Jackson and the national banks

Jackson and the national banks

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  • I need to win my second term so I can shut down this bank.   Biddle, the president of the bank can't, cannot get  a new charter.
  • I don't like the federal banks. They make it so difficult to get loans and they favor wealthy easterners.
  • Biddle you need to get a new charter so Jackson can Veto it and lose supporters.
  • Sir, Mr. Biddle applied for a new charter. 
  • Veto it.
  • Jackson won the election despite popular belief which meant Biddle and his friend's plan.
  • Because Jackson had won again,  that gave him the power to shut down the national bank
  • Because of this,  they lost control of state banks and fell into a depression.
  • In 1840 the new president Van Buren created an independent national treasury  and reversed the depression 
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