[33]
Polk served as Jackson's most prominent House ally in the "Bank War" that developed over Jackson's opposition to the re-authorization of the Second Bank of the United States.[34] The Second Bank, headed by Nicholas Biddle of Philadelphia, not only held federal dollars but controlled much of the credit in the United States, as it could present currency issued by local banks for redemption in gold or silver. Some Westerners, including Jackson, opposed the Second Bank, deeming it a monopoly acting in the interest of Easterners.[35] Polk, as a member of the House Ways and Means Committee, conducted investigations of the Second Bank, and though the committee voted for a bill to renew the bank's charter (scheduled to expire in 1836), Polk issued a strong minority report condemning the bank. The bill passed Congress in 1832, but Jackson vetoed it and Congress failed to override the veto. Jackson's action was highly controversial in Washington but had considerable public support, and he won easy re-election in 1832.