1832

The Second Bank of the United States, ask Congress to pass a renewal of the bank's charter, four years early. Congress complied and sent the bill to President Jackson for signing. President Jackson vetoed this bill and in his veto message he stated the following,

"It is not our own citizens only who are to receive the bounty of our Government. More than eight millions of the stock of the Bank are held by foreigners ... Is there no danger to out liberty and independence in a bank that in its nature has so little to bind it to our country?

Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence ... would be more formidable and dangerous than a military power of the enemy. If government would confine itself to equal protection, and, as Heaven does its rains, shower the favor alike on the high and the low, the rich and the poor, it would be an unqualified blessing.

In the act before me there seems to be wide and unnecessary departure from these just principles."

In July, Congress was unable to override President Jackson's veto. President Jackson then stood for re-election and for the first time in American history he took his argument directly to the people by taking his re-election campaign on the road. His campaign slogan was,

"Jackson And No Bank!"

Even though the bankers poured over $3,000,000 into President Jackson's opponent, the Republican, Senator Henry Clays' campaign, President Jackson was re-elected by a landslide in November. President Jackson knew the battle was only beginning however, and following his victory he stated,

"The hydra of corruption is only scotched, not dead!"