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Diapositiva: 1
In the 1830s, Andrew Jackson hated the idea of having a National Bank because he believed that it was too powerful and that it favored the wealthy and powerful. He also felt that the Bank had too much control over the economy and wasn't accountable to the people.
Ths National Bank is a threat to our democracy and I feel it is bad for the common people!
Diapositiva: 2
I shall renew this bank charter early because Jackson can't veto it, it'll ruin his chance on a 2nd term to be president!
I'm vetoing it.
Renewal of the Bank's charter
In 1832, the Bank's charter was up for renewal, but bank advocates including Henry Clay tried to renew the charter early to force its passage through Congress in an election year. Jackson however vetoed the renewal, saying the bank was harmful to the country. After Jackson won the election he made the decision of putting the money from the banks into smaller ones, weakening the Bank’s power and influence over the economy.
Diapositiva: 3
By 1836, the Bank’s charter expired, and it was no longer able to operate as the country’s central bank. People agreed with the actions Jackson took about the Bank being too powerful but it ended up leading to economic instability. Without the Bank controlling the money supply, the country went through financial problems, including the Panic of 1837, a severe economic depression.
Economy
What are we supposed to do now?!
No longer in business

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