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Jackson's Veto
President Andrew Jackson vetoed the bill for Second National Bank because he believed it was unconstitutional, and dangerous to rights of the people. -
The Bank Recharter Bill
The First National Bank charter expired in 1811. In 1832 Congress propesed the renewal of the bank creating a Second National Bank. This decision was supported by Northerners and the wealthy, and southerner and the common man beleived it was unconstitutional. President Jackson veoted the renewal of the bank. -
The Election of 1832
Democratic Andrew Jackson defeated Republic Henry Clay in the election of 1832. This election was significant because even though Jackson vetoed the second bank he still gained support from the common man and won the election. -
Jackson Removes Federal Deposits
Jackson removed all fund from the second bank and distributed them to several state banks also known as Pet Banks that would lend money to the common people, in order to kill the forming the of the second bank. -
Biddle Response to the Pet Banks
Nicholas Biddle was a financier that fully disagreed with Jackson's opinion of the second bank and his action of giving the pet banks money, and Biddle blamed all their financial issues on Jackson. -
The Specie Circular
This was an executive order issued by President Jackson that required payment for government land in silver and gold rather than paper money. This was done to prevent the banks from giving out loans that they couldn't pay back.