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Biddle Response
Biddle, president of the Bank of the United States, argued against Jackson about rechartering the bank. In response to Jackson's claims about getting rid of the bank completely, Biddle began to make efforts in rechartering the bank. His efforts created a congressional committee appointed to investigate the Bank. The rechartering of the Bank was passed in congress, but Jackson vetoed it. -
Bank Recharter Bill
The National Bank was facing the question of renewal. President Jackson, supporter of state's rights, rejected the renewal of the bank. The issue of the bank's constitutionality power should lie resurfaced, forming different platforms of the upcoming elections. -
Jackson's Veto's
Andrew Jackson vetoed the Bill for rechartering the Second Bank. Jackson argued that the Bank's charter was unfair because it gave the bank monopolistic market power. The market power increased the bank's profit, along with it, stock price. He suggested that it would be fairer to the majority of Americans to crate a wholly government-owned bank instead. -
Election of 1832
The election of 1832 was the first election where respected parties would hold nominating conventions. It also included for the first time a third party, the Anti-Masons. The three nominees included Andrew Jackson, Henry Clay, and William Wirt. The Anti-Masons party presence was a great help to the Jackson's campaign. -
Speculative Boom
The false notion that money is the abundance and the economy is growing. People thought they were becoming richer because federal money was moving closer to home. This led to the period of overspending and the abuse of money, which would lead up to the Crash of 1837. -
Jackson Removes Federal Deposits
As an effort to retaliate against the bank, he removed federal government deposits and placed them in the "pet" banks. He consulted his cabinet on the wisdom of removal. The bank's charter gave sole authority to remove federal deposits. In March, the House of Representatives voted overwhelmingly that the deposits were safe. To ease the removal he raised Louis McLane to the State Department and appointed the bank opponent William John Duane secretary of the Treasury. -
Jackson's Pet Banks
As an attempt to eliminate the Bank of the United States resulted in the raise of the seven "pet banks," that received deposits of federal money. The use of the pet banks resulted in the national financial panic that year. -
Specie Circular
Specie Circular was an executive order Andrew Jackson issued that required payment for the purchase of land with gold or silver. Jackson directed the Treasury Department "pet" banks to accept specie as payment for government-owned land. It greatly reduced the use of paper money, but led to the economic crisis, the Panic of 1837. -
Crash of 1837
Also known as the Panic of 1837, it was an issue involving unstable currency and financial system, which led to the lack of confidence in both the governments and the banks. Profits, prices, and wages went down as unemployment went up. It turned out to be the worst economic depression that the United States had yet encountered or known.
