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Charter of Second Bank
SInce the United States was in debt from the War of 1812, president James Madison chartered the Second Bank. Even though he had opposed the first bank, he reluctantly said that the United States needed a second national bank. This bank, just like the first one, lasted 20 years. -
Jackson Orders End to Deposits of Government Money into Bank
Jackson won the election and became president in 1828. He called the national bank a "monster". He then decided to absolutely crush the second bank. Therefore, Jackson ordered an end to deposits of government money into the bank and withdraws from the money already in the bank. Jackson even fired his Secretary of the Treasury on September 23 for refusing to follow his orders and withdraw the deposits from the second bank. So, the government deposited its money into specific state banks. -
Congress Censures Jackson
The United States Senate voted to censure Jackson for removing federal deposits from the second bank. They did this becuase they proclaimed that he "assumed upon himself authority and power not conferred by the Constitution and laws.". However, in 1837, the Senate revoked the censure. -
Issuing of Species Circular
The Treasury Department issued the Species Circular and it required that payment for the purchase of public lands be in only gold or silver. They did this becuase of high inflation. However becuase of issuing this, Jackson was blamed for the Panic of 1837 which was a financial crisis that led to a depression. -
Election of 1840
The election of 1840 was between William Henry Harrison and former president Martin Van Buren. The election ended with Harrison defeating Buren. This election was important becuase they were still in economic recovery from the Panic of 1837.