.

11. The Election of 1832
Once re-elected Andrew Jackson withdrew all governmental funds from the bank and placed them in smaller state banks.
In 1836 Jackson refused to recharter the United States Bank and as a result it closed.

12. The Panic of 1837
Jackson chose not to run for a third term in 1836 and Martin Van Buren was elected against several Whig opponents.

13. The Panic of 1837
Shortly after Van Buren’s election business revenues and employment fell putting the country into a depression.
The depression began with the Panic of 1837.

14. The Panic of 1837 Investments declined quickly Property values dropped
Banks failed
Land values dropped
Businesses closed
Unemployment rose.
Farmers went into debt & lost their land

15. The Panic of 1837
President Martin Van Buren believed in the Jeffersonian principle of Laissez-Faire or that government should interfere as little as possible in the economy.