Professor Dewey summarizes the history of the bank somewhat as follows. The bank was chartered on April 10, 1816, and on April 30 Congress ordered the resumption of specie payments to go into effect on February 20, 1817. The bank was quickly organized under the presidency of one Jones, and began operations in January, 1817. Owing to mismanagement, Jones was forced to resign in 1818, and Langdon Cheves became president. He held office until 1823, when he was succeeded by Nicholas Biddle. In June, 1829, Senator Woodbury of New Hampshire brought complaints against Jeremiah Mason, manager of the Portsmouth branch; in the following December President Jackson in his annual message questioned the constitutionality of the bank and accused it of failing to establish a sound currency. On April 30, 1830, a committee of the House of Representatives reported at length on the questions raised by Jackson, its conclusions being entirely favorable to the bank. A Senate report was likewise friendly. In 1831 Senator Benton supported a resolution against rechartering the bank. In January, 1832, the bank petitioned for recharter. This petition was favorably acted upon by committees of the Senate and the House and a bill for recharter was passed. The bill, however, was vetoed by Jackson, July 10, 1832. In the autumn of the same year Jackson was re-elected President, and he interpreted the vote as an indorsement of his opposition to the bank. In December, 1832, he raised the question as to whether the funds of the government were safe in the custody of the bank. An investigation was ordered by the House, and a majority report of the Committee on Ways and Means upheld the policy of the bank and was adopted March 2, 1833, by a vote of 109 to 46. Notwithstanding this recommendation the President determined to remove the deposits, and in order to accomplish his purpose, on September 23 he dismissed Duane, Secretary of the Treasury, who objected to the removal, and appointed Taney in his place. The latter, on September 26, ordered that deposits henceforth be made in certain state banks, and on December 3, 1833, he reported to the Senate his reasons for their removal. In 1836 the charter of the bank expired.