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Charter of the 2nd U.S. Bank
After the expire of the charter of the first national bank, in 1816 another bank was chartered for another 20 years. It had the same structure as the original bank, with the government owning some stock in it. The newer states to the unions had a problem with the bank though. -
Panic of 1819
The panic of 1819 is considered the first depression of America. It was caused by an attempt by the national bank to curb inflation, and a decline in cotton prices. This is not to mention the seemingly sudden halt of trading after a boom following the War of 1812. This collapse devastated many, especially those in Ohio, who essentially lost everything. This collapse would place distrust in the national bank, since it had part to do with this huge collapse. -
Jackson's address to Congress
Jackson gave his first Address to Congress on December 8 of 1829. In this address, Jackson made his remarks that the bank was unconstitutional, and that in order for him to allow it to be renewed, he demanded the structure of it to be changed, as he called it an utter failure. -
Bank Charter Renewal of 1832
Bank manager Nicholas Biddle had pushed for an early renewal of the bank with support from Henry Clay and Daniel Webster to try and make the bank a big issue in the next election, as they new Jackson would be running, hoping to get him out because of his anti-bank views. The charter passed in both the House and Senate, but Jackson vetoed it. The veto did not have enough support to get overturned, but the initial objective of the charter was successful. -
Election of 1832
The election of 1832 would be a huge moment for the potential future of the bank. The veto of the renewal of the charter for the bank was a huge issue for the election, with Clay facing off against Jackson. However, Jackson would win his second term, defeating Clay by a landslide 219 to 49 electoral votes. Jackson would spend his second term further undermining and belittling the national bank. -
"Pet" Banks
With Jackson on his road to tear the national bank down, he decided that national revenues should be diverted from the national bank, to state banks, called "pet" banks. He ordered his Secretary of Treasury to do so, but rather than do it, he resigned. But Jackson simply hired another, in which his plan was implemented. This would gain support from wealthy business owners, who thought the banks fall would get them even more credit. -
Whig Convention
The Whig Party was formed by many individuals, ones like Henry Clay. They wished to bring further issue to Jackson's obscene power in government, hoping to get rid of him and silence him from his actions against the bank. They aligned themselves with the Democratic Party for further hope to succeed. -
Specie Circular
The Specie Circular was an executive order by Jackson which forced any land purchase to be done in exclusively hard money. This would mean that anyone hoping to purchase any land would have to pay in gold and silver. This would further go towards his wishes to cripple the bank. -
Panic of 1837
The Panic of 1837 followed after Jackson's successor, Martin Van Buren, was elected president. This was mainly caused by the big boom Jackson's "pet" banks caused, which caused inflation of 28% in 3 years. This caused for cotton prices to once again be cut in half, and thousands of people losing jobs in places like New York, leading many riots and insurrection across the nation. This depression would not pass until 1840. -
Election of 1840
The election of 1840 was a battle between Van Buren and the Whig Party. However, the Whig party would win with William Henry Harrison taking office. However he would not be able to exactly save the bank, because he took off his coat during a cold, rainy March morning and caught pneumonia. He died 31 days into his term, and the bank closed that year.