Please help me Is for my final project Please I need to write this in my own words please help me The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies. Following the War of 1812, the United States government recognized the need for a national bank to regulate the printing of currency and the issuance of government bonds. Many in the U. S. public opposed the Bank of the United States, believing that it limited their ability to make land purchases and to pay off other debts. Jackson had opposed banks since the 1790s when he lost a sizable amount of money when he invested his money in a bank.
In 1832, Nicholas Biddle, the head of the Bank of the United States, asked to have the institution re-chartered. In 1816, the United States government had authorized the bank to operate for twenty years. Biddle, at the urging of Henry Clay, applied for re-chartering four years early. Congress agreed with the necessity for a national bank, but President Jackson vetoed the bill. His action, in essence, prevented the continued existence of the Bank of the United States after 1836.