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2nd Bank
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Bank Recharter Bill
Bank Recharter Bill
Bill designed to renew the corporate charter of the Second Bank of the United States. Congress passed it, and a week later Andrew Jackson Vetoed it. -
The election of 1832
In the elections, Democratic Jackson won easily over Henry Clay, because Jackson choosing to veto the Bank Charter. after he was elected, he went even further to close the National Banks. First appearance of first 3rd party system: Anti-Masonic party. Bank became central issue in campaign. -
Election
Jackson/ Clay. -
Jackson's Pet bank
In an attempt to get rid of the national banks, Jackson introduced "pet banks". These were state banks that received federal deposits.
The "Pet Banks" was a derogatory term used by the opponents of Andrew Jackson to describe state banks selected to receive large deposits of government money. -
Specie circular/ Coinage Act
An executive order issued by President Andrew Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver (hard money). Trying to control the economy. -
Panic of 1837
The Panic of 1837 was a financial crisis in the United States, and wages went down while unemployment went up. Pessimism abounded during the time. The Panic of 1837 was influenced by the economic policies of President Jackson. During his term, Jackson created the Specie Circular by executive order and refused to renew the charter of Second Bank of the United States, leading government funds to be withdrawn from the bank.