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Censure was the "last hurrah" of the Pro-Bank defenders and soon a reaction set in. Business leaders in American financial centers became convinced that Biddle's war on Jackson was more destructive than Jackson's war on the Bank. [287] [288] [289] All recharter efforts were now abandoned as a lost cause. [269]
Americans attributed the cause of the panic principally to domestic political conflicts. Democrats typically blamed the bankers, and Whigs blamed Jackson for refusing to renew the Bank of the United States charter and for the withdrawal of government funds from the bank. [15]
Jackson emerged triumphant in the "Bank War" and the federal charter of the Second Bank of the United States expired in 1836. The destruction of the bank and Jackson's hard money policies would contribute to the Panic of 1837.
In 1833, Jackson had federal deposits withdrawn from the bank, causing great political controversy. [8] [7] In order to do this, on September 23, 1833, Jackson had dismissed Secretary of the Treasury William J. Duane, who had refused orders to do this, and in his place made the recess appointment of Roger Taney as secretary of the treasury. [9]
The Whigs, who strongly supported the Bank, were led by Henry Clay, Daniel Webster, and Nicholas Biddle, the bank chairman. [30] Jackson himself was opposed to all banks because he believed they were devices to cheat common people—he and many followers believed that only gold and silver should be used to back currency, rather than the ...
Jackson, who expressed deep hostility to most banks, vetoed the measure, ratcheting up tensions in a major political controversy known as the Bank War. [5] When Jackson transferred the federal government's deposits from the Second Bank to several state banks, Biddle raised interest rates, causing a mild economic recession.
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Despite the economic boom following Jackson's victory in the Bank War, land speculation in the west caused the Panic of 1837. [310] Jackson's transfer of federal monies to state banks in 1833 caused western banks to relax their lending standards; [ 311 ] the Indian Removal Act made large amounts of former Native American lands available for ...