Jackson and The Bank

Second National Bank

Apr 10, 1816

The Second National Bank was created after the U.S. established a national currency. The purpose of the bank was to stabilize the economy and the debts they had. Many states were against this as they had their own personal currencies.

Panic of 1819

1819

A major financial crisis in the United States. The economy went down after trade growth decreased after the War of 1812. The unemployment rates rose, banks fell, and agriculture went down.

Election of 1828

1828

This was the election between John Quincy Adams and Andrew Jackson. Jackson received over 70% of the votes (including slaves). This is how Jackson became president.

Recharter Bill

Jan 6, 1832

The Recharter Bill was written by Nathanial Biddle to authorize the National Bank once again. He believed it was necessary for the people.

Jackson's Veto

Jul 10, 1832

Jackson vetoed the Recharter Bill because he believed it had too much power and did not benefit the people. The Bill then went to Congress who could not override the veto.

The Whig Party

1833

The Whig Party was formed against Jackson and he believed. The people of this party supported the Bank and the legislative powers Congress had over decrees made by the president.

Pet Banks

1833

These were state banks favored by Jackson because they heavily supported him. Jackson gave them money from the National Bank in order to remove it. This was then voted unconstitutional by the Senate.

Specie Circular Act

Jul 11, 1836

This act stated that only gold/silver coins could purchase government lands. He did this to reduce land speculation. This led to the Panic of 1837.

Panic of 1837

1837

This was caused by inflation problems from the Specie Circular Act. This caused bank failures and unemployment. Tjis caused the first great depression, lasting until 1849

Election of 1840

1840

This was between William Henry Harrison and Van Buren. Harrison was apart of the Whig Party. This election was all about the National Bank. Harrison won.