The bank crisis

The bank crisis - The bank crisis Jackson hated banks paper...

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Unformatted text preview: The bank crisis. Jackson hated banks, paper money, and anyone who profited from them. Most of his ire was directed at the Second Bank of the United States because it was controlled by private interests and acted as a creditor of state banks. As the depository of federal revenues, it was able to lend money far beyond the capability of state institutions and require them to repay their loans in hard currency, not their own notes. Established in 1816, the Second Bank was due for a new charter in 1836. Nicholas Biddle, its president, tried to get the bank rechartered four years ahead of the expiration. He was backed by Clay, who hoped to use the bank as an issue in his bid for the presidency in 1832. Congress passed the necessary legislation by a significant margin, but Jackson vetoed the bill, and its supporters did not have enough votes to override. Denouncing the early rechartering scheme, Jackson condemned not have enough votes to override....
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