Jackson and the Bank

By jose_baez

  • Jackson wins the presidential election

    It's pretty self explanatory

  • Jackson's message to congress

    Jackson writes to congress outlining suggestions to reform sbus and questions the constitutionality of the national bank

  • Treasury Secretary Louis McLain releases plan

    Treasury Secretary Louis McLain releases plan in favor of rechartering the SBUS amid various Jackson-favored reforms

  • Jackson wins reelection

    Jackson wins reelection after defeating Henry Clay in a landslide. His reelection virtually ended all chances of the national bank recharter.

  • Bank President Nicholas Biddle submits Bank Recharter Bill

    Bank President Nicholas Biddle submits Bank Recharter Bill, four years before it is due to expire, without any of the requested reforms from Jackson. Jackson’s opponents convinced Biddle that Jackson would not veto the bill ahead of the 1832 presidential election

  • Bank Recharter Bill passed both houses of Congress

    Bank Recharter Bill passed both houses of Congress. Jackson forcefully vetoed the bill on July 10 declaring, “The Bank… is trying to kill me, but I will kill it.”

  • Jackson instructs federal deposits to be removed from the national bank

    Jackson instructs federal deposits to be removed from the national bank and deposited into various state banks referred to as “pet banks."

  • In response

    In response Biddle purposefully stockpiled bank reserves and contracted available credit, beginning a mild economic panic that the US soon recovered from.

  • Jackson follows through

    Jackson follows through on his election promise by eliminating the national debt.

  • Congress passes the Deposit and Distribution Act

    Congress passes the Deposit and Distribution Act which has the effect of transferring federal revenues from the east to the west, allowing rampant speculation, and decreased lending power from eastern banks.

  • Jackson issued

    Jackson issued the Specie Circular requiring payment for public lands in gold and silver.

  • The significant Panic of 1837

    The significant Panic of 1837 begins just as Martin Van Buren takes office. Jackson’s bank policies are largely to blame for the depression.