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1832 Bank Recharter Bill
This bill was passed to charter the Second Bank of America. Congress had passed this bill but Andrew Jackson vetoed it. -
Jackson's Veto
Andrew Jackson vetoed the bill because he thought that the policies they had created were not right. By Andrew Jackson vetoing this bill it helped him win the re-election because the south didnt want the bill. -
Jackson Removes Federal Deposits
While Jackson was in the middle of dealing with the Second Bank he took a step forward and had removed federal deposits. Even though Jackson was basically the only one who had wanted this in the cabinet he did it anyway. -
Biddle Response
Biddle fought to keep the banks open, he even blamed Jackson for all the mess he had caused financially. Biddle asked the governor to help him by giving a speech saying to keep the banks open but since Biddle didn't lend them money the governor actually wrote a speech that was supporting Jackson instead of Biddle -
Election of 1832
Jackson won this election easily, his opponent was Henry Clay. Jackson's running mate Martin Van Buren went even further to close the National Banks. -
Jackson's Pet Banks
Jackson created 7 pet banks that were considered state banks and they received federal deposits. These banks were not very good because almost all of them failed in investments and made no money -
Speculative Boom
There was to much expectation for growth in the future that it had affected the land industry -
Specie Circular
This was after the coinage act, it is an executive order that got passed and this order was created and followed out by the president Martin Van Buren. This order stated that all the government land needed to be payed in gold or silver -
Crash of 1837
Unemployment went up, wages had went down, and people were tending to see the worst, this lasted until the 1840s.
