From its inception, the Second Bank was unpopular in the newer states and territories and with less prosperous people everywhere. Opponents claimed the bank possessed a virtual monopoly over the country's credit and currency, and reiterated that it represented the interests of the wealthy elite. Jackson, elected as a popular champion against it, vetoed a bill to recharter the bank. He also detested banks due to a brush with bankruptcy in his youth. In his message to Congress, he denounced monopoly and special privilege, saying that "our rich men have not been content with equal protection and equal benefits, but have besought us to make them richer by act of Congress".