Bank War

The north façade of the Second Bank of the United States, facing Chestnut Street (2013)

Portrait of President of the United States Andrew Jackson

President of the Second Bank of the United States, Nicholas Biddle

The Bank War refers to the political struggle that developed over the issue of rechartering the Second Bank of the United States (BUS) during the Andrew Jackson administration (1829–1837). Anti-Bank Jacksonian Democrats were mobilized in opposition to the national bank’s re-authorization on the grounds that the institution conferred economic privileges on financial elites, violating U.S. constitutional principles of social equality. The Jacksonians considered the Second Bank of the U.S. to be an illegitimate corporation whose charter violated state sovereignty and therefore it posed an implicit threat to the agriculture-based economy dependent upon the U.S. southern states' widely practiced institution of slavery. With the Bank charter due to expire in 1836, the President of the Bank of the United States, Nicholas Biddle, in alliance with the National Republicans under Senator Henry Clay (KY) and Senator Daniel Webster (MA), decided to make rechartering a referendum on the legitimacy of the institution in the general election of 1832.

单词	Bank War
释义	Bank War 英语百科 Bank War The Bank War refers to the political struggle that developed over the issue of rechartering the Second Bank of the United States (BUS) during the Andrew Jackson administration (1829–1837). Anti-Bank Jacksonian Democrats were mobilized in opposition to the national bank’s re-authorization on the grounds that the institution conferred economic privileges on financial elites, violating U.S. constitutional principles of social equality. The Jacksonians considered the Second Bank of the U.S. to be an illegitimate corporation whose charter violated state sovereignty and therefore it posed an implicit threat to the agriculture-based economy dependent upon the U.S. southern states' widely practiced institution of slavery. With the Bank charter due to expire in 1836, the President of the Bank of the United States, Nicholas Biddle, in alliance with the National Republicans under Senator Henry Clay (KY) and Senator Daniel Webster (MA), decided to make rechartering a referendum on the legitimacy of the institution in the general election of 1832.
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