Final answer:
President Andrew Jackson vetoed the re-chartering of the Second Bank of the United States as part of his campaign against the national bank, which he saw as favoring elite interests. His veto and subsequent financial policies led to a period of economic adjustment and the Bank War, culminating in the non-renewal of the bank's charter in 1836.
Step-by-step explanation:
President Andrew Jackson's Veto of the Second National Bank's Charter
When President Andrew Jackson vetoed the extension of the Second National Bank’s charter, the national bank faced a significant challenge. Jackson responded to Congress's re-chartering of the Second Bank of the United States by exercising his executive authority to veto the measure. This action took place against a backdrop of a highly charged political and economic environment, where Jackson and his opponents clashed over the role and the power of the national bank.
The veto was part of Jackson's broader campaign against what he and many of his supporters viewed as an institution that favored the wealthy elite at the expense of the common man. Despite the Supreme Court's ruling upholding the bank's constitutionality, Jackson moved to dismantle the national bank's influence by withdrawing federal deposits and placing them in state banks, derogatorily referred to as "pet banks." These moves by Jackson, particularly the veto and the subsequent redirection of federal funds, helped to precipitate a period of financial turmoil.
Ultimately, Jackson's efforts contributed to the Bank War and the eventual non-renewal of the bank's charter in 1836, effectively ending the existence of the Second National Bank of the United States. This victory for Jackson was seen by many as a triumph for his democratic vision of a financial system less centralized and more accessible to the average American.