Prosperity and Panic - Section 4
By 91076787, Updated
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Mr. Biddle's Bank
Your bank lost my money!
Jackson's War on the Bank
I'm going to end this bank, once in for all!
Prosperity Becomes Panic
There's no more money and now we can't buy any food!
Although the Second Bank of the United States ran very efficiently, Jackson started to dislike it very much. They had lost some of his money and he felt like they only favored the weathy.
Jackson did not want the bank to continue to operate. Therefore, when Congress voted to renew the bank's charter, Jackson vetoed the renewal.
The increase of supply of paper money caused the dollar to be worth less. To fight this issue, Jackson asked that people exchange their money for gold and silver at the bank. However, the bank also didn't have any gold nor silver. The country fell into an economic panic called the Panic of 1837.
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