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Jackson vetoes the renewal of the 2nd B.U.S
Jackson sent a strict message to the Congress, claiming the bank was unconstitutional, it was a monopoly that favored the few at the expense of the many. -
Jackson orders the pulling of government funds from the 2nd B.U.S to be deposited in state "pet banks"
Jackson went out to destory the bank before the charter ended in 1836. He had the government funds separted in state banks, which his opposers called "pet banks." -
Jackson censured by the Senate for putting federal funds in state banks
When Jacksons supporters had the majority vote in the Senate they erased the censure. -
Nicholas Biddle demanded that old loans be repaid and no new loans
Biddle fought back against Jackson's "pet banks" by making it harder for people to borrow money. He hoped that economic troubles would make Jackson return the money to the bank. -
Martin Van Buren takes office
After a few months with Martin Van Buren in office a widspread panic spread throughout the country. It became known as the Panic of 1837. -
Specie Circular- Must use gold/silver to buy land
Jackson issued and oreder that made people pay in gold or silver for land to fight the inflation. -
State banks begin to accept payment only in specie
Order from jackson, that the people could only pay in specie for government land. Lead the banks to shut down, and caused and economic panic of 1837. -
Banks run out of gold/silver and the government can not get any money
People took their money to the banks and demanded silver and gold. The banks ran out of money quite quickly. The banks went out of business. -
2nd Bank of the United States officially closes and goes out of business
The 2nd bank went out of business because it could not pay the government back and caused a depression. -
William H. Harrison and the Whig party take control
The Whigs took many the personalities more than issues. They tried to appeal to the common people. Harrison won the election but died a month after inaugurated. John Tyler took control.
