Jackson vs Bank

By byeah

  • Veto of the Second National Bank Re-chartering Bill

    Andrew Jackson vetoed that bill that would recharter the second national bank on the grounds that it was unconstitutional. This caused the bank's charter to expire, which would have many negative consequences, including much quicker money value deprecation that would contribute to Jackson's "Specie Circular."

  • Reelection of Andrew Jackson

    Andrew Jackson won a second term as president against Henry Clay, this second term would seal the deal for his victory against the bank.

  • Censure of Andrew Jackson

    In response to Jackson withholding documents relating to his work against the national bank, the Senate decided to punish Jackson with a censure, or a public statement of disapproval towards the president. This statement was meant to damage Jackson's reputation.

  • Baltimore Bank Riot

    The Bank of Maryland failed, causing thousands to lose millions of dollars of their savings. The Baltimore Bank Riot was the reaction of the people, a violent protest to the former directors of the bank. The people attacked the property of these directors.

  • Specie Circular

    The Specie Circular was an executive order from Andrew Jackson that declared that all government land could only be bought off with gold and silver. This order was in response to the excessive purchase of government land with rapidly depreciating paper money. The order resulted in many banks failing now that their credit was no longer of much use to them, and farmers failing now that they couldn't pay off their land.

  • Panic of 1837

    The Panic of 1837 was a financial crisis that began a major recession that lasted until the 1840's. Jackson was largely to blame for the Panic of 1837 due to the Specie Circular and his refusal to renew the charter of the second national bank.