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Second Bank of the United States
It was unpopular in newer states and territories, especially with state and local bankers who resented a virtual monopoly on credit and currency. It was also used to make short-term loans to the government and to establish a sound currency refusing to accept at face value notes issued by state-charted banks. It was chartered for 20 years. -
Panic of 1819
This was the first widespread durable financial crisis. Since the boost of the finances of war 1812 stopped and agricultural prices were reduced by half. -
Election 1832
Jackson was able to be elected for a second term since he won versus Clay. Jackson was able to create the pet banks later on. -
Veto of the Second Bank of the United States
He vetoed the re-charting of the Second Bank by arguing that in the form presented to him it was incompatible with justice and sound policy -
Pet Banks
The government deposited its funds in selected state banks. Jackson ordered an end of deposits of government money in the bank and gradually withdraws money in its custody. -
Panic of 1837
It was a financial crisis that touched off a major depression. Prices, wages, and profits went down. Also, New York City ran out of gold and silver. -
Election of 1840
It was an election between Whig candidate William Henry Harrison defeated Democratic Martin Van Buren. It was recognized as the first real campaign.