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Tariff of 1832
A remedy for conflict created by the 1828 tax and was referred to as the tax of Abominations. -
Jackson opposes Second Bank of United States
Jackson vetoes a bill that would have extended the life of the Second National Bank. The bill was proposed by Henry Clay to bring to problem of the bank to the forefront of the election. Jackson's opposition to the Bank actually gained him popularity. -
National Bank is terminated
Jackson announced he will terminate the national bank, freeing the United States of foreign and domestic obligations beyond the reserves of the Treasury. -
Jackson withdraws federal deposits
Jackson issues an order for the Treasury Department to withdraw federal deposits from the bank and put them in state banks. -
Specie Circular
Jackson and the Treasury Secretary, Levi Woodbury, introduce the Specie Circular, which stated that the government would only accept gold and silver for land payments. Also was made in hopes of curtailing the growth of paper money in circulation. -
Panic of 1837
A financial crisis in the United States that lead to a major recession that lasted till the 1840's. Profits, wages, and prices went up while unemployment went up.