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Veto 1832
In 1832 Jackson vetoed a bill that would call for the early renewal of the National bank. After his reelection, Jackson realized that there were a lot of people who didn't support the national bank. He used their support to lead to a war against the National Bank, in attempt to shut it down. -
Nicholas Biddle
In August of 1833, Nicholas Biddle, the president of the national bank, anticipated Jackson's actions. He began countermoves that called in loans and made bank notes. He thought that a financial crisis would keep the bank running because people would see the countries need for the national bank. -
Bank Expired
In 1836, the National Bank charter expired due to Veto from President Andrew Jackson. After the bank charter expired, it still continued to run, it just didn't receive federal funds. After several years and a economic crisis, the bank finally collapsed and Jackson had gotten his victory -
Panic of 1837
The Panic of 1837 was a financial crisis that lasted until the 1840s. The rate of unemployment raised, prices dropped, and deflation was everywhere. Many people lost a lot of money, especially investors and businessmen. Southern states lost money through their production and many people were without jobs. I was not a good economic time period in America. -
Federal Funds
In 1833, an act went into effect that withdrew the federal funds that were being placed in the National Bank. The President, Andrew Jackson, placed the funds in different selected banks instead of hte National Bank.