Jackson and the Bank

By Cswolfe107

  • Charter of the Second National Bank

    After the First National Bank's charter expired in 1811, it wasn't renewed and the state banks were getting overwhelmed, inflation increased, and confusing many; this eventually led to the Second National Bank being chartered for 20 years in 1816, although it was still unpopular with newer states and territories.

  • Jackson's Veto of Early Charter Renewal

    Jackson had never been a fan of the bank and so when Congress authorized an early renewal for its charter, Jackson vetoed it, which Congress tried and failed to repeal.

  • Election of 1832

    Coasting off of his popular opinion against the National Bank and his popularity with both local bankers/ entrepenuers and laborers, Jackson easily claimed victory over Henry Clay.

  • Jackson Ending Deposits

    In September, 1833, Jackson ordered an ending to all deposits of government money into the bank and gradual withdrawing of the money already in its custody. The National Bank deposited its funds into smaller, local, "Pet Banks," and this decision helped fuel Westward expansion, though not without causing national scares on occasion.

  • The Creation of the Whig Party

    In 1834, people in political opposition to Jackson and his "monarchial rule" banded together and formed a political party, the Whigs, to put an end to Jackson's control. This didn't pan out too well though, as they still weren't completely united yet and didn't manage to choose a single representative for the 1836 election.

  • Specie Circular

    Jackson makes it to where all land must be purchased through gold and silver.

  • The Election of 1840

    This time around, the Whigs banded behind Presidential candidate, William Henry Harison, who was popular in the West and hailed as a hero for dealing with the Native Americans and the War of 1812, and Vice President Candidate, John Tyler, who was popular in the South. Because of their popularity and the lackluster appeal of current President, and former Vice President of Andrew Jackson, Van Buren, William and John won by a landslide; John Tyler later became President after William Henry passed.