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