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Charter of the 2nd National Bank (1816)
After the War of 1812, the American economy was hurt and needed a way to recover. Thankfully Madison, a republican, established the second national bank with a 20 year charter. -
Panic of 1819
After the Second National Bank was established and new tariffs were going out, a economic depression arose during 1819 and wouldn't stop until 1822. This economic crises led many to question the banks and their tariffs. -
Jackson's Election
When Andrew Jackson was elected as president he was seen as person of the common people. He was the Bank's most powerful enemy. -
Jackson's Re-election
When Jackson was elected for a second term, Jackson interpreted that he won because he was such a advocate to shutting down the bank and diminishing its power. He then went on to further undermine the bank in his second term for his supporters. -
President Jackson Veto's the National Bank
When it came time to renew the charter for the national bank. President Jackson refused and pulled all federal funding out from the bank. This is said to be what started the "Bank War" -
Whig Party
The Whig party was made of an abundance of people with different ideals, but brought together from their mutual hatred for President Jackson. -
Specie Circular
President Jackson issued an executive order that any payment to purchase public land had to be in either sliver or in gold. -
Whig's Presidential Campaign
The Whig party put many candidates to run for the Presidency, in the end they all gathered behind William Henry Harrison who showed the most popularity in the House of Representatives. -
Panic of 1837
Shortly after the expiration of the second national bank in 1836, the nation no longer had restrictions to print money and lend it out. This caused inflation to skyrocket and along with Jackson's policies that favored hard currency, banks closed down due to insufficient sources. -
Election of 1840
Using the Panic of 1837 in their favor, the Whig party swept in with a victory against Van Buren, who previously was thought to be the one going to win the presidency.
Although this directly didn't affect the bank, it wasn't until Harrison's early death, that it led for his successor to become president and resurrect the National Bank again.