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Economic History: The Bank War

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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."

Suggested Citation

  • Matthew Wells, 2023. "Economic History: The Bank War," Econ Focus, Federal Reserve Bank of Richmond, vol. 23(2Q), pages 18-21.
    • Handle: RePEc:fip:fedrrf:96256
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