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2nd National Bank chartered (1816)
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A bill to renew the charter for the 2nd Bank
The first bank was giving a 20 year Charter, the 20 years were about up so Congress decided to renew the charter. Jackson objected. Proposed by Clay and Jacksons Opponents, election issue. -
Jackson Vetos Bank Bill
Jackson announced his objections to the Charter being renewed to Congress. Vetoing the Second Bank Bill. Jackson wins re-election -
Jackson removes money from National Bank (Pet Banks)
Jackson ordered his Treasury Secretary to withdraw federal funds from the Second bank, depositing them in a series of state and local banks. He also said that deposits into the bank would not be accepted as well. -
Whig Party formed
National Republicans and Jackson Democrats who supported the Bank. -
the Specie Circular
Jackson gave an executive order requiring gold and silver be used for the purchase of government lands after August 15, 1836. One of the things that caused the Panic of 1837 -
Van Buren elected president
Jacksons V.P becomes president -
Panic of 1837
A major financial crisis that lead to a depression that lead up into the mid 1840's. Many people blame Jackson for not renewing the Bank charter. Some blamed Van Buren. Bc of no National Bank -
Van Buren loses Presidential election
Whig candidate William Henry Harrison becomes president ( dies 38 days into term)
V.P Tyler becomes president ( dark horse- no one expected him to be V.P. or president)