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Election of 1832
This election was dictated by the second national bank. This was partially due to Jackson's veto for the chrter for the bank to be renewed. Another factor contributing to the division was that the two main candidates and thier supports had different stances. Republican Henry Clay and his supports were in favor of the bank while Democratic Jackson and his supports opposed it. Jackson was the winner of the election and saw this as the people opposing the bank. -
Speculative boom
This was the growing idea that money was plentiful and that the economy was doing great. This was caused by people getting federal money. This lead to moeny being misused and since people overestimated the money they had it cause the crash of the economy. -
Jackson removes federal deposits
Jackson is still trying to bring down the bank and takes a shot by removing the federal deposits from the bank. In order to do this he switches out his cabinet. -
Nicholas Biddle counteracts
The Preisdent of the bank is trying to save the bank from fincial troubles which he believes were caused by the Preisdent. He does this by calling for lonas to be paid. He incresed the money policy which people saw as uneccesary. -
Specie Circular
This was an order given by President jackson that federal land would not be paid for with paper money. This meant that gold and silver would have to be used to pay for such land. This prevenetd the working class to pay for federal land because most of them did not have gold or silver. -
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Panic of 1837
This was essentially and economic depression where people started to be unemployed and money making, payments, and prices all went down. This was caused by the federal withdrawl of deposits, the speculative boom, and other domestic and forgein issues.