The bank battle

Charter of the second bank

1816

The second national bank was created after states tried to regulate their own money with their own banks but ended up confusing the nation and causing inflation. The bank was established for 20 years and was opposed by newer states and Jackson and his supporters deeming it a monster and eventually winning the fight over it.

Panic of 1819

1819

This was one of the biggest economic panics during the bank wars. During this lots of people lost their jobs banks all around failed and foreclosures as well as a drop in agriculture prices occurred .

Jacksons Veto

Jun 10, 1832

This was the veto of the Second National Bank by Jackson. He decided to veto the bank because he deemed it unconstitutional and not within the powers of the government as well as a danger to the people's liberties. congress did try to get this overturned but their efforts failed as the veto ended up being passed.

The election of 1832

Nov 2, 1832

This election was between Andrew Jackson and Henry Clay. During this election the issue of the national bank

Pet banks

Sep 1, 1833

Pet banks referred to by the opposing side of Jackson were state banks that were chosen to hold the remaining money from the second national bank. Because of this decision, the union ran on regulating funds from the state banks which caused periodic panic.

Biddle response

Sep 25, 1833

Biddle was in charge of the National Bank and supported the keeping of the bank as he felt it was vital in keeping the economy stable. So when Jackson vetoed the renewal of the bank Biddle responded by stating the bank would only limit credit and call in loans.

Speculative Boom

1836

The speculative boom was a prediction of the rise in the economy from the increase in population due to westward expansion.

Panic of 1836

1836

The Panic of 1836 was severe to the economy of the US as it brought more depression to the nation. Specifically, this panic brought about poverty and more drops in prices for agriculture such as cotton. Furthermore, the cause of this was due to the need to trade in gold or sliver which restricted trading or made it harder.

election of 1840

1840

This election was fought between Andrew Jackson and William Henry Harrison. This diplomatic battle was during an economic depression the nation was facing severe problems. This election was won by Harrison and his party called the Whigs which were a group of people that opposed Jackson's tyrannical rule but even though they were united on that front they were also divided on who should rule

Jackson specie Circular

Jun 11, 1863

This event was an act or rather an executive order made by President Jackson that purchased public lands needed to be paid in either silver or gold. Jackson had this enforced for the reason of not wanting paper money to become more circulated in the economy even though it was a big deflationary and at the time was needed considering there were panics due to the regulation of money by state banks.