The Nullification Crisis with South Carolina and the tariff issue distracted Jackson as he transitio

The Nullification - ,,heagainfocusedon destroyingtheBank.'smoney fromtheBank,muchtoBiddleandClay'sdismay

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The Nullification Crisis with South Carolina and the tariff issue distracted Jackson as he  transitioned to his second term, but by the spring of 1833, he again focused on  destroying the Bank. He announced that he would withdraw the government's money  from the Bank, much to Biddle and Clay's dismay. Jackson, however, faced worries from  the Treasury Department that the state banks afforded the same security as the national  Bank. Nevertheless, on September 25, 1833, the Treasury ordered all government  deposits would be placed in state banks as of the beginning of October. Biddle  countered that the Bank would cease offering loans nationwide, which sent the nation  into a near-panic, as state banks were unable to meet the new demand–even with the  government's new funds–and many curtailed their loans. Jackson became only more  dogged in his quest to stop the "monster" bank. In 1834, Jackson began a push to move towards "hard" currency, gradually phasing out 
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This note was uploaded on 12/27/2011 for the course HIST 101 taught by Professor Womer during the Fall '08 term at Texas State.

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