-
Jackson vetoes the renewal of the 2nd B.U.S.
http://www.history.com/topics/andrew-jackson.
Jackson vetoes the bill a week after congress passes it. He argues that it was unconstitutional. -
Jackson orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks"
www.beforeitsnews.com/story/170/111/September_10,_1833.html .
Andrew Jackson uses his executive power to remove all federal funds from the 2nd Bank of the United States. He believed that the bank favored the privileged buisnessmen. -
Jackson censured by the senate for putting federal funds in state banks
www.history.com/this-day-in-history/congress-censures-jackson.
Jackson was the first president to be formally disapproved of by Congress. Jackson was censured because he refused to turn over documents to Congress. -
Nicholas Biddle demanded that old loans be repaid and no new loans
http://www.history.com/topics/nicholas-biddle.
Nicholas Bddle orders all old loans to be paid back, which caused a recession in1834. -
Specie Circular-Must use gold/silver to buy land
http://www.let.rug.nl/usa/E/bankwar/bankwar11.htmThe rise of inflation causes Jackson to pass this. People could no longer use paper money to purchase federal lands. they were forced to pay in gold or silver. -
State banks begin to accept payment only in specie
http://www.britannica.com/EBchecked/topic/558645/Specie-Circular.
State banks only accept hard money such as silver or gold. -
Martin Van Buren takes office
www.memory.loc.gov/ammem/pihtml/pi013.html .
Martin Van Buren becomes president on March 4, 1837. He serves from1837 to 1841. He was the first president who was not born a British subject. -
Banks run out of gold/silver and the government can not get any money
http://www.ltadvisors.net/Info/1837.html.
New York City banks suspend hard currency due to depletion of gold and silver. This was one of the causes of the Panic of 1837. -
2nd Bank of the United States officially closes and goes out of buisness
http://www.history.com/topics/bank-war.
The Second Bank of the United States was left with little money and, in 1836, its charter expired and it turned into an ordinary bank in Philadelphia. Five years later, the fSecond Bank of the United States went bankrupt and closed. -
William H. Harrison and the Whig party take control
http://memory.loc.gov/ammem/pihtml/pivid04.html.
Presedential inaugeration of William Harrison. He was the first president from the Whig Party.
