[302] The Bank suspended payment in 1839. [208], Jackson's campaign benefited from superior organization skills. [200] "Hickory Clubs" organized mass rallies, while the pro-Jackson press "virtually wrapped the country in anti-Bank propaganda". [232] On his first day at his post, Secretary Duane was informed by Kendall, who was in name his subordinate in the Treasury Department, that Duane would be expected to defer to the President on the matter of the deposits. He also won the states of New Hampshire and Maine, fracturing the traditional Federalist/National Republican dominance in New England. [15] Economic planning at the federal level was deemed necessary by Republican nationalists to promote expansion and encourage private enterprise. We have no money here, gentlemen. Smith's report stated that the B.U.S. [287][288][289] All recharter efforts were now abandoned as a lost cause. [26] In Mississippi, the Bank did not open branches outside of the city of Natchez, making small farmers in rural areas unable to make use of its capital. They believed that it was unconstitutional because the Constitution did not expressly allow for it, would infringe on the rights of the states, and would benefit a small group while delivering no advantage to the many, especially farmers. favored merchants and speculators at the expense of farmers and artisans, appropriated public money for risky private investments and interference in politics, and conferred economic privileges on a small group of stockholders and financial elites, thereby violating the principle of equal opportunity. Catterall writes, "Just as in 1832 Biddle cared 'nothing for the campaign,' so in 1833 Henry Clay cared little or nothing for the bank." Updates? [69][70] According to historian Bray Hammond, "Jacksonians had to recognize that the Bank's standing in public esteem was high. This took place just weeks before the expiration of the Bank's charter. [164] One of the most "popular and effective documents in American political history",[165] Jackson outlined a major readjustment to the relative powers of the government branches. [87] Jackson’s criticisms were shared by "anti-bank, hard money agrarians"[88] as well as eastern financial interests, especially in New York City, who resented the central bank's restrictions on easy credit. [19][20] The charter was signed into law by Madison on April 10, 1816. Jackson was enraged by this so-called "corrupt bargain" to subvert the will of the people. Annual address to Congress, December 1829, Annual address to Congress, December 1830, Post-Eaton cabinet and compromise efforts, Annual address to Congress, December 1831, Renewal of war and 1832 address to Congress, Removal of the deposits and panic of 1833–34, Origins of the Whig Party and censure of President Jackson, National Archives and Records Administration, "When the U.S. paid off the entire national debt (and why it didn't last)", "Jackson escapes assassination attempt Jan. 30, 1835", "Rediscovering the Journal Clause: The Lost History of Legislative Constitutional Interpretation", "The Market for American State Government Bonds in Britain and the United States, 1830–43", "The Jacksonian Persuasion: Politics and Belief", "Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837", Federal Reserve v. Investment Co. Institute, 2009 Supervisory Capital Assessment Program, Term Asset-Backed Securities Loan Facility, Public–Private Investment Program for Legacy Assets, https://en.wikipedia.org/w/index.php?title=Bank_War&oldid=997306478, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, Carpenter, Daniel, and Benjamin Schneer. Roosevelt. Many Northern Democrats joined the anti-Jacksonians in supporting recharter. Jackson felt that, with the Bank prostrate, he could safely bring gold back. "By way of metempsychosis," Blair jeered, "ancient Tories now call themselves Whigs. forces in Congress and the executive branch.

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