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Charter of 2nd National Bank
The charter of the 2nd bank much like the first was charted for 20 years. From the start of its charter it was unpopular with the Western and Southern states, who still believed it to be unconstitutional. As well as local bankers and less prosperous people who believed it was only in the interests of a select wealthy few. -
Rechartering Bill
Henry Clay, Daniel Webster, and Jackson opponents passed a bill that would recharter the Second National Bank of the U.S. This was done in order to force Jackson to take a definitive stance for or against the Bank. Which Jackson vetoed and had condemned the bank as a system as a monopoly for the rich. -
Election of 1832
During the election of 1832 a major issue concerning the bank was being argued between the national republican candidate Henry Clay and democratic party candidate Andrew Jackson. Jackson won the election with 170 more electoral votes. -
Jackson's Order
Jackson ordered an end to deposits of government money into the bank and t the withdrawal of deposits that were already held in the bank. The government instead would deposit their funds into selected stat banks. -
Creation of the Whig Party
A new political party appears. Northers, national republicans, and defectors from Jackson-Democrats form this party -
Specie Circular
President Jackson passed a executive order which prevented the payment for purchase of public land with paper currency. With that in action, it only allowed for the payment to be made in gold or silver. -
Panic of 1837
After the election of Jackson's successor, Democrat martin Van Buren, a deep financial depression struck the nation. Cotton prices fell by half, 50,000 people in New York city were thrown out of work, and 200,000lacked adequate support. Rumors of riots, insurrection, and tumult spread about during this time. -
Election of 1840
William Henry Harrison, General Whigs, defeated ,Martin Van Buren, democratic party candidate. Harrison was the first member of a third political party, Whigs Party, to be elected into office. He later died of pneumonia after serving 31 days in office. His Vice President later took office after Harrison's death.