He had the money deposited in various state banks.
Jackson won the election of 1832 after the bank president forced renewal of the bank charter to be a campaign issue. After the charter was not renewed, Jackson hastened its demise by ordering federal money to be taken out of it and moved to state banks.
President Andrew Jackson viewed the National Bank as a curse to the Republic. Jackson believed that a central bank held too much power in controlling the country's money and he felt that it was unconstitutional.
President Andrew Jackson viewed the National Bank as a curse to the Republic. Jackson believed that a central bank held too much power in controlling the country's money and he felt that it was unconstitutional.
President Andrew Jackson viewed the National Bank as a curse to the Republic. Jackson believed that a central bank held too much power in controlling the country's money and he felt that it was unconstitutional.
When President Jackson did not renew the charter for the Bank of the US the government stated putting money in state banks. Money lending fell on these banks and four anti-bank resolutions were approved.
Jackson strongly opposed paper money and the national bank
Nicolas Biddle was the bank president and political enemy of Jackson.
He ordered it to be deposited in various state banks.
US President Andrew Jackson removed all government funds from the Bank of the United States. He also vetoed a new charter for the bank in 1832.
Michael Jackson
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In July of 1832, President Andrew Jackson issued a veto of a bill that would have re-chartered the Second Bank. Jackson believed that the bank was corrupt.