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On this day in History September 1833 the end of the “Bank War,” Andrew Jackson announced that the United States would no longer use the Second Bank of the United States.
There was widespread resentment toward the bank in the aftermath of the Panic of 1819. Many thought the policy of rapid paper money expansion was too “Hamiltonian,” and there were calls for a return to a limited “Jeffersonian” government.
Thus, Jackson was elected as a politician for “the common man.”
He called the central bank unconstitutional and “dangerous to the liberties of the people.” “The rich and powerful,” the president declared, “too often bend the acts of Government to their selfish purposes.”