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Charter of 2nd Bank
It was a bill signed by James Madison, to authorize the 2nd bank with a charter lasting 20 years. -
Jackson does not renew
The bill passed congress, to renew the bank. But Jackson doesn't renew, he declared it was "unauthorized by the constitution, subversive to the rights of States, and dangerous to the liberties of the people." After his reelection, jackson announced that the government would no longer deposit federal funds with the bank. -
Charter runs out during Jackson presidency
Although the Bank charter ran through 1836, anti-Jackson politicians persuaded Bank President Nicholas Biddle to petition for an early re-charter prior to the election of 1832 -
States create Banks
Alabama, Kentucky, Illinois, Vermont, Georgia, Tennessee and South Carolina all created banks that were completely owned by the State government instead of the Federal government -
Election of 1840
President Buren fought for re-election against an economic depression and a Whig Party unified for the first time behind war hero William Harrison. Rallying under the slogan "Tippecanoe and Tyler, too," the Whigs easily defeated Buren.