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Jackson Vetoes the Re-Charter of the Bank
Jackson vetoes the bill to re-charter the Bank of the United States, causing the Bank to rely on its original charter which would expire on March 1, 1836. -
Deposits are pulled from the Bank of the United States
The Secretary of the Treasury Roger Taney issues an order declaring that beginning October 1st, all federal government tax receipts will be deposited in one of seven state banks rather than in the Bank of the United States. -
Jackson Censure
The United States Senate passes a resolution of censure against President Andrew Jackson for assuming "authority and power not conferred by the Constitution and laws, but in derogation of both," in removing the federal deposits from the Bank of the United States. -
Support for Jackson
The United States House of Representatives votes a resolution of support for President Andrew Jackson and his policy toward the Bank of the United States. The House also votes to investigate the Bank of the United States and its role in creating the current economic crisis. -
Fedral Debt is Dropped by Jackson
Jackson committed to reducing the Federal Debt by vetoing legislation that would call for extra expenditures. This would increase the debt later on. -
The Bank Expires
The Bank's charter expires, but it receives a new charter from the state of Pennsylvania and reopens as the Bank of the United States of Pennsylvania. -
Specie Circular
Jackson, along with Treasury Secretary Levi Woodbury, introduces the Specie Circular, revealing that the government will accept only gold and silver for land payments. This led to the Panic of 1837 -
Van Buren is Elected
Martin Van Buren gets ellected with 170 electoral votes, and Richard Johnson is chosen as his vice president by the Senate. -
Panic of 1837
As a direct result of all previous events, profits, prices, and wages went down dramatically while uinemployment went up. Money was devalued, and the economy started to fail severely.