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2nd National Bank
2nd National Bank chartered -
Tariff of Abominations
Protective tariff passed by U.S. Congress, which was designed to protect industry in Northern states. Infuriated Southerners because it's raised to it's highest level, cutting a lot of profit from them. -
South Carolina Exposition and Protest
Written by Vice President John C. Calhoun, it stated that states had the right to nullify oppressive national legislation. -
Hayne-Webster Debate
Webster: Argues for nationalism
Hayne: Argues for State's Rights -
Veto
Jackson vetoes a bill that would have renewed the charter of the 2nd National Bank. -
Biddle Petitions
Senators Henry Clay and Daniel Webster convinced bank's president, Nicholas Biddle to petition for early renewal of the bank (4 years). -
Tariff of 1832
Lowers tariff -
Jackson's Veto
Jackson wins re-election and vetos early charter of bank. -
Ordinance of Nullification
Congress proposed and Jackson signed a bill that revised the tariff, but South Carolinians weren't happy. Ordinance of Nullification declared both tariffs of 1828 and 1832 null and void within state borders. -
Jackson's Proclomation
Said South Carolina was on the brink of treason, and that he would personally lead the U.S. Army to enforce the law if he had to. -
Tariff of 1833 (Compromise Tariff)
Sponsored by Henry Clay, stated that all duties excess of 20% of the value of the goods imported were to be reduced year by year, so by 1842 all the duties would be moderate with the tariff of 1816. Ended the Nullification Crisis -
Force Act
Said that Jackson would lead army to S.C. to stop the trouble -
Jackson Removes
Removes all money from national bank and deposited in state banks (pet banks) -
Whig Party Formed
National Republicans and Jackson Democrats who supported the bank. -
Specie Circular
Required gold for purchase of land -
Van Buren
Elected V.P. -
Panic of 1837
Caused by Jackson not renewing the national bank and moving federal funds to smaller state banks. Due to differences in credit policies, some banks began to close down, businesses bagan to fail, and people lost their land which lasted until the 1840s. Profits, prices, and wages went down while unemployment went up. Pessimism grew. Van Buren blamed for this. -
Van Buren Loses
Whig candidate WIlliam Henry Harrison becomes president (dies 38 days into term). V.P. John Tyler becomes president (no one expected him to be V.P. or president [fall back plan])