"But the next serious issue was the Federal Bank, whose charter was due to come up for renewal in 1836. The National Republicans, or Whigs, now led by Clay, preferred to force it before the 1832 Presidential election. Jackson had long been expected to attack the moneyed power in politics. The position of the Bank illustrated the economic stresses which racked the American Republic. “It was an economic conflict,” wrote Charles Beard, “that happened to take a sectional form: the people of the agricultural West had to pay tribute to Eastern ! capitalists on the money they had borrowed to buy land, make | improvements, and engage in speculation.” The contest was joined in the election. The triumphant return of Jackson to power was in fact a vote against the Bank of the United States. It was in vain that Daniel Webster was briefed as counsel for the Bank. Jackson informed the Bank president, “I do not dislike your bank more than all banks, but ever since I read the history of the South Sea Bubble I have been afraid of banks.” He refused to consent to the passing of a Bill to renew the charter, and without waiting for the Bank to die a natural death in 1836 he decided at once to deprive it of Government deposits, which were sent to local banks throughout the states. When the charter expired it was not renewed, and for nearly thirty years there was no centralised banking system in the United States."