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Jackson's Veto
Andrew Jackson ended up vetoing the bill that was meant to recharter the bank, even if congress had passed it. Which caused him to gain the unpopular vote because most of the people believed the bank for part of the American process. -
1832 Bank Recharter Bill
Henry Clay and Daniel Webster had convinced the bank's president into renewing the bank as it was set to expire in 1836. This was a choice made to make Andrew Jackson look bad. -
Election of 1832
Jackson was reelected for president, even if people believed that he was going to lose due to how he had vetoed the bill to recharter the bank. In the end, his victory had practically destroyed political parties. -
Jackson Removes Federal Deposits
Jackson believed that if he removed the federal deposits, he could destroy the second Bank of America. Considering that Jackson was reelected, he was able to take down the bank if he saw necessary. While the South agreed with him, the North did not. In the end, Jackson was putting deposits into state banks. -
Biddle Response
Angry, Biddle called back in his bank loans since it could have led to a minor financial crisis. This proved how necessary the bank was for America to thrive. -
Jackson's Pet Banks
In a final attempt to completely destroy the bank, Jackson created seven "pet" banks. These were seven state banks that were built in order to hold the federal deposits seeing as how he believed that the federal government had too much power already. -
Specie Circular
An executive order issued by Jackson that forced citizens to pay for their land in gold and silver, this was fueled by the desire of wanting to end the use of paper money. In the end, it led to an economic crisis due to only being allowed to pay with coin money. -
Crash of 1837
Many people were starting to become poor due to the destruction of the banks. This started an increase in unemployment and a decrease in prices and wages. So many became bankrupt with no way to support themselves.
