Journal Article

Economic History: The Bank War

Abstract: In his July 1832 veto message of the bill rechartering the Second Bank of the United States, President Andrew Jackson didn't hold back. Beyond characterizing the bank as hopelessly corrupt, he argued "the powers conferred upon [the bank were] ... not only unnecessary, but dangerous to the Government and the country." He went on, warning that if it continued to operate, "great evils... might flow from such a concentration of power in the hands of a few men irresponsible to the people." He argued that its power would only grow, as its leaders could "put forth their strength to influence elections or control the affairs of the nation." For Jackson, vetoing the rechartering of the bank was necessary to prevent the "prostitution of our Government."

Keywords: Andrew Jackson; economic history; Second Bank of United States; central banking;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Econ Focus

Publication Date: 2023

Volume: 23

Issue: 2Q

Pages: 18-21