Speech on the Bank of the United States

Reactions to Jackson’s veto of the Second Bank’s re-charter bill in July 1832 were of course mixed. Most of the pamphlets that appeared in reaction were highly partisan in nature, either praising or vilifying the President’s actions in broad terms in the hopes of influencing the presidential election that fall. Jackson ended up winning that election handily, with 219 of the 274 votes cast in the electoral college. Thus emboldened, Jackson in 1833 ordered his Treasury Secretary, Louis McLane, to remove the government’s deposits from the Second Bank and re-deposit them in state chartered banks throughout the country derisively labeled Jackson’s “pet banks.” When McLane refused, Jackson cashiered him and appointed William J. Duane in his stead. After Duane also failed to comply with the order, Jackson replaced him with the more pliant Roger B. Taney of Maryland. Soon after, Jackson rewarded Taney by making him Chief Justice of the Supreme Court.

Ardent Jacksonians, like William C. Rives, of course supported removal of the deposits and the President’s foes, those like Henry Clay who called him “King Andrew,” deprecated it. Some of the reactions to the removal of the government’s deposits from the Bank, however, were more nuanced. Some of those who backed the re-charter veto, for example, argued that moving the government’s deposits from the Second Bank to a plethora of state banks friendly to the administration was both illegal and poor policy. John C. Calhoun, Jackson’s jilted former Vice President, argued that the Senate, per the Bank’s charter, had to approve the Treasury Secretary’s withdrawals. Without that check, Calhoun warned, the President had seized control of the government’s purse not from private stockholders but from the people in Congress assembled.

The Senate eventually censured Jackson (a slap on the wrist it later revoked) but did not move to impeach. Jackson’s actions, which were designed to weaken the Second Bank and to strengthen the Jacksonian faction of the Democratic Party, therefore stood.

Materials

Objects and Images Related to Andrew Jackson

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Jackson Statue, New Orleans Statue of Andrew Jackson, the triumphant warrior, in Jackson Square, New Orleans.

Coffin Handbill Mudslinging 19th century style: The coffin handbills circulated by the J. Q. Adams camp during the 1828 presidential election campaign.

The Hermitage Elevation and plan of Jackson’s plantation mansion outside of Nashville during the final year of his presidency.

Samuel D. Ingham Samuel D. Ingham, Secretary of the Treasury (March 1829 to June 1831)

Louis McLane Louis McLane, Secretary of the Treasury (August 1831 to May 1833)

William J. Duane William J. Duane, Secretary of the Treasury (May to September 1833)

Roger B. Taney Roger B. Taney, Secretary of the Treasury (September 1833 to June 1834)

Levi Woodbury Levi Woodbury, Secretary of the Treasury (July 1834 to March 1841)

Specie Circular The pitiful plight of an unemployed tradesman, his family and his creditors due to the policies of Jackson and Van Buren.

Second Bank of the US Shares Owned by Baring Brothers Certificate for shares in the Second Bank of the US owned by Baring Brothers of London, April 1830.

Unissued Second Bank of the US notes Unissued Second Bank of the US notes, Philadelphia.

<em>Boston Weekly Messenger</em> Editorial Second Bank of the United States editorial published in the Boston Weekly Messenger, April 18, 1816.

Speech on the Bank of the United States Speech on the Bank of the United States veto and its aftermath.

Report of a Committee of Directors Report of a Committee of Directors of the Second Bank of the United States, 1833 (first edition).

Political Cartoon Political cartoon: A potential Third Bank of the United States provides Jackson and Van Buren an awful affright.

Jackson Vetoes Re-Charter of the Second Bank of the US Jackson vetoes the re-charter of the Second Bank of the US, 1832.

Nicholas Biddle Nicholas Biddle, Philadelphia gentleman and banker.

First Bank of the United States Building Bank of the United States building on Third Street in Philadelphia.

Second Bank of the United States Building Postcard of the Second Bank of the United States building.