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Bank Recharter Bill
The Bank Recharter Bill was a charter requesting for a new Bank of America to Andrew Jackson. Jackson was popular for advocating for States rights but with this Charter he quickly denied a renewal of Bank. There were several issues with the current Bank of America such as it simply being unconstitutional and the Bank giving off the impression of favoring the North over the people living in the South & West. -
Jackson's Veto's
Andrew Jackson made the bold decision to veto The Bank Recharter Bill. This created tension in congress because they felt like Jackson was taking advantage of his executive power. Everyone noticed this and a lot of people became very angry with Jackson such as Nicholas Biddle, Henry Clay, and Daniel Webster. -
Election of 1832
The Election of 1832 was a very competetive election between Andrew Jackson & Henry Clay. Jackson was on the mission to completely get rid of the National Bank while Henry Clay supported the idea of a National Bank. The opinions of the country highly varied and were all over the place, Some how Andrew Jackson won the election by a great majority and was given permission to act however he wanted regarding the debate over a National Bank. -
Jackson removes Federal Deposits
Fresh into his 2nd term as President, Jackson starts off by roughly taking almost all of the money saved in the National Reserves and giving it away to small banks he created for each individual state. These small banks were known as "Pet Banks" As crazy as this was it was actually intended on purpose to destroy the National Bank as quickly as possible and it succeeded which eventually lead the US into an economic crisis. Congress was appaulled and action to go against this was coming quickly. -
Biddle's Reponse
Nathaniel Biddle who was the President of the National Bank began to fight back for the Charter of the Renewal of the Bank of America. Biddle responded against Andrew Jackson's unconstitutional actions and rallied a big group of supporters, Congress even agreed with Biddle but Jackson quickly vetoed once again. -
Jackson's Pet Banks
Jackson's Pet Banks are the small banks in each individual state that I mentioned earlier. These banks were privately funded by Jackson depositing federal money into them. This concept destroyed the economy and National bank and this showed people the importance of making sure the Bank of America is strong and stable. -
Speculative Boom
The term "Speculative Boom" is the fake act of pretending that money and the economy is growing. Due to the pet banks people were under the influence that just because money from the federal government was going straight to the States that they were becoming more wealthy when in reality money was just being over spent and abused. -
Specie Circular
This was another act created by Andrew Jackson with the help of the new President Van Buren. The Specie Circular act consisted of the idea that in order to purchase land you are required to pay in gold or silver. The people became furious with Van Buren rather than Andrew Jackson but this led to a major decrease in the value of paper money. -
The Crash of 1837
The Crash of 1837 was the moment all of Congress and the people saw coming. This act was the official failure of the National Bank. With all the overspending it finally led to the economic crisis that everyone saw coming. American goods lost value, businesses failed, and the pet banks failed as well. Congress was officially lost and out of options.
