On July 10, 1832, President Andrew Jackson vetoed the bill to recharter the Bank of the United States. This served as the opening salvo to what became known as the Bank War - a struggle between those who supported and opposed a national banking system. In the message Jackson expresses his view that the “rich and powerful” should not receive special privileges from the government. This defense of the “common man” defined the new era of Jacksonianism and the emerging Democratic Party.
Selection from President Andrew Jackson’s Veto of the Bank Recharter Bill, SEN 22A-E8 7/10/1832, Records of the U.S. Senate (ARC 306427)
The “rich and powerful” and the “common man” talk fiscal policy (and politics) in our About Money issue!