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Second Bank of the United States
The Second Bank of the United States was approved in April 1816, and it began operating on January 7, 1817. The bank was given a 20-year charter, but it was hated by many Southerners, businessmen, and Andrew Jackson. -
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The Panic of 1819
The Panic of 1819 was a financial crisis lasting from 1819 to 1821. The Panic was caused by the Second Bank of the US's irresponsible lending practices. This crisis furthered distrust in the bank, contributing to the Bank Battle. -
Election of 1828
The election of 1828 reintroduced the two-party political system due to the extreme division created during the election. It was also one of the most vicious elections, despite Jackson winning by a landslide. Jackson's success in this election was dependent on his anti-Bank of the US beliefs. -
Recharter Bill
Before the Second Bank of the United States ended its 20-year charter, Nicholas Biddle attempted to recharter the bank before Jackson's predicted reelection. Jackson vetoed the bill, however, and further attempts to overrule the veto failed. -
"Pet" Banks
"Pet Banks" were state banks that were chosen to receive redirected funds from the Second Bank of the United States. He also prevented any money from being deposited into the Banks. Jackson did this in an attempt to take power from the SBUS, but his decisions were viewed as unconstitutional. -
Panic of 1837
After Martin Van Buren replaced Jackson as President, the country fell into a depression. Because Jackson's actions caused an increase in both manufacturing and debt, a financial depression was bound to occur. Many also believe that state banks had too much power under the Jackson administration, allowing them to flood the market with bank notes, which increased inflation. -
Election of 1840
The election of 1840 was one of the first elections in which the new two-party system was fully developed. William Henry Harrison, a Whig, won the election by a landslide. His winning margin can be attributed to the Whigs' election strategy, which was to nominate a Democrat VP to run with Harrison, hopefully drawing in Democrat voters. The Whigs were shortly able to prevent a mainly Democratic Senate, but Harrison died shortly after his inauguration.