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Second National Bank Established
In 1816 the second national bank was established and would have a charter of 20 years. This was a bold decision as most Americans were not fond of the idea. They felt that it was only for the wealthy. As an effect, this would raise tension in America between the states and the government vs the people. -
Recharted Bill Passed
Henry Clay passed a bill that recharted the Second National Bank, while the bank was only supposed to be chartered for 20 years, the renewed it to be even longer. This would cause a lot more tension in the people. The people were looking to Jackson to stop this and Henry also did this not just for political reasons but also to help aid in his success in the election. -
Whigs Being Offical
Near the end of Jacksons' Presidency a group of men created a political group called the Whigs. They were all united in their hatred for Jackson. -
Jackson Vetos Bill of 1832 & Diverts Federal Funds
Jackson vetos the bill that Henry Clay proposed. As a result, Jackson decided to end all deposits or government money to the bank. Instead of this money going to the Second National Bank he would propose that the money goes to various state banks. This would please the American people as most of them did not support the bank. -
Specie Circular of 1836
This was another order made explicitly by President Andrew Jackson that required payment of lands to only be paid in gold or silver. As a result around the same time, Congress would pass a bill to take away all "pet" banks' federal deposits. 35 million dollars would now go to state improvements and state banks. -
Panic of 1837
The Panic of 1837 would be a depressive episode for the United States of America, caused by the depletion of national funds, inflation high, and thousands out of work. Cotton prices were cut in half. The American people would stay under this depression until the late 1840s. -
Independent Treasury System
Van Buren proposed this idea to congress in 1840. This would be the compromise that the United States needed. This bill would keep federal funds under lock, and would not be used for any banking systems. As a result of this, the banking systems would be taken of their funds and those funds would have helped aid in recovery. -
The Election
The winner of the 1840 Presidential Election would be William Harrison as he easily defeated Van Beaurn and he had the support of the Whigs party.
