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2nd bank in 1816
The Second Bank of the United States was chartered in 1816 as a national bank with a 20-year charter. It was designed to serve as the federal government's fiscal agent and to regulate state-chartered banks. The bank had branches throughout the country and controlled a significant portion of the nation's money supply. Although President Jackson had strong opposition to the bank eventually vetoing its charter. -
Bank Renewal Bill
aiming to renew the charter of the Second Bank of the United States. This bill triggered a fierce political clash between President Andrew Jackson, who vehemently opposed the bank, and its supporters. Jackson vetoed the bill in 1832, asserting that the bank was unconstitutional and favored the wealthy elite. Ultimately, the bank's charter expired in 1836, marking the end of its status as a national institution -
Election of 1832
The 1832 U.S. election saw President Andrew Jackson win re-election as a Democrat. His strong stance against the Second Bank of the United States was a central issue, and he won decisively, solidifying his position as a popular president. -
Pet Banks
"Pet Banks" were state-chartered banks in the United States that received federal government deposits during President Andrew Jackson's administration. Jackson opposed the Second Bank of the United States and moved federal funds to these banks, which were more aligned with his policies. This action weakened the Second Bank and contributed to its demise. -
End of the Second National bank
The demise of the Second Bank was a result of the political conflict between President Andrew Jackson and the bank's supporters. Jackson, a staunch opponent of the bank, had vetoed the Bank Renewal Bill in 1832 and took measures to withdraw federal deposits from the bank, effectively undermining its operations. -
Whig Party
The Whig Party was a political party in the United States from the 1830s to the 1850s. It emerged in opposition to President Andrew Jackson and his Democratic Party. The Whigs supported a strong federal government, protective tariffs, and a national bank. They often compared the acts of Jackson to that of a monarch. -
Panic of 1837
The Panic of 1837 was a major financial crisis in the United States caused by land speculation, overexpansion, and bank failures. It led to a severe economic depression marked by unemployment and business bankruptcies. -
Election of 1840
The 1840 U.S. election saw Whig candidate William Henry Harrison defeat incumbent President Martin Van Buren. The campaign featured lively rallies and focused on economic issues. Harrison's victory marked the Whig Party's first presidential win, but his presidency was tragically brief, with his death just 32 days into office.