USA HISTORY

Detailed explanation-1: -President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War ."

Detailed explanation-2: -To hasten the end of the bank, Jackson ordered the U.S. government deposits (20 percent of its funds) be withdrawn and deposited in state banks so the state banks could make the loans the Bank had stopped making. This pro-Jackson political cartoon from 1833 applauds the removal of the deposits.

Detailed explanation-3: -Jackson’s distrust of the Bank was also political, based on a belief that a federal institution such as the Bank trampled on states’ rights. In addition, he felt that the Bank put too much power in the hands of too few private citizens–power that could be used to the detriment of the government.

Detailed explanation-4: -The Bank War was the political struggle that ensued over the fate of the Second Bank of the United States during the presidency of Andrew Jackson. In 1832, Jackson vetoed a bill to recharter the Bank, and began a campaign that would eventually lead to its destruction.

Detailed explanation-5: -Jackson jumped to his feet and exclaimed, “By the Eternal! I’ll smash them!” So he did. His favorite, Van Buren, became Vice President, and succeeded to the Presidency when “Old Hickory” retired to the Hermitage, where he died in June 1845.