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Charter of the second Bank
The federal government charted the Second Bank in part to exert control over the notes produced by the state banks. The central bank may punish speculating private banks by demanding payment in gold or silver. -
The Panic
This was when the Second Bank Of the United States was responsible for the economic disaster which was the bank collapse. It also reduced credit in a late-stage offer that had contained inflation. -
Introducing a bill
Jackson and his opponents in Congress had introduced a bill rechartering the Second Bank of the United States to create a campaign issue for the upcoming presidential election. -
Jackson Interpreted
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Jackson's Specie Circular
Jackson tried to reduce inflation by requiring public land payments to be switched to hard currency which caused most Americans to exchange paper bills for gold and silver. -
After Election
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The Panic
This had been an economic depression because of the downturn of the economy in the United States. -
Independents
Van Buren persuded Congress to establish an independent treasury system out of the concern that the federal government might lose the funds it had deposited in private banks. This proposal placed federal funds in insulated subtreasuries that had been separated from the baking system. As a result, the banking sector was stripped of funds that could have supported recovery. -
Election