The attempt by the Second Bank of the United States for an early recharter was passed by Congress in July 1832, but the bill was vetoed shortly thereafter by President Andrew Jackson.The hopes of the bank's supporters to turn the veto in a winning campaign issue in that fall's presidential campaign failed dismally.The Second Bank of the United States Nicholas Biddle's Management Rechartering the Bank Andrew Jackson's Veto Removal of Deposits by Roger B.
Gordon noted that "many of the men who voted to kill the bank were the very same men who advocated war - the most expensive of all public policies - with one of the strongest military powers on earth.
But as the economy overheated and so did state dreams of infrastructure projects.
Congress passed a law in 1836 that required the federal surplus to be distributed to the states in four payments.
The conflict regarding national economic policy, begun in the 1790s between followers of Alexander Hamilton and Thomas Jefferson, continued.
Leading up to the 1812 war, noted financial historian Susan Hoffman, one "group of agrarians, `unreformed' or `unreconstructed' Jeffersonians, opposed recharter of the Bank of the United States because they continued to oppose all banking on philosophical grounds.
With support of Speaker Clay, President Madison, future President James Monroe, and future Vice President John Calhoun, the Second Bank of the United States was chartered in 1816 for 20 years.