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Charter of the 2nd Bank
The charter of the Second Bank of the United States was signed into law on this date. The bank was given a 20-year charter to operate as the national bank of the United States. It was intended to regulate state banks and manage the national debt. -
Panic of 1819
The Panic of 1819 was the first major financial crisis in the United States. It was caused by a combination of factors including land speculation, a collapse of credit, and a sudden decrease in the price of agricultural goods. This led to widespread foreclosures, bank failures, and unemployment. -
McCulloch v. Maryland
In this landmark Supreme Court case, the state of Maryland attempted to tax the Second Bank of the United States. The court ruled that the state tax was unconstitutional, affirming the supremacy of the federal government over the states in matters of banking and finance. -
2nd National Bank President: Nicholas Biddle
Nicholas Biddle assumed the presidency of the Second Bank of the United States. Under his leadership, the bank expanded its influence and became a central player in the country's financial system. -
Election of 1828: Andrew Jackson
Andrew Jackson, a strong critic of the Second Bank, was elected as the 7th President of the United States. His presidency marked the beginning of a bitter political battle between him and the bank. -
Recharter Bill Veto
President Jackson vetoed the recharter bill for the Second Bank of the United States. He argued that the bank was unconstitutional and favored the wealthy elite over the common people. -
Election of 1832: Andrew Jackson (reelection)
Despite his opposition to the Second Bank, Jackson won re-election as President. His victory signaled a public rejection of the bank's influence and policies. -
Federal Deposits Removal
In an effort to undermine the Second Bank, President Jackson ordered the removal of federal deposits from the bank and their relocation to state banks, or "pet banks," leading to a contraction of credit and financial instability. -
Jackson's censure
The U.S. Senate censured President Jackson for his actions in removing the federal deposits from the Second Bank. This marked a significant clash between the executive and legislative branches of government. -
Specie Circular (1836)
President Jackson issued the Specie Circular, requiring payment for public lands to be made in gold or silver. This policy aimed to curb speculation and stabilize the economy, but it contributed to a contraction of credit and a subsequent economic downturn. -
Panic of 1837
The Panic of 1837 was a financial crisis triggered by a series of events, including the failure of banks, a credit crunch, and a decline in international trade. The economy plummeted into a severe depression, leading to widespread unemployment and hardship. -
Election of 1840: William Henry Harrison
Following the presidency of Martin Van Buren, William Henry Harrison was elected as the 9th President of the United States. His election marked a shift in the political landscape as the country grappled with the economic aftermath of the Bank Battle era.