The Bank war assumed significant proportions in 1832, when the then president Andrew Jackson vetoed the renewal of "Second Bank of United States" charter. He was of the view that the bank constituted a monopoly as it was a private institution governed by board of directors. He disliked the overwhelming influence of the Bank's president in the national financial affairs. The common citizen too did not trust the paper currency as the bank controlled credits & loans. It is seen as a greedy, monopolistic institution influenced by the rich. The bank's charter renewal bill presented to the congress by senator Henry Clay was vetoed by President Jackson. This infuriated the American rich & elite, who criticized his liberal use of power to veto. An impeachment motion was initiated against president Jackson and the senate even censured him in the backdrop of many influential labeling him as a monarchical president.