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1832 Bank Recharter Bill
In 1832 the Bank Recharter Bill was showed to the House of Representatives and the Senate. It was approved by the House and the Senate. The Whigs agreed with the rechartering of the bank. The Democrats disagreed with the rechartering of the bank. -
Jackson's vetoes
In July of 1832 Jackson decided to veto the recharter of the bank. In his veto explanation it said that the bank recharter was not fair. That bank had too much power over the market. The Whigs were upset that Jackson vetoed the bill. The Democrats were happy, because they did not like the bank. This veto made it seem like President Jackson thought he was above the constitution. -
Election of 1832
The election of 1832 consisted of Andrew Jackson who was the Democratic nominee. The National Republican nominee was Henry Clay. Jackson won the election with 219 electoral votes, Clay only had 49 electoral votes. The Democrats were very happy that Jackson won the election. The Whig party was not that happy since Jackson just denied the bank. This election marked the end for the National Republican party. -
Biddle Response
In 1832 Biddle who was in charge of the Bank of the United States had to confront president Jackson about rechartering the bank. Jackson wanted to get rid of the bank. Biddle did everything he could to get the bank rechartered. Congress passed the bank, but Jackson decided to veto it. The Whigs agreed with Biddle because they liked the bank. The Democrats did not agree because they did not like the bank. -
Jackson Removes Federal Deposits
In 1833 President Jackson decided to move government deposits that were originally in a federal bank to the state banks. Jackson had a meeting with his cabinet and suggested that the central bank should be located in Washington D.C. and have branches and all the states. He stated the government should have more control over the banks. The Democrats Were happy about this because they wanted to government to spread their power. The Whigs were not so happy by this. They insulted Jackson’s actions. -
Jackson Pet Banks
In 1833 President Jackson decided to put the government deposits in states banks. The state banks got the nickname of Jackson’s pet banks. The Democrats were not happy about this because the phrase “pet banks” was used to make fun of Jackson’s actions. The Whigs agreed with it because the were not happy about what Jackson did with the banks. -
Speculative Boom
The Speculative Boom started in 1833. A Speculative Boom is the idea that money is plentiful and the economy is great. People started to overspend and overuse their money not realizing how much debt that they were getting into. Both the Whigs and the Democrats were overspending money. -
Specie Circular
The Specie Circular was an order by President Jackson in 1836. The Specie Circular required that all government owned territory had to be paid with gold or silver. It was created to control the amount of land people own and to reduce the expansion of paper currency. The more poor Whigs were disappointed because they could not really get land. Most of the Democrats were okay because they were among the rich. -
Crash of 1837
The Crash of 1837 happened because of the Speculative Boom that started in 1833. The four years of overspending had major consequences. The crash was also known as a panic and it won’t be our only one. It was really a wake up call to the Whigs and the Democrats that they needed to be more careful with how they are spending their money.
