President Andrew Jackson opposed the Second Bank of the United States, vetoing its 1832 recharter and campaigning on the slogan “Jackson and no Bank.” After re-election, he removed federal deposits despite resistance from Treasury Secretaries, leading Bank President Nicholas Biddle to contract the money supply, causing a financial panic. Jackson paid off the national debt in 1835, survived an assassination attempt, and oversaw the Bank’s closure in 1836. This victory delayed the creation of another central bank until 1913, shaping U.S. financial policy for decades.

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