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Second National Bank
The Second National Bank was basically like the first one, it would regulate money and money supply. Some people liked it other didn't. One of the people who did not trust the bank was the President himself(Jackson). Most of all his mistrust alos came from him believing it was unsettling for a private corporation to have that much power. -
Panic of 1819
Because of War of 1812 panic sweeped the nation. Everything went down hill economically. Their was inflation, great decrease of demand for workers, banks even tanked along with agriculture. -
Andrew Jackson gets Elected President
Jackson gets elected, he beats John Quincey Adams. [Andrew does not like the Bank] he will try doing something about it.. -
The Whigs Party
The Whings Party was formed against Jackson. Involving former National Republic party members, Anti-Masonic Party, and dissaffected Democrats.They did NOT like Jackson and did approve of the Second National Bank. They didn't like strong presidental power, and they are NOT anti-slavery eventually becoming the organizations downfall. Henry Clay was the leader of this party. -
Ends of The Second National Bank
Jackson got to the bill approved by congress that would have aprroved indefinatlly the Second National Bank. And since he was pro-downfalll of national banks. He vetoed it. Claiming it was unconstitutional and would danger the people liberty. After Jackson got reelected he also stated that the Governemnt would not deposit Federal Funds with the bank and instead would place it in state banks. -
The Recharter Bill
The Recharter Bill was to reapprove the National Bank. It passed through congress. With both houses having majority approve it. -
Recharter Bill Vetoed
The Bill pased through both Houses with Majority vote. But as known Jackson is now president and he still disapproves of National Banks of any number. So he vetoed it. Claiming it unconstitutional. Althought the bank continued untill its chater expired in 1836 where it was then never brought up again for thought. -
Election of 1832
Andrew Jackson got Reelected president agaisnt Henry Clay. Andrew won by 219 electoral votes, while Clay lost with 49 electoral votes. -
Pet Banks
Pet Banks were selected to get/recieve surplus Federal Treasury. These banks were state operated banks who were loyal to Jackson. The name (Pet Banks) came from their relationship with Jackson. These banks eventually contribute to the nations financial panic/issues. Their was 7 pet banks. These banks were Jacksons plan to remove national banks but instead he crippled economy for the time. -
Specie Circular Act
This act was established to only accept gold and silver for the purchase of public land. Jackson passed this to try and better the economy (he broke). Along with trying to get to and maintain a stable federal income. -
Panic of 1837
The Panic 1837 was a finicial panic, similar to the one in 1819. This one ended uo causing a major economic depression than envitally lasted into the mid 1840s. Jackson cause this to an extent by the passing the Specie Circular Act. Which prohibited payments other than gold or silver. -
Election of 1840
It had a one of first two party system. Having Whigs General Williams Henry Harrison against Martin Van Buren. Willaims ended up winning by 5% more, along with having more than enough electoral college. Williams did infact play dirty y dragging Buren name through the topic of the new economic depresstion and lifting up his own by a victory in battle he had had in Tippecanoe.