Jackson and The Bank

2nd Bank in 1816

1816

The second role played an important role during the bank wars. Due to the role it took and Jackson's general idea that the bank was unconstitutional, it forced President Jackson against the bank president Nicholas Biddle.

Biddle Response

Jan 6, 1819

Biddle was a supporter of the National Bank because of the economic stability it brought. When the bank was being restricted, Biddle attempted to make the public angry by limiting the bank's loans and limiting the nation's money supply. This plan backfired as it only made the people more skeptical of the national bank.

Jackson Removes Federal Deposits

Sep 10, 1830

Furthering dismantling the bank, Jackson prevented the bank from giving federal deposits. however, since only the Secretary of Treasury could issue federal deposits, Jackson appointed Willian J. Dune who would do what he asked without resistance.

Election of 1832

1832

Near the elections, Jackson political opponents attempted to embarrass him by solidifying his anti-bank views. These efforts seemed to be unsuccessful due to most of Jackson's supporters also having anti-bank views. Due to his anti-bank ideas being popular at the time, Jackson managed to win the election of 1832.

Jackson's Veto

Jul 10, 1832

Jackson's political opponents attempted to recharter the national bank in order for the bank to remain standing, but Jackson vetoed the bill that would have rechartered the bank. This veto was disliked by businessmen in the North while people who supported Jackson praised him for looking for commoners.

Pet Banks

Sep 10, 1833

A series of state banks were set up in order to replace the national bank. Jackson moved the money from the national bank into these state banks. These banks are more commonly referred to as pet banks because the people who owned these banks were closely tied with the democratic party and were loyal to Jackson.

Speculative Boom

1834

There was a very brief economic boom. The nation's debt was slightly paid off and allowed Jackson to spend some of the extra money. Despite having a bit of extra money to spend, the people wanted him to use it to better the nation.

Specie Circular

Jul 11, 1836

An order was issued by Jackson to only accept payments of gold or silver if someone was attempting to puy public land. This order was issued because hard currency such as gold or silver because its worth stays stead and doesn't suffer from sudden growth or decline, unlike paper money.

Panic of 1837

May 10, 1837

This event was likely caused by rapid economic growth where there were a lot of loans being taken out to buy real estate, slaves, and cotton seeds. When the cotton grew, it was sold to repay the loan from the bank and another loan would be taken out to do the same thing. However, a sudden increase in the birth rate and a sudden decline in money lead due to farmers losing the land led to a time were thousands of people lost their jobs and had no money to support themselves or their families.

election of 1840

1840

This election had a two-party political system with the democratic party having Martin as a presidential nominee and the Whig Party having William as a presidential nominee. Due to Williwan having a lot in common with former president Jackson, he won by an overwhelming 234 electoral votes while Martin lost by only having 67 electoral votes.