Q:

What is the Bank Recharter Bill of 1832?

A:

Quick Answer

The Bank Recharter Bill of 1832 was a bill designed to renew the corporate charter of the Second Bank of the United States. Although Congress passed the bill, Andrew Jackson vetoed it a week later.

Know More

Full Answer

The Second Bank of the United States was created after the War of 1812. Many Americans felt the bank's lending policies favored Northerners instead of people living in the South and West. The bank's charter was supposed to last until 1836, but Daniel Webster and Henry Clay convinced the bank's president to apply for early renewal of the charter. President Jackson was one of the most vocal opponents of the bank because he felt its policies were elitist. His veto of this bill helped him win re-election in 1832.

Learn more about US History
Sources:

Related Questions

  • Q:

    What is Bill Clinton famous for?

    A:

    Bill Clinton is famous for being the 42nd president of the United States. Clinton served as president from 1993 to 2004.

    Full Answer >
    Filed Under:
  • Q:

    What did Bill Clinton do as Commander-in-Chief?

    A:

    During Bill Clinton's terms as commander-in-chief, or President of the United States, Bill Clinton had both important accomplishments and defeats; however, the Family and Medical Leave Act he signed into law in 1993, soon after he took office, was one of his biggest accomplishments. This new law required employers to provide time off for illness and pregnancy for employees, according to About.com.

    Full Answer >
    Filed Under:
  • Q:

    Why did Jefferson oppose the National Bank?

    A:

    Thomas Jefferson opposed the creation of a First Bank of the United States because he believed that such a centralized institution was not beneficial to his ideal of an agrarian lifestyle. He also believed that the United States Congress did not have the constitutional authority to establish such an institution.

    Full Answer >
    Filed Under:
  • Q:

    Why did Hamilton support the National Bank?

    A:

    Alexander Hamilton supported a national bank because the United States needed some way to recovery financially after the Revolutionary War. At the time, the United States had no common currency. The creation of a national bank would facilitate the creation of a common currency.

    Full Answer >
    Filed Under:

Explore