-
Second National Bank (2nd Bank of the United States)
Was created on April 20th, 1816, with it to be chartered for 20 years. The whole idea of the Second National Bank was for it to help the economy whenever they were struggling and needed a way to heal financially. -
Bank Recharter Bill
On January 9th, 1829, the Bank Recharter Bill was passed by the United States Congress. The whole purpose of this bill was to discuss about the Second National Bank's charter and decide whether or not to renew it. Jackson had objected to the Second National Bank's charter renewal during the discussion because he thought it just interfered with state rights and was unconstitutional. -
Election of 1832
On November 2nd, 1830, the Election of 1832 had begun. This election was between Andrew Jackson and Henry Clay, and during this election it had caused the country to become split in two. This election had confirmed that manufacturers, businessmen, and the general populace all desired to increase their fortune (they would do this by using reliable money). -
The Speculative Boom
The Speculative Boom had arose as a result of the booming economy and rising stock indices. This would ultimately result in excessive spending, and will also later on be the result of the economy collapsing. -
Biddle's Response
During 1832, Nicholas Biddle, the Second National Bank's president, had decided to secure the financial system by limiting bank loans. Because of this, Biddle's plan was unsuccessful and led to financial crisis in the economy. -
Jackson's Veto
On July 10th, 1832, had decided to veto the renewal of the Second National Bank. Along side with this, he didn't have any trust in the Second National Bank in which was his reason to veto the renewal. After his veto, the Second National Bank came to an unavoidable end. -
Whig Party
During 1833, the Whig Party was created by Jackson. The whole purpose of the Whig Party was that they preferred Congress' legislative authority above presidential decrees as a way to rein in these presidential excesses. -
Pet Banks (Jackson's Pet Banks)
Jackson established the Pet Banks in September of 1833. Jackson put the federal funds he withdrew from the national bank in these banks. Jackson had also attempted to destroy the new national bank with this, but it backfired on him and affected the economy's finances. -
Removal of Federal Deposits (Jackson)
On September 9th, 1833, Jackson tried to remove federal deposits from the bank after the election, sparking a political uproar in the process. The bank's charter granted the secretary of the treasury the authority to withdraw government deposits from the institution. With this, it had also obliged him to explain his reasoning to Congress before letting him withdraw government deposits. -
Specie Circular
On July 11th, 1836, The Specie Circular was a presidential decree signed by Andrew Jackson mandating that all payments for the acquisition of public lands be made in gold or silver. -
Panic of 1837
During March, 1837, the Panic of 1837 had begun. The Panic of 1837 was a major slump that started as a result of a financial crisis in the United States. Profits, prices, and wages all decreased during this financial crisis, and there was a rise in unemployment and pessimism. -
Election of 1840
The Election of 1840 happening during 1840. During this election, the economy still hadn't recovered from the Panic of 1837 and were still divided, and with this, Democrats' opposition to maintaining the national banking system. After winning, Harrison had died a bit shortly after winning and becoming president.