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New Bank
The Second National Bank was chartered by President James Madison and was created in 1816, this cause a Andrew Jackson great despair. The bank was mostly biased towards urban and industrial northern states. -
War of Bank
Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice,” “sound policy” and the Constitution. Jackson also believed the Bank of the US was unconstitutional, noting that while there was precedent for a federally chartered bank there was also precedent for not renewing its charter. -
Whigs
The Whig party was founded by individuals united only in their antagonism to Jackson's war on the Second Bank of the United States. Leaders included, Clay, Webster, and William Seward. These were the political opponents. -
Species Circular
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act and carried out by his successor, President Martin Van Buren. It required payment for government land to be in gold and silver. -
Failure
The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time.