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Charter of the 2nd Bank
On April 10th, 1816, President Madison signed a bill that would charter a second U.S. Bank for 20 years. The War of 1812 left the United States in a huge amount of debt and President James Madison declared that it was time for a 2nd national bank to help the economy go back to a stable state after the War of 1812. This Charter was unpopular in many states even though it was made to help the economy. -
Panic of 1819
The panic of 1819 was a time when the trade following the War of 1819 had come to an abrupt stop leaving the people in a financial panic. During this panic unemployment increased, banks failed, mortgages were foreclosed, and agriculture prices fell down half price. To give the people relief from panic, a Land Act was made. This made the land go from $1.64 to $1.25 per acre By 1823 the panic was finally over. This panic led to demands for the democratization of state constitutions. -
Recharting of the 2nd Bank
In 1832 Henry Clay along with other republicans signed a bill that would recharter the 2nd U.S Bank. This charter was made to not expire until 1836. The Bank was not recharted because Jackson did not sign the recharter and the House and Senate did not get enough votes to overcome Jackson's veto. -
Election of 1832
The Election of 1832 was the presidential election between Andrew Jackson and Henry Clay. During this election, Clay decided to give Jackson the choice to veto the recharter bill, and look bad to the voters or sign the bill and get more supporters, In the end, Jackson vetoed the bill. Jackosn believed that the bank was only benefiting the wealthy. -
Diverting National Bank Funds
A new division was founded, during the Election of 1832. Jackson would then demand that the U.S. end government deposits, with this the government put funds into state banks. The division wanted this because they believed not having a bank would open more business. Jackson then prohibited public lands from being paid for with anything that was not gold and silver. -
Whigs
The Whigs were a political party that came together and because of Jacksons' political opponent. The Whigs ran in the 1832 election. This party was made by Henry Clay and Daniel Webster. The party had lost the 1832 election because Henry and Daniel while both were against Jackson, had many different beliefs and lost because they were too divided. -
The Specie Circular of 1836
This was an executive order that was issued the President Jackson. This order required any payment made for public land to be only gold or silver. Many officials in Jackson's cabinet disagreed because they saw a danger in the order. -
Panic of 1837
This was another financial panic that took place during Martin Van's presidency. This was just like the panic of 1819. There was unemployment about 50,000 people lost their jobs, mobs, and riots, and cotton prices were cut. This panic was not resolved until 1840. -
Martin Van Buren Banking System
Martin Van Buren made an independent treasure system because he feared that the federal government was going to lose the funds that had been deposited in private banks. He also refused to give the government money during the Panic of 1837. This system would, later on, take away other's right to receive financial aid. -
Election of 1840
This election was the election between Martin Van Buren and Willian Henry Harrison. Buren was a part of the Democrat party, and Harrison was from the Whigs political party. Harrison won this election because the people believed that Buren did not show leadership since he did not give the government any aid.