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The Bank’s most powerful enemy was President Andrew Jackson. After his reelection, Jackson announced that the Government would no longer deposit Federal funds with the Bank and would place them in state banks.
In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired in 1836.
The federal deposits were not returned to the Second Bank, and its charter expired in 1836. President Jackson had won the Bank War.
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