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On April 4, it passed resolutions in favor of the removal of the public deposits. The aftermath of the Bank War indeed had a profound influence on the country, especially the Presidency of Martin Van Buren. The 1832 elections provided it with 140 pro-Jackson members compared to 100 anti-Jacksons. Another part of McLane's reform package involved selling government lands and distributing the funds to states, a measure consistent with Jackson's overall belief in reducing the operations of the central government. Many moderate Democrats, including McLane, were appalled by the perceived arrogance of the pro-Bank forces in pushing through early recharter and supported his decision. Financial writer William Gouge wrote that "the Bank was saved and the people were ruined". [6] State banks opposed recharter of the national bank because when state bank notes were deposited with the First Bank of the United States, the Bank would present these notes to state banks and demand gold in exchange, which limited the state banks' ability to issue notes and maintain adequate reserves of specie, or hard money. Most of the state banks that were selected to receive the federal funds had political and financial connections with prominent members of the Jacksonian Party. [173][184][185] Webster was at around this time annually pocketing a small salary for his "services" in defending the Bank, although it was not uncommon at the time for legislators to accept monetary payment from corporations in exchange for promoting their interests. [207] "The campaign is over, and I think we have won the victory", Clay said privately on July 21. When Jackson entered the White House in March 1829, dismantling the Bank was not part of his reform agenda. Its charter expired in 1811, but in 1816 Congress created a Second Bank of the United States with a charter set to expire in 1836. [229] McLane met Duane in December 1832 and urged him to accept appointment as Treasury Secretary. In 1839, Biddle submitted his resignation as Director of the B.U.S. [157] Congressmen were encouraged to write pro-Bank articles, which Biddle printed and distributed nationally. Summarize the events and the results of the election of 1832. The attempt by the Second Bank of the United States for an early recharter was passed by Congress in July 1832, but the bill was vetoed shortly thereafter by President Andrew Jackson. [170] Further, while previous presidents had used their veto power, they had only done so when objecting to the constitutionality of bills. The Second Bank of the United States was established as a private organization with a 20-year charter, having the exclusive right to conduct banking on a national scale. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree.... Andrew Jackson, oil on canvas by Thomas Sully, 1845; in the National Gallery of Art, Washington, D.C. 51.8 × 43.8 cm. [76][141] Biddle no longer believed that Jackson would compromise on the Bank question, but some of his correspondents who were in contact with the administration, including McDuffie, convinced the Bank president that Jackson would not veto a recharter bill. However, many agree that some sort of compromise to recharter the Bank with reforms to restrict its influence would have been ideal. Webster and John C. Calhoun, who was now a senator, broke away from Clay. Jackson's war on the bank, combined with his intent on paying off the national debt, would lead to one of the worst depressions in American history. In an effort to promote sympathy for the institution's survival, Biddle retaliated by contracting Bank credit, inducing a mild financial downturn. [334], Richard Hofstadter accepts that the Bank had too much power to interfere in politics but excoriates Jackson for making war on it.

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