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2nd Bank of 1816
The 2nd Bank of 1816 of the United States was created to help bring us into a better economic shape in response to the amount of debt we had from the War of 1812 for almost 20 years. It was funded with $35,000,000 USD. -
The Panic
There was a panic about everything dropping in value almost by half. This caused bankruptcies and an unemployment rise. -
Nicholas Biddle
Nicholas Biddle became bank president and he tried to rebuild the second bank and help bring back its reputation to regain the trust of the people and to end the Panic hopefully. He was also the last president of the Second Bank. -
Andrew Jackson
Andrew Jackson is known to be completely against the National Bank and he wants to get rid of it. So then started the Bank Wars. -
Jackson’s Veto
He vetoed of the renewal of the national bank because having a national bank can be a threat because of the fact that the government has all the money of the people. -
Jackson Re-Elected
At this time when he got re-elected he is trying to mandate a ban against national bank. -
Pet Banks
Andrew Jackson removed all money from the national bank and distributed it amongst all states. This is known as pet banks. -
Censure of Andrew Jackson
The Senate did not want Andrew Jackson to create Peet Banks so this lead to a big internal political conflict. -
National Debt
National Debt has been payed off because Andrew Jackson got rid of the Second National Bank. This is the first time we fully payed off debt. -
Expired Charter
The Renewal of the Second Bank has expired and what was left of the bank became the State Bank of Pennsylvania. -
The Panic of 1837
This is when unemployment rise again and a rise in bankruptcies because they were disorganized in how to handle money and how much should be loaned. -
Election of 1840
Harrison won the election against Van Buren in 1840. This was a turning point in elections because of the way how elections were handled because political parties changed the way of advertisement by using slogans.