Lead: With his veto of the charter renewal of the Bank of the United States in 1832, Andrew Jackson delayed the establishment of a U.S. central bank until the early 20th century.

Intro.: A Moment in Time with Dan Roberts.

Content: The battle over the bank was emotional, constitutional, but above all, political. Jackson’s political enemies, Henry Clay and Daniel Webster, thought the Bank’s survival was a winning issue in their attempt to defeat Jackson in the election of 1932, but he outfoxed them. The bank was popular with many businessmen, North and South, but among a majority of Jackson’s supporters it represented an assault on the old Jeffersonian idea of states’ rights. Also, the bank issued bank notes or paper money which was considered fake when compared to gold and silver, but most of all the Bank, headed by blue-blood Philadelphian Nicholas Biddle, was thought to concentrate too much power in the hands of rich, aristocratic, big city easterners.

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