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1832 Bank Recharter Bill
The bank charter was supposed to expire in 1836; however, Henry Clay pushed it through congress to cause it to become an election issue. -
Jackson's Veto
Henry Clay's plan to recharter the bank was halted to a stop when Jackson vetoed it. It's significant because this is when Jackson began to show he was above congress. -
Election of 1832
This election was between John Quincy Adams and Andrew Jackson. It is very significant because the wealthy in the North didn't win the presidency. -
Jackson Removes Federal Deposits
This is when Jackson finally put an end to the bank. He removed all deposits from the vault and proposed that the deposits would gradually shrink. -
Biddle's Response
Biddle reacted by calling in all bank loans, which caused a financial crisis that is known as "Biddle's Panic." -
Jackson's Pet Banks
Federal funds were put into smaller institutions called pet banks. These banks helped raise the economy and spread paper money across the country -
Speculative Boom
The time in which Jackson had pet banks all across the country -
Specie Circular
A decree that made everyone buy land with metal money. The reason for doing this was so the speculative boom would end -
Crash of 1837
A crash in the economy that cause the country to go into a widespread panic.
