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Second Bank chartered
The Second Bank was chartered almost 20 years after the First Bank. The purpose of this bank was to act as a depository for government receipts, to establish short-term loans to the government, and establish a currency. -
Panic of 1819
The Panic of 1819 was a serious crisis for many. A lot of people lost their jobs, agriculture costs plummeted, banks lost stability. -
Jackson's Veto
Henry Clay, Daniel Webster and other opponents of Jackson passed a bill that would restore the bank. However, Jackson vetoed the National Bank of the United States in July of 1832.He would either sign or veto the bill in which he vetoed it even though the original charter didn't end until 1836. In the end, Jackson won with a 219 to 14 electoral vote against Clay. -
Pet Banks
Jackson ordered the Secretary of Treasury to move government revenue and allocate it amongst seven state banks in attempt to remove the National Bank. These were called pet banks. However, the Senate to not follow through with Jackson's order. This led to the Senate declaring Jackson's act to be unconstitutional. -
Jackson's Specie Circular
Any government owned land is required to be paid for by any gold or silver. This served as a way to prevent imprudent land speculation in the west, and to reduce the growth of paper currency. This affected private banks because their hard currency was diminishing, so they were closed out of business. -
Panic of 1837
The Panic of 1837 unemployment and inflation was at an all-time high. The state went deeper into debt which would be hard to get out of. Even prices of goods fell. Buren was blamed for the panic of 1837 and suggested a system of for withholding governmental funds. There was a lot of opposition by the Whigs, especially Henry Clay.
