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Second National Bank
The Second National Bank was established after United States already had its own currency soon this currency caused a lot of confusion due to it using more than one currency. As stated It became increasingly clear that state banks could not provide the country with a reliable currency.” So they created the second national bank but newer state disliked this because it set one currency. -
Creation of Whig Party
The Creation of the Whig Party was a political party made up of Republicans and Northern people. They all supported the second bank creation even supporters from Jackson will join and just for the bank purposes only. -
Bank Bill Vetoed
The Bank Bill Vetoed was adversary’s such as Henry Clay and Daniel Webster wanting to pass a bill chartering the second national bank. They wanted to force Jackson to chose whether he was for the bank or against it. But in all reality Jackson simply did not care about the sides all he saw was this was another source for white men to become richer. -
Election of 1832
The Election of 1832 was an political debate between Andrew Jackson and Henry Clay about the Second National Bank. Henry was for the bank while Jackson was against it because he believe that the bank had to much power, the states rights and individuals liberty was being threatened. Clay tried vetoing the bank bill but failed so Jackson won the election. -
“Pet Banks”
The term “Pet Banks” was state banks that was given more power because they followed and supported Andrew Jackson because he made the Department of Treasury give them money so they can remove the national bank. The Senate didn’t allowed this so they ruled it unconstitutional. -
Coinage Act
The Coinage Act also know as Specie Circular of 1836 which saying that any government that owns land is required to pay for gold or silver there. This was to prevent reckless land speculation in the west which would lead to paper growth being reduce. This affected more private banks because they went out of business due to their currency being restricted. -
Panic of 1837
The Panic of 1837 was an financial crisis that led to unemployment and inflation. States went into debt and even goods prices went up which led to them blaming Van Buren for the panic of 1837. Many hostility from the Whigs party. -
Election of 1840
The Election of 1840 was presidential election between William Henry Harrison(part of Whig party) against Van Buren. Van persuaded Congress to make an uncovered treasury system. But Harrison won anyways due to him being known as an hero so he already have many votes. Plus him getting more electoral votes than Buren. After he won he passed away.