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Jackson's Veto
Andrew Jackson vetoed the Recharter of the Bank of the United States. He claimed it unconstitutional and that it was a tool for the rich. He destroyed the bank by removing federal deposits, and transferred funds to state or "pet" banks. -
1832 Bank Recharter Bill
The Bank Recharter Bill of 1832 was a bill designed to renew the charter of the Second Bank of the United States, although Congress passed it a week later Andrew Jackson vetoed it. -
Election of 1832
For the first time in political history a third party entered into the election, the Anti-Masonic party. Although Clay had funds to back up his campaign, Jackson won again by West and South popularity votes. The electoral college favored him greatly. From 219 to 49 electoral votes Jackson won by a lot. -
Jackson Removes Federal Deposits
Jackson removed federal deposits from their vaults, and shrank existing deposits. Slowly emptying out the banks funds would make sure of the banks destruction.Removing the deposits left a big hole in the economy of America -
Biddle Response
Biddle desperately used bank loans in order to show how important the bank was by producing a small financial crisis. But as a result a few banks that were unstable were destroyed by his panic. -
Jackson's Pet Banks
The excess of federal funds were placed in state institutions or "pet" banks. But without a central bank in control they soon turned into "wildcat" banks, they printed more paper money without enough gold or silver to back it up. -
Speculative Boom
The Speculative Boom was an increase in the value of lands, this happened during Jackson's presidency after the removal of the federal deposits. This was also a change or direction that contributed to the financial panic and crash of 1837. -
Specie Circular
Was created in response to the speculative boom, it was a decree that required all public lands to be purchased with "hard", or metallic, money. -
Crash of 1837
Also known as the "Panic of 1837" was a financial crisis that was based off a major recession. Unemployment rates went up while profit, prices ans salaries went down.
