Jackson and The Bank

By Heidy Bel Mendoza

  • 2nd Bank Chartered

    2nd Bank Chartered
    This was created for the purpose of acting as a depository for government receipts in order to establish short-term loans to the government and to establish a currency (chartered 20 years after the 1st bank). Newer territories disliked the bank because it only represented the interests of the wealthy and only used a virtual monopoly over the country's credit/ currency.

  • Panic of 1819

    Panic of 1819
    This was an economic crisis in which many lost jobs, agriculture decreased, and banks lost stability. People believed the reason for this crisis was because of the bank which was they opposed it.

  • Jackson's Veto

    Jackson's Veto
    Individuals known as Henry Clay, Daniel Webster, and others who were against Jackson passed a bill that would restore the bank. Jackson vetoed the National bank of the U.S and he stated that it was "unauthorized by the Constitution subversive of the rights of the States". Jackson won by a 219 to 14 electoral vote against Clay.

  • Jackson's Specie Circular

    Jackson's Specie Circular
    All government-owned land is to be paid with gold or silver in order to prevent imprudent land speculation in the west and to diminish the growth of the paper currency. As a result, private banks were out of business for the lack of hard currency.

  • Pet Banks

    Pet Banks
    In the attempt to remove the National Bank, Jackson instructed the Secretary of Treasury to move government revenue and allocate it among seven state banks. Moreover, the Senate didn't do as Jackson said and as a result, they declared Jackson's acts unconstitutional.

  • Panic of 1837

    Panic of 1837
    This was another crisis (financially) it created unemployment and inflation. Buren was to blame for this crisis since he was withholding governmental funds, and there was numerous opposition by the Whigs.

  • Election of 1840

    Election of 1840
    In a presidential election, William Henry Harrison(Whig candidate) and Martin Van Burden were competing. Buren persuaded Congress to create an unconventional treasury system and Harrison received more electoral votes from the electoral college which led to his victory against Buren. This was the start of the victories of Whig candidates.