This meant that congress would have to vote to give

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political issue in the campaign of 1832. This meant that Congress would have to vote to give its approval if the BUS was to remain in business. Jackson hated the BUS, but many thought that he would sign the bill which would recharter the Bank rather than risk re-election by opposing it. Many people in the U.S. were stunned when Jackson vetoed the Bank's re-charter. He cited many reasons for not supporting the BUS. These included: the Bank centralized financial power in a single institution and was too powerful; the Bank had a monopoly on finance that helped the rich get richer; the Bank exposed the U.S. government to control by foreign and special interests; the Bank exercised too much control over members of Congress; and the Bank favored northeastern states (where most finance was located) over southern and western states. Jackson also thought the BUS had restrained state banks from issuing paper money (credit tightened, land sales slumped), and that it was so powerful it represented a threat to democracy. Another unspoken reason was that the BUS supported Jackson's political enemies. In the election of 1832, Jackson easily defeated Clay in November. After winning a second term, Jackson ordered the withdrawal of all federal funds from the Bank's vaults. He fired two treasury secretaries before finding Roger Taney as Secretary of the Treasury who was more agreeable to Jackson's plans for the BUS. Jackson announced that effective October 1st, 1833, federal funds would no longer be deposited in the bank. In retaliation, Nicholas Biddle began calling in loans from across the country. Without federal funds, the Bank's lending power was severely curtailed. Biddle believed that a financial crisis would convince people that there was a need for a central bank. However, the move backfired, and angry businessmen and farmers blamed the bank. The bank lost its charter in 1836, and went out of business in 1841. After removing federal
funds from the bank, Jackson placed the money in so called "pet banks" which were privately owned banks. This policy arguably led to the Panic of 1837 . In an effort to take control of the unstable economy, Jackson issued the Specie Circular in 1836. This document required all purchases of federal lands to be paid in metal coin rather than paper money. Jackson's victory was complete. Jackson's victory in the "Bank War" was important, because it increased the power of the presidency and set a trend for future presidents to exert more authority. Assassination Attempt During Jackson's second term in office, the first attempt occurred to assassinate a sitting President of the United States. On January 30, 1835 Richard Lawrence, a frustrated, unemployed, insane immigrant housepainter, attempted to kill President Jackson. Lawrence was born in England was probably insane by age 30. He thought he was a former British king and blamed Jackson for his father's death. Lawrence located Jackson and pointed a pistol at the President's chest and fired; the gun misfired, then misfired again. Jackson charged the man and almost killed him with his cane. Lawrence was found not guilty by reason of insanity and

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