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2nd National Bank
Before the 2nd National Bank was put into place. The state had its own currency, which meant that there was more than one currency going around in the nation. This leads to confusion and it made inflation rise. It later became known that the state's induvial currency was not reliable for the country. In 1816 the 2nd Bank of the United States was created. It wasn't very popular within the newer states. The main reason for the creation of the 2nd National Bank was to set one national currency. -
Veto of the Bank Bill
Henry Clay, Daniel Webster, and other opponents of Jackson in congress wanted to pass a bill rechartering the Second National Bank of the United States. Clay and Webster wanted to force Jackson to sign a bill, that took a clear-pro bank or anti-bank position. Jackson vetoed this bill because he believed it would create a monopoly and make rich white men even richer than they already were. He argued that the creation of the 2nd National Bank was unconstitutional. -
Election of 1832
In the election of 1832, it was run against Andrew Jackson and Henry Clay. The main issue in the election of 1832 was the issue over the 2nd National Bank. Jackon and his supporters wanted to eliminate the National Bank while Clay and his supporters wanted to keep the National Bank. Clay tried to make Jackson vetoing the Bank bill a major issue during the campaign. Andrew Jackson won the 1832 election by a lot and continued to serve a second term. -
"Pet" Banks
The "Pet" Banks was when Andrew Jackson ordered his Treasury secretary to place all of the revenue from the federal national bank into selected state banks. His secretary did not do what Jackson said to do. Jackson was doing everything in his power to get rid of the National Bank. There was a dispute between Jackson and Nicholas Biddle, who was the President of the National Bank. Biddle reduced loans and called in debts. Biddle did not like Jackson, believed he thought highly of himself. -
Creation of the Whig Party
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Specie Circular of 1836
Andrew Jackson wanted to get rid of the National Bank one way or another. In 1836, Jackson prohibited the payment for public land in anything but gold or silver. The president forced the banks not to receive any paper bills that were worth more than 5 dollars. -
Panic of 1837
In the year 1837, the debts of the states rose and inflation increased dramatically. The economy was hit hard while the prices of goods went up, the price of cotton was cut in half which meant the southerners were losing money, and many people were fired from their jobs. This lead to the people of American not having money and not have enough to feed themselves. -
Election of 1840
The election of 1840 was against William Henry Harrison and Martin Van Buren. Harrison was a well-known war hero, so the people liked him. This election was won by William Henry Harrison but shortly after Harrison passed away.