The Veto

Jackson used Secretary of State Livingston to his advantage when Livingston and Biddle had a meeting and Livingston urged him to take caution. He informed him that Jackson had even more hostility towards any proposal for recharter. He warned that because Jackson would be seeking re-election, any attempt to recharter would be regarded as political interference. Afterwards, he stated, Jackson would be willing to allow the Bank to apply for recharter and allow the Congress to decide[45]. Jackson did cease his active hindrance towards recharter but only as a shrewd political maneuver. Rather than use the opportunity to go along with Jackson and work on a timetable for proposing recharter after the election Biddle went forward with his request to Congress and applied for recharter in 1832, four years early. This seemingly spiteful act on the eve of peace ensured that the war would continue and, according to one source, "forever doomed his [Biddle's] institution.[46]"

The repercussions of this move on Biddle's part were felt almost immediately. On July 10, 1832, Jackson placed a veto on the recharter proposal. In his veto message, he stated that the Bank was "subversive of the rights of the states.[47]" Jackson used this important and historic veto to inform the American public of the evils of the Bank, calling it a monopoly where most of the stock was held by foreigners[48].