Mr. Biddle's Bank
Nicholas Biddle was the president of the Second Bank of the United States. The bank hled government funds and issued money. As president of the most powerful bank in the nation, Mr. Biddle set the policies that controlled the country's money supply. President Jackson had many reasons to dislike the bank. Aside from distrusting banks due to losing money in early financial deals, Jackson thought that the bank had too much power. The bank made loans to Congressmen, and Biddle openly boasted that he could influence Congress. Jackson also felt that the bank supported the rich and hurt the middle-class.
In order to operate, the bank had to get a written grant from the government. In 1832, Biddle asked for a grant even though the current one didnt expire untill 1836. Because 1832 was an election year, Biddle thought that Jackson would agree to the grant so he didnt anger the bank's supporters, but Jackson took the risk.
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