Did Clay's and Webster's plan to win the election of 1832 work? How did Jackson speed up the death of the national bank?

Henry Clay and Daniel Webster decided to make the national bank the main issue in the election of 1832. Even though the bank’s charter wasn’t set to expire until 1836, they convinced the bank’s president, Nicholas Biddle, to apply for an extension of the charter in 1832. Congress agreed to extend the charter, but Jackson vetoed this bill. This made the national bank the main issue in the election of 1832.

Henry Clay and Daniel...

Henry Clay and Daniel Webster decided to make the national bank the main issue in the election of 1832. Even though the bank’s charter wasn’t set to expire until 1836, they convinced the bank’s president, Nicholas Biddle, to apply for an extension of the charter in 1832. Congress agreed to extend the charter, but Jackson vetoed this bill. This made the national bank the main issue in the election of 1832.

Henry Clay and Daniel Webster believed Jackson’s opposition to the national bank would cost him the election in 1832. However, their strategy backfired because Jackson won the election of 1832, and he entered his second term in office determined to destroy the national bank now instead of waiting until its charter expired in 1836.

Andrew Jackson took steps to destroy the national bank. He withdrew the government’s money that was in the national bank and deposited it in state banks that he chose. These banks, called pet banks, had easier lending policies than the national bank had. Many people began to borrow money to buy land in the west. So much borrowing was going on that President Jackson issued the Specie Circular, which said that after the election of 1836, land purchases would have to be made with gold or silver instead of with paper money. This ultimately led to a financial panic and to severe economic problems after Martin Van Buren became President.