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Biddle's Response
After Jackson vetoed the 1832 Bank Recharter Bill, Biddle panicked and called in all of the bank's loans in hopes to create a minor financial crisis. He wanted to show the importance and influence of the bank so he could hopefully continue it. -
Speculative Boom
The Speculative Boom of 1832 was halted drastically when Jackson made the Western Frontier start using the coined metal money. This helped ease the econmiic downfall that was eing created. -
1832 Bank Recharter Bill
Some members of Congress wanted to Recharter the Federal Bank while under President Jackson's term, even though he despised the banking system. They thought that if he vetoed the bill hed loose public support for the next election. Jackson ended up vetoing the bill and he won additional support and won the next presidential race. -
Jackson's Veto
President Andrew Jackson Vetoed The 1832 Bank Recharter Bill because he did not like the way the banks were formed. He had said that it gave too much power to its investors. Even though the Bill was Constitutional, he still vetoed it causing much debate on whether his actions were personal. This had also created the Whig party because he thought he was above the Constitution. -
Election of 1832
The election of 1832 saw Andrew Jackson being reelected for a second term after his controversial veto of the 1832 Bank Recharter Act. Many thought that since he vetoed the act, he would lose many of his voters and cause a landslide victory for his opponent. The public rallied behind him and carried him back to the white house. -
Jackson Removes Federal Deposits
Jackson removed the federal deposits from the bank and used it to fund his many "pet" banks. This caused him to lose support in Congress which made it so that he couldn't do anything effectively in his term as president. -
Jackson's "Pet" Banks
Jackson tried to eliminate the federal government by creating "pet" banks within states. Many of these banks were established, this increased the amount of paper money floating around in circulation. Thus the economy fell drastically. -
Speculative Boom
With the addition of all of the new "pet" banks by President Jackson, there was a large amount of money in ciculation which made the value of it decease drastically. -
Specie Circular
President Andrew Jackson issued an executive order which made it so that any public property that was going to be purchased needed to be payed using gold or silver in hopes that people would not buy things with depreciated money. -
Crash of 1837
The crash of 1837 was a financial crisis in the United States that sparked a major financial recession that lasted well into the forties. Many people in the West borrowed money so they could gamble, then they would lose the money and not be able to pay off the debt. Crop failures made the prices for wheat sky rocket.
