Question

Describe the events that occurred as a result of the closing of the Second National Bank.

Answer 1

On this day in 1833, President Andrew Jackson announced that the government would no longer deposit federal funds in the Second Bank of the United States, the quasi-governmental national bank. He then used his executive power to close the account and to put the money in various state banks.

Answer 2

Andrew Jackson, who acts an anti-bank nominee got elected during the election. Jackson announced in 1832 that the United States is no longer be accepting the Second National bank. He also replaces a bill for the bank's authorization. However, Jackson exercised his veto power to eliminate all the federal reserves from the bank. These episodes were described as the "Bank War" in American history.