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The Bank Recharter Bill of 1832
The National Bank is due to be renewed, but President Andrew Jackson opposes the National Bank. Congress passes the bill to be renewed, but Jackson veto's it. He believed that the bank was in favor of the North, and didn't benefit the south. Him vetoing the bill eventually helped him win presidency in 1832. -
Jackson's Veto
Jackson Veto's the charter of the Second Bank of the US. He does this because he believes that it is unconstitutional. Congress votes to reauthorize the bill, Jackson promptly veto's it. This does cause Jackson to loose some support in Congress. -
Election of 1832
Andrew Jackson, representing the democratic party and also dislikes the idea of National Banking. He is going up against Henry Clay, who is part of the National Republican party. Jackson ultimately wins his second term. Many Northerner's are angry about this re-election. -
Biddle's Response
Nathaniel Biddle was president of the National Bank. In order to save the bank he rallied supporters and spoke out against Jackson. Congress once again votes for the bank, but Jackson also vetos once again. Biddle and his supporters feel that Jackson is abusing his power. -
Speculative Boom
In a Speculative Boom, it is believed that there is a money surplus and the economy is growing. People thought that they were receiving large sums of money from the National Bank. Therefore they were spending that money, creating inflation. -
Jackson's Removal of Federal Deposits
Andrew Jackson takes all of the money out of the National Bank, and deposits it into all of the state banks. This creates a collapse in the National Bank, also a economic crisis for the US. -
Jackson's Pet Banks
Pet banks were the state banks that Jackson was sending the money to from the National Bank. This did hurt the economy a lot, but it showed people the importance of state banks. -
Specie Circular
Created by Andrew Jackson, but President Van Buren enforces this act. Land had to be purchased with gold and silver. This greatly depreciates the value of the paper dollar. This also lead to the realization of the need of a national bank. -
Crash of 1837
Extreme Inflation and the fall of the national bank makes businesses fall through. Along wit that, people loose their jobs and money.
