1832年7月10日
Up until 1832, Nelson Biddle had been the savior of the Bank of the United States. When Biddle was installed as the Bank's director in 1823, the institution was in dire fiscal shape. Biddle, a historian turned prominent financier, fast proved to be a strong manage, and thanks in large part to his firm, guiding hand, the Bank enjoyed a healthy stretch of prosperity. But, whatever his managerial acumen, Biddle was less savvy when it came to political maneuverings. In 1828, Biddle pushed against Andrew Jackson's campaign for the White House; worse yet, Biddle had forged an alliance with Henry Clay, the Whig Representative who had help squelch Jackson抯 bid for the Presidency in 1824. However, Biddle had cast his lot with the wrong side: Jackson stormed to victory and, once in the White House, vowed to extract revenge on his opponents. The President waited until this day in 1832 to strike against Biddle: mustering up putatively philosophical opposition to the notion of a nationally based fiscal institution, Jackson vetoed the Bank's request for a new charter. The move outraged the Bank's allies, who grumbled that the veto was motivated less by principle than Jackson's cozy relationships with business leaders. No matter his rationale, Jackson continued his crusade against Bank and in 1833 ordered that all federal funds be withdrawn from the institution. Though this move ultimately sent the nation spiraling into a nasty fiscal panic, it also helped seal the fate of Biddle and his Bank.
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