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Charter of the Second Bank
Modeled after Hamilton's first national bank. Chartered by Congress for a 20-year period with the goal of regulating the country's money. Quite unpopular with poorer groups of people. -
Panic of 1819
The Panic of 1819 was a major financial crisis in the early United States. People had borrowed money from the bank heavily to buy land, but when lending rules became stricter, they couldn't repay their loans. This caused a severe economic downturn, leading to bank closures and widespread unemployment. This led the nation to pay more attention to improving how it managed money and ran its banks in the years that followed. -
Election of 1824
there were 4 candidates, the most important being John Q. Adams and Andrew Jackson. none of the candidates had enough electoral votes to actually win the election so the decision was thrown up to the House of Representatives. resulting in the win of Adams, show elected Henery Clay as secretary of state. -
election of 1828
This is the election that Jackson ended up getting the majority in the electoral college, mostly to do with his ideology and political views, especially when i came to the national bank. -
Bank Recharter
Henry Clay and Daniel Webster wanted to keep the Second Bank of the United States running smoothly. They introduced a bill to Congress to renew the bank's charter early before it was set to expire. They thought that by doing this, President Andrew Jackson, who didn't like the bank, might not veto the bill. However, their plan didn't work, as Jackson still vetoed the bill in 1832, leading to a major political conflict. -
Creation of the Whig Party
Jackson began removing deposits from the National Bank and the Whigs were against the decisions of President Jackson. These were former members of the republican party coming together in opposition to the president. -
End of the second national bank
Jackson commanded the closure of the second national bank. He demanded the removal of federal deposits. This led to all revenue being diverted to small private banks. -
Specie Circular
This was issued by Jackson stating all land must be paid for in gold or silver. this led to a demand for more currency to be made. Its intent was to protect revenue but actually just caused more hardships. -
Panic of 1837
Result of Specie Circular. This was a state of major depression and hardship, due to the paper money constantly recirculating and the coin of new money, the money was now worth less than it had. Items shot up in price. -
election of 1840
This was the defeat of Martin Van Buren. The Whig General ended up having the majority and won his presidency. Won by 5% in the popular vote but completely dominated in the electoral vote.