Knowra Bank War Bank War The Bank War was the 1830s political conflict between President Andrew Jackson and supporters of the Second Bank of the United States over its federal charter and power.
Second Bank of the United States : A federally chartered bank, operating from 1816 to 1836, that managed government finances and regulated credit. Its recharter and federal deposits were the central stakes of Jackson’s campaign.
First Bank of the United States : A national bank chartered by Congress in 1791 to manage federal finances and stabilize the American economy. Its charter established an earlier precedent for a federally backed national bank.
Henry Clay : A Whig leader from Kentucky who served as Speaker of the House, senator, and presidential candidate. Clay helped force an early recharter bill as a political challenge to Jackson.
Jacksonian democracy : A political movement associated with Andrew Jackson that emphasized popular sovereignty and opposition to concentrated privilege. Its distrust of powerful institutions framed Jackson’s public case against the bank.
Bank veto message : Andrew Jackson’s 1832 message rejecting a bill to renew the Second Bank’s federal charter. Jackson used the veto to challenge the bank’s constitutionality, privilege, and political influence.
Second Bank of the United States charter : The 1816 federal law that chartered the Second Bank of the United States for twenty years. The charter’s approaching expiration made reauthorization the immediate political flashpoint.
Daniel Webster : A leading American lawyer, orator, and Whig politician who served in Congress and as secretary of state. Webster defended the bank and argued for congressional authority to charter it.
American System : Henry Clay’s program of protective tariffs, internal improvements, and a national bank to promote economic development. Its support for a national bank stood against Jackson’s opposition to concentrated federal financial power.
Specie Circular : An 1836 executive order requiring payment in gold or silver for federal land purchases. It sought to curb speculation fueled by easy credit after federal deposits shifted to state banks.
McCulloch v. Maryland : An 1819 Supreme Court decision upholding Congress’s power to charter a national bank and barring state taxation of it. The ruling supplied the constitutional precedent that Jackson disputed in his veto message.
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