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Charter of the Second Bank
In order to control the notes that the state banks issued the federal government decided to chart the Second U.S. Bank. It demanded the payment in gold or silver, and it was superior to untrustful private banks. It was chartered for 20 years and although many did not like the idea of having a second bank, although many people blamed the bank because it only helped those who were wealthy, and it caused "economic fluctuations." -
Panic of 1819
Being one of the first major economic crisis for America where several of the banks worldwide began to fail, there were mortgage foreclosures, several people losing their jobs, and prices on goods began to drop. The main cause of this was the Second Bank of the U.S. that everyone blamed for the Panic of 1819. -
Election of 1832
With the several disputes between Andrew Jackson and his vice president John C. Calhoun he was losing support for the upcoming election. Several of Jackson's opponents tried embarrassing him and getting him to show his side on the bank to get voters to dislike him depending on where he stood with the bank. Besides all of this happening Jackson still had real voters on his side and it helped him win the election of 1832 once again with 219 electoral votes and Clay had 49. -
The Bank Bill of 1832
Jackson opponents in Congress including Henry Clay and Daniel Webster were trying to make Jackson pick whether he was for the bank or against it. If Jackson decided on a side, then it could create problems for the upcoming elections. If he vetoed the bill, then those who favored the bank would be against him but if he signed the bill that rechartered the bank then those who are against the bank will not like Jackson. -
"Pet" banks
After Jackson won in the elections of 1832, he had his Treasury secretary to divert federal revenues from the U.S. Bank also known as "pet" banks. This order was not done until Jackson got a second secretary since his first resigned because he did not want to be a part of this. -
Veto of the Bank Bill
Jackson decided to veto the bill and called it a "monopoly" that was only made in favor of rich white men. He also thought that it went against the Constitution, violation of the rights that States have, and lastly it was dangerous to the freedom of the people. -
The Whigs
The Whig party was made up of several people who disliked Andrew Jackson and his way of leading. In 1836 they had their first presidential campaign. They had planned to support one candidate in hopes that they would win the election in the House of Representatives but lost to Van Buren. Then by the election of 1836 the Whigs decided to side with William Henry Harrison. -
Britain's Interest rates
As South carolina knew Britain raised their interest rates which caused a decreased in investment in the American economy and several states had to give up loans from foreign investors. -
Specie Circular of 1836
Jackson was never a fan of the banks and only thought that sound currencies should include gold and silver payments. Which is when he only allowed payment for public lands in gold and silver. -
Panic of 1837
The nation was hit with a deep financial depression where cotton prices were dropping by half and in New York around 50,000 people lost their jobs and 200,000 did not have any support. The city's flour warehouse was broken into by angry mobs who were hungry. It wasn't until the mid-1840s where the country was out of the depression. -
Van Buren's Treasury System
Van Buren was able to convince Congress to create a treasury system where federal funds would be locked up in insulated subtreasuries which was split from the banking system. The outcome of this was that the banking system lost funds that could have helped the country's recovery. -
Election of 1840
During the first national Whig convention they chose to vote for Harrison in the upcoming election. Harrison was their own Andrew Jackson whom they admired as a brave soldier and was well known for his military duties. Due to strong campaigning by the Whigs, Harrison was able to win the election with 234 electoral votes leaving Buren with 60.