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2nd bank, 1816
Designed to ensure financial stability in the U.S. It was the nation’s second attempt at creating a central bank. Based upon its predecessor by Alexander Hamilton. Had a 20-year charter and was located in Philadelphia. -
Panic of 1819
First widespread panic and durable crisis with the United States that slowed westward expansion. This scenario fed by unrestrained issue of money from bank concerning businesses. When the mortgage rose, within being able to properly support what they had financed people panicked. -
Roger B. Taney's appointment
Taney was appointed as the Attorney General of Maryland in 1827. Aligning himself with Andrew Jackson, he was obviously appointed to the cabinet. More importantly as secretary of the treasury he was allowed, without the senate's permission, to withdraw funding from the national bank. -
President Jackson
Winning the election of 1828 against John Quincy Adams. Andrew Jackson led Democratic ideals throughout the nation, which time and time again means he did not support the national bank. As soon as elected he created a cabinet with Taney that defunding the bank without permission. -
Vetoed recharter
In 1832 Andrew Jackson vetoes a recharter of the second bank of the United States. He claimed the bank was unconstitutional, and a danger to the liberties of the people. He also argued it had too much of a foot hold within the market, stock prices and profits. Unfortunately, though it was in contradiction of McCulloh v Maryland which ruled the bank constitutional. -
Defunding the bank
Andrew Jackson announced that the government would no longer use the second national bank of America. Using his executive power, he appointed a secretary of the treasury into his cabinet, Roger B. Taney, that slowly defunded the states bank without the permission of the senate. -
Bank charter expires
20 years after the 2nd national banks initial charter, it had expired. Which was something that Andrew Jackson had been patiently waiting for. The Bank was deemed unconstitutional and was a danger to the people's liberties, which did not align with a strict interpretation of the US Constitution. -
Martin Van inauguration as President
Martin Van Buren was inaugurated as the eighth president of the United States on March 4th,1837. Following the footsteps of Andrew Jackson, he believed in democratic ideals. Unfortunately, though he pretty much got caught by all the problems with the bank that Jackson left behind. Including the panic of 1837, which lasted for several years. -
Panic of 1837
Another financial crisis that was a hair away from a proper major depression. Due to a nonexistent centralized bank, whose charter had recently expired. westward expansion stalled again, wages, prices, and profits all dropped. This time, however, the crisis spread into domestic and foreign affairs. -
The Whig Party
The Whig party was some old wheezers that assembled as an active political party against the democrats and their ideals. Their main focus to refund and help the 2nd bank of America after the war with Andrew Jackson. The Whig claimed to be a defender of the economy and America institutions. Portraying Harrison, he passed a month into his term. Which left his predecessor, a democrat to draw a split with them.