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Charter of the 2nd Bank
After the charter for the first bank expired in 1811 the national bank it was not renewed. this left banking in the hands of the states, they issued currency in excessive amounts fueling inflation. This made it clear that the National Bank needed to be reestablished. It was frowned upon by both southerners and westerners at they felt it did nothing to help them. -
Panic of 1819
The Panic of 1819 was when unemployment rose, banks failed, agriculture prices fell by half, property and land values dropped. Many blamed the Second National Bank for this. This Panic would raise hostility towards the National Bank and cause many to oppose it. -
recharter of the Second Bank of the United States/ Jacksons Veto of the bill
Jacksons opponents in congress (Henry Clay, Daniel Webster) had a bill passed that would reinstate the second national bank. Even though the original charter would not end until 1836, Clay and Webster hoped to make Jackson take a stance against the bank and then exploit it in the election. Jackson would veto this bill, go on to be reelected and further diminish the bank. -
Pet Banks
President Jackson commanded his Secretary of Treasury to move federal revenue to certain state banks . These state banks would become known as pet banks. This decision caused further division, his critics called his actions unconstitutional, and others supported this because they felt it would open up new business opportunities. -
Specie Circular
President Jackson hated all banks and felt that the only currency with any value was gold and silver. It was this idea that led him to prevent payment for public lands with anything other than silver and gold. -
Panic of 1837
Similar to the Panic of 1819, the Panic of 1837 was an economical depression where unemployment and inflation both rose. Former President Jacksons policies made it harder to get out of the depression. -
Election of 1840
After Andrew Jackson would come President Van Buren. He would convince congress to create an independent treasury system. In the election of 1840 he would go against William Henry Harrison. William Henry Harrison would win the election and for the first time in 12 years a person committed to a party other than democrats (in this case a whig) would be president.