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Charter of the 2nd Bank
The establishment of the second bank was carried out in 1816 after the failure of the first and was signed off by President James Madison. Much like the first, this bank served as a way to stabilize the country's economy. -
Panic of 1819
The Panic of 1819 was the first national financial crisis. The Panic of 1819 made the trade after the War of 1812 come to a stop. Because of this many banks failed, many people lost their jobs, and many farm land prices were cut. -
Election of 1828
The Election of 1828 was the election that Andrew Jackson essentially won to become President of the United States. In this election, Jackson got more than 505 of the popular vote and 178 electoral votes. This election was important because it showed the people of America an example of the two-party system. -
T.H Benton's Speech
The bank caused a lot of controversy. Thomas Hart Benton, the senator of Missouri, gave a speech against the bank, argued for hard money against paper money, and wanted a debate on rechartering the bank. -
Election of 1832
The election of 1832 went on between Henry Clay and Andrew Clay. The bank was a very popular issue in this election and Andrew Jackson was very opposed to the Bank. While Clay argued to recharter the bank early, Jackson argued that the bank was unconstitutional. -
Biddle's Response
Biddle's response to Jackson's veto and his withdrawal of all deposits was restricting bank loans. This would cause the people to be outraged and aim it at Jackson so that they would reinforce the recharter of the Bank. Instead of this plan succeeding it backfired and caused financial distress to the nation. -
Jackson's veto
President Andrew Jackson felt like the Bank of the United States was unconstitutional. Therefore, when Congress wanted to charter the Second National Bank, Jackson vetoed this bill. -
Jackson's Withdrawal of Deposits
In order to make the Bank weak, Jackson told all government that deposits should be withdrawn and put into state banks. -
Pet banks
Pet banks, which is another term for state banks that certain states had had a little more power than regular banks and received more Treasury Funds. essentially the money of the failed second national bank was put into state banks. These banks were also the cause of Jackson ordering governments to withdraw all deposits. -
Specie Circular
The Specie Circular was an executive order that President Andrew Jackson initiated that required commerce in government lands to be in gold and silver and not paper. Jackson did this because cut the growth of of paper money and to protect federal revenues. -
Panic of 1837
The Panic of 1837 was the second financial crisis in the United States. Because of the expiration of the second national bank ending in 1837, Biddle, the president of the bank, turned it into a state-chartered bank, and states essentially started going into a lending spree with money. This led to a very bad road of inflation and many banks closing. -
Election of 1840
In this election candidates William Henry Harrison and Martin Van Buren ran against each other. Harrison was for the Whig party while Buren sided with Democrats, who supported Jackson's ideals. Harrison won the election but died 32 days later from a terrible cold. Harrison's vice president took his place, integrating Whig political opinions into the government. It marked the first time the Democratic party had lost the election.