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The Second National Bank
After the First National Bank was not re-chartered in 1811 after its expiration and many disregarded the need for one. However, during James Madison's Presidency, he charted the Second National Bank that would last for 20 years. The bank was created in order to stabilize the banking system and control the national currency. However, the bank was very unpopular in the states and territories as they saw this as a virtual monopoly over the nation's currency and some believed it helped out the rich. -
The Panic of 1819
There was a huge financial panic as there was a rise of unemployment, mortgages foreclosed, and agriculture collapsed. This was as a result of the Bank handing out loans to anyone and then when the loans were to be paid back, the businesses were not able to provide that money back. -
Election of 1828
The Presidental Election of 1828 was between John Quincy Adams and Andrew Jackson. This was the first time since the disbanding of the Federalist that two parties would be going up against each other, the Jacksonian Democrats and the National Republicans. After a lot of slander from both parties, Jackson won the election with 178 electoral votes against Adams who had 38 votes. -
Jackson's First Annual Address
President Jackson's first Annual Address had small signals that would eventually erupt the bank war. Within his address, he questions the Constitutionality and convenience of the bank and mentions that it has even failed to establish a stable currency. -
Petition for Re-charter
In January of 1832, a request to re-new the charter for the second bank was sent to Congress, even though there were still four years before the charter expired. This bill passed in both the Senate and the House of Representatives. Henry, Clay and Daniel Webster were some of Jackson's opponents in Congress that favored the passing of this legislation. Although the bill passed in both houses of Congress, it was vetoed by President Jackson. -
Jackson Vetos Re-Charter Petition
President Jackson vetoed the legislation passed by both houses to re-charter the National Bank. He also began his campaign in order to stop the bank from being apart of the government. This helped him gain popularity for the next Election occurring that same year. -
Jackson's Pet Bank
President Jackson officially shut down the Second National bank and the funds within the bank would be removed and put towards paying government expenses. Afterwards, this money would no longer be placed into the government bank but rather re-directed to state banks that were managed by acquaintances of Jackson. These banks would be considered as Jackson's "pet banks." -
The Whig Party
The Whig party was created to be the political opponent against Jackson. The party was established by Henry Clay, a congressman at the time, who had great political opposition to Jackson. They began to portray Jackson as a tyrannical king. -
Re-election of Jackson
Andrew Jackson and Henry Clay went head on in the Election of 1832. Jackson won this election and went on to continue his campaign against the bank. -
Election of 1840
The Election of 1840 involved the competition between Whig candidate Henry Clay and Democrat Martin van Burden. This election ended the Jacksonian Democratica era after Henry Clay won the election.