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Jackson Vetoes Bank Renewal
Jackson distrusted banks and thought they had too much power he also thought they favored the rich. -
Senate Censors Jackson
Jackson was censored because he put federal funds in state banks. -
Jackson Puts Money In Pet Banks
Jackson takes money out of banks and puts it in state banks which came to be known as his "pet banks". He did this to destroy the banks. -
Second Bank Goes Out Of Buisness
Because Jackson was taking money out of the bank it closed. -
Specie Circular
Pet Banks gave out too much paper money and caused inflation. So Jackson would only allow gold and silver to buy land -
Nicholas Biddle Says No More Loans
Biddle said Jackson must pay the penalty for fighting the banks so he demanded that old loans be repaid and no new loans could be given. -
Martin Vann Buren Takes Office
He was Jacksons vice president, won the election because Jackson had been so popular. -
Banks Run Out Of Gold And Silver
Started a depression. In states like ohio, many lost all their savings from the banks closing. Some people in ohio even tried to print their own money. -
State Banks Start To Accept Pay In Specie
Banks will only accept Specie as payment. -
Whigs Take Control
Whigs opposed the concentration of power in the presidencey the whigs choos William Henrey Harrison to rum for president because he didn't have strong political views.