18321776 Club
Jackson kills the Bank recharter; the largest monied corporation on Earth loses its grip on the Treasury
Despite $250,000 spent lobbying Congress, Nicholas Biddle cannot save the charter; Jackson calls the Bank a monopoly bending government to "the selfish purposes" of the rich.
By 1832, the Second Bank of the United States was the largest monied corporation on Earth, holding the government's deposits and, in Andrew Jackson's eyes, an elite grip on American democracy. On July 10, Jackson vetoed the bill renewing its charter, calling it a monopoly that let "the rich and powerful bend the acts of government to their selfish purposes." Bank president Nicholas Biddle had spent over $250,000 lobbying Congress to save it. Jackson killed it anyway, and made the fight the centerpiece of his reelection campaign…
