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2nd National Bank Chartered
The first National Bank becoming void caused a lot of problems because there was not a way to control the money, finance, and keep up with currency, and things got confusing. The first National Bank was done away with in 1811 and the second one was established in 1816. At first, it was unpopular with the new states, it helped out a lot. -
The Veto of the Charter Renewal
Daniel Webster and Henry Clay were against President Jackson and wanted to get the Second National Bank re-chartered. They wanted Jackson to sign it because they wanted him to make a decision before the election because they knew that his supporters were not in agreeance with the National Bank. However, he vetoed it and eventually won the election. -
1832 Election
During this election Andrew Jackson beat Henry Clay. Jackson was more popular amongst the people which played a role in how he won. Most of his supporters were against the bank as well. -
The Ending of Deposits
Jackson wanted to do away with all the deposits and only take out money when it was needed. The Bank decided to put the money into things called "Pet Banks" and it helped to better Westward expansion. Pet Banks were banks that were only for paying government expenses and nothing else. So, Jackson made sure that all of the future deposits were sent to the Pet Banks. -
Creation of the Whig Party
It was created by Henry Clay. The Whig party was created to go against President Jackson and his rule. The name comes from a British party that was against royal entitlement. The Whig party was in support of protection tariffs, national banking, as well as federal aid for internal improvement. The Whig party has a long lasting effect on public schools and railroads. -
Specie Circular of 1836
The Specie Circular was an executive order created by President Jackson that required the purchasing of land to only be bought with gold and silver. There was a negative effect to this; it prevented the working class Americans from purchasing Western land because there was a lack of gold and silver. This action hurt the economy because it decreased the use of paper money. This played a major role in the Panic of 1837. -
Panic of 1837
The Panic of 1837 was a financial crisis that resulted in the economy damage in Ohio. President Jackson wanted all of the federal government money taken out of Bank. This was one of the things that led to the Panic of 1837. The creation of the Specie Circular also played a role in the Panic of 1837, since land could only be payed for in gold and silver. Jackson's refusal to re-charter the Second National Bank also played a role in the Panic. This also was a start to the Great Depression.