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2nd Bank in 1816
The second bank of the United States was chartered for 20 years. This bank was not popular in the newer states even though it was well managed. Many people believed that it represented the interests of the wealthy few.
Jackson did not support this bank and even called it a monster. -
Andrew Jackson became president
Andrew Jackson was the seventh president of the United Sates from 1829 to 1837. Jackson was elected by the popular vote. Jackson at first was a lawyer in Tennessee. Jackson was the only president to pay off the national debt. Jackson did not trust the national bank and felt that the bank put too much power in the hands of private citizens. -
vetos bill
Andrew Jackson did not agree with the creation of the second charter. Jackson felt like the bank was unconstitutional. When Congress tried to extend the Second Banks charter, Jackson decided to veto the bill. -
Jacksons second term
Jackson again took majority of the popular vote again. He won by a landslide. When Jackson won, he began removing the bank. -
request to renew bank charter
Four years before the charted was to be expired, a request to renew the banks charter was sent to Congress. The request passed in the house and the senate, but it failed to get enough to overcome Jacksons veto. Jackson did this because he thought the bank ""unauthorized by the Constitution, subversive to the rights of States, and dangerous to the liberties of the people." -
biddle retaliation
Nicholas Biddle served as the third and last president of the second national bank. -
Pet banks
Pet banks was a nickname given to state run banks that were given more power just because they were loyal towards the president. -
whig created
The Whigs emerged to go against Andrew Jackson. The Whigs pulled together former members of the National Republican Party, the Anti-Masoni party, and disaffected democrats. They supported the national bank. -
The Bank charter expiring
The charter of the second bank expired in 1836 and Biddle accepted an offer from Pennsylvania to turn it into a state-charted bank after he was defeated. -
Specie circular
Specie circular was an executive order that was issued by Jackson. It required the payment for the purchase of public lands be made exclusively in gold or silver -
Panic of 1837
The panic of 1837 was a financial crisis in the U.S. that began a depression. This depression lasted until the mid- 1840s. -
Election of 1840
William Henry, a Whig candidate won against democratic Martin Van Burn in the election of 1840. This was the first election in history where a candidate won more than a million popular votes.