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Second National Bank
The Second National Bank was created after the United States gained its own currency. Although many people said that it was confusing since they were used to so many different kinds of currency. This showed the government that the state banks couldn't provide the people in them with a reliable chain of currency, leading to the Second National Bank. The states didn't like this type of banking because using one currency was confusing. -
The Veto of the Bank Bill
The Veto of the Bank Bill was proposed by Henry Clay and Daniel Webster. They had also proposed that President Jackson was to sign off on the veto so that the Second National Bank could benefit them. Jackson saw this Bill as unconstitutional because it benefited them the most and the other upperclassmen, therefore giving many personal gains. -
Bank Recharter
Since both Henry Clay and Daniel Webster both wanted to renew the bank they decided to present a bill to Congress for a bank recharter. Although, they were worried that President Jackson would veto the bill even if Congress passed it. -
Jackson's Veto
Jackson had made the decision to veto the bank recharter since he saw that the bank was unconstitutional. He thought that it would give to much power to the financial market. -
Pet Bank
Previously President Jackson would deposit federal currencies into the Pet Banks that had been privately funded. -
Creation of the Whig Party
The Whig Party was created to be an alliance between the Republicans, the Non-Masons, and the Democrats to unite their hatred for the President and his judiciary authority. -
Panic of 1837
There were some great tragedies that were faced throughout the economy, such as inflation, a decrease in the national bank, and general overspending. This had led to many industries going bankrupt and even some of the state banks started to go downhill. -
Election of 1840
This Election was between William Henry Harrison and Martin Van Buren. Harrison had the support of the Whigs allowing him to win the election. This was a good considerable win for the Democrats. -
Election of 1840
This Election was between William Henry Harrison and Martin Van Buren. Harrison had the support of the Whigs allowing him to win the election. This was a good considerable win for the Democrats.