Nicholas Biddle, as president of the Second…

Nicholas Biddle, as president of the Second Bank of the United States, has expanded credit steadily From 1823 to 1833, with restraint, in a manner that serves that needs of the expanding American economy.

Andrew Jackson, sworn in for his second term as President of the United States on March 4, now proceeds to destroy the Bank as a financial and political force by removing its federal deposits, and in 1833, federal revenue is diverted into selected private banks by executive order, ending the regulatory role of the Second Bank of the United States.

Biddle, in hopes of extorting a rescue of the Bank, induces a short-lived financial crisis that is initially blamed on Jackson's executive action.