Andrew Jackson and the Second Bank of the United States

Andrew Jackson was elected and served as the seventh President of the United States from 1829–1837.  His greatest fight was against a privately controlled banking corporation called the Second Bank of the United States. 

The First Bank of the United States was established in 1791 and it existed until its charter expired in 1811.

The Second Bank of the United States, established in 1816, was a private corporation with public duties. The Second Bank was immensely profitable because it handled all fiscal transactions for the government and thus exerted massive power over the money system. President Jackson felt that this power was being used for the benefit of the wealthy classes and, in a democracy, economic opportunity should be equally available to all without restrictions.

In 1832, he successfully ran his campaign for a second term in office using the slogan: 

"Jackson And No Bank!" 

This was a reference to his plan to take control of the money system and use it for the benefit of the American people. In 1832, President Jackson used his veto when Congress tried to reauthorise the Charter of the Second Bank and the following year he started to move government deposits to more convenient places. This caused panic amongst his enemies and, in retaliation, they used their power to contract the money supply causing a severe depression. President Jackson knew what they were up to and later said:
 
"You are a den of thieves vipers, and I intend to rout you out, and by the Eternal God, I will rout you out." 

On January 30th 1836, an attempt was made on his life when an assassin tried to shoot President Jackson, but miraculously both of his pistols misfired. This was the first ever assassination attempt on an American President and he later claimed to know who was responsible. The assassin, Richard Lawrence later boasted that he had been hired by powerful Europeans who promised to protect him if he was caught. Lawrence was later found not guilty for reasons of insanity

In 1836, after years of fighting against his enemies and their Second Bank, President Jackson finally won when the bank's charter was not renewed. It would not be until 1913 that a third central bank was established in America and the Federal Reserve still exists to this day. 

President Jackson was a successful president who organised a series of initiatives designed to serve the social, political and economic needs of ordinary people. He managed to completely pay off of all federal debts for the first and only time in history but he was forced to fight constant battles against his enemies.