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Creation of the Second Bank of the U.S.
The first bank of the U.S. expired in 1811 and for a few years, the American bank system was in the hands of charted state banks, but soon it became clear that state charted banks cannot provide the nation with a reliable currency. So a new bank the Second Bank of the U.S was charted for another 20 years. -
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The conceptions about the Second Bank
The Second bank was not popular with the new states and territories, especially with local bankers who believe that the states depended on credit and poor people who believe that this aided the wealthy more than the poor. -
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Jackson's Interference with the Second Bank of the U.S.
Andrew Jackson was known for being a man of the people so he defended their beliefs of the Second National Bank being unfair. He politically fought against the Bank of the U.S. which led to a split in his cabinet and congress's attempt to renew the Bank early but Jackson vetoed it. All of this took place during Jackson's
re-election in the year 1832 and Jackson's promise to empower the common man of America helped him win the election. -
Formation of the Whigs Party
The whigs formed after the election of 1832 from the influence of Henry Clay and Daniel Webster -
Second Bank's defeat
President Jackson announces that the government would not be using the Second Bank of the U.S. any longer, on September 10th he used his executive power to remove all federal funds from the bank. -
Second Bank's death
The Second National Bank expired in 1836 and after this America would not have a central government until 1913 -
Election of 1840
This election's candidates were Henry Harrison of the Whigs Party and John Tyler of the Democratic Party, Henry Harrison won the election but died within the first month of his inauguration then Tyler became President this establishes that the Vice President takes office when the president dies.
