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Second National Bank
this bank was created to stabilize the economy after the war of a812 and it expenses. this bank had to be created because the charter for the original national bank, founded by Alexander Hamilton, expired in 1811 right before the war of 1812 causing a need for a new one. -
Panic of 1819
This panic was the first major economic crisis that the U.S. had undergone, it led many Americans to distrust the bank, including president Jackson. The bank was a main cause of this panic because it lended out too many loans to farmers and eventually ran out of money. The bank had to recall these loans but could not sell the land that was bought because very few people had money due to jobs being cut, houses, and land being foreclosed on. -
Jackson's Veto
Jackson vetoed the bill that congress passed to recharter the National Bank. along with this veto, he argued as to why he did it. in his address he explained that the bank was too concentrated in power with the select few individuals. He based the argument around making the people feel as if their rights were being infringed on. -
The Battle of Recharter
the battle of recharter was one of the most important issues in the bank war. in 1832 the bank introduced a recharter bill, 4 years before its term was up, because the bank did not think Jackson would make such a big decision and veto the bank during an election year, trying to make it difficult for him to win without a standpoint of the bank. Jackson did it anyways. -
Election of 1832
The election of 1832 was after Jackson's 1st term and he was running for his second term. Jackson won this by electoral vote because people believed he was a defender for the rights of people, he received 219 electoral votes while the other 3 candidates received 67 votes combined. -
The Whig Party
The Whig Party, founded by Henry Clay, Daniel Webster, William Henry Harrison, and Zachary Taylor, was founded in 1833 to oppose Jackson and make the people believe he was abusing power with his veto of the recharter. Whig was a British term for people who opposed them. -
Bank war
"The Bank War" was the name of Jackson's campaign which was designed to eliminate the powers of the National Bank along with the bank itself. The Bank War started in 1832 and finished in 1836 because that is when the charter expired for the bank. -
Federal Deposits Removed
Jackson ordered that all federal deposits be removed from the Bank and moved into state banks. This act weakened the bank overall but when Nicholas Biddle retaliated with restricting loans and Jackson could not withdraw the funds, which made people suspicious of the powers of the bank. -
Bank license expires
when the bank license expired this Tok the economy into a downward spiral because there was no more order in currency and states started irresponsibly authorizing citizens money, and led to the panic of 1837. the bank was deemed as unconstitutional because people felt like it had too much power and too much control. -
Election of 1836
This election is important because in it the Whig Party had several candidates rather than its usual one candidate, so they would have a better chance of power, because they believed no one would get the majority vote and it would be sent to the house of reps. for deciding, while the Democrats only had one candidate. The Democrats did win the electoral vote with 170 votes, while the other 4 candidates combined for 124 votes. -
Panic of 1837
The panic of 1837 started after the bank was caused after the bank was taken down as well was when Jackson passed the Specie Circular bill which meant that public lands could not be bought with paper currency, but instead lands had to be paid for with gold or silver. the panic was the stock market crashing -
Election of 1840
This election was a lot like the campaigns we see today, they had songs, rallies and slogans. Van Buren, up for re-election was not victorious in this because the whig party capitalized off of his mistakes and discomfort. William Henry Harrison won the electoral vote and the popularity vote over Van Buren. Harrison was the first president from the whig party.