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Second Bank Charter 1816
The 2nd Bank of America was chartered for 20 years. At first, new states didn't really like the new bank. Bankers did not like the bank because it basically had a monopoly over all the nation's money. A lot of people thought that this was mostly for wealthy people even though there were not that many. This bank was important though because state banks could not provide stable currency. -
McCulloch vs. Maryland
This was a Supreme Court case to determine whether making a Second National Bank is unconstitutional. It was determined by the court that it was constitutional and the states could not tax the Bank because that would be giving them some type of power over the national government. -
Jackson vetos Bank
Jackson did not like the bank at all. When it was time for the bank to get a renewal, Jackson vetoed it. They tried to override the veto but failed. -
Jackson Removes Money
Jackson gets rid of all the country's money in the Second National Bank and gives it to several state banks. He was criticized a lot for this decision. The state banks were able to help with westward expansion, but they still weren't as stable as they could have been with a National Bank. -
1840 Election
The 1840 presidential election candidates were Harrison (Whig) and Buren (Democrat). Harrison ended up becoming the President which is the 2nd win for Whigs.
