Doc of the Day: July 10
July 10th, 2008 • Related • Filed Under
On July 10, 1832, Andrew Jackson vetoed the rechartering of the Second Bank of the United States. Practically speaking, the veto meant that the Second Bank of the United States could not operate as a federal bank once its initial twenty-year charter expired in 1836. This left the young nation without a central bank until the Federal Reserve System came into being in 1913. The consequence of this absence was a series of financial upheavals, starting with the Panic of 1837.
