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Second Bank of the United States
The Second Bank of the US was chartered in 1816 for 20 years. It was created in order to regulate the country's currency. However, it was very unpopular. For example, lower-class men, as well as Jackson believed that it only benefitted the wealthy. -
Bank Veto
Congress passed an early renewal for the charter of the Second Bank, however, Jackson vetoed this bill because it did not benefit everyone. He also stated that it was unconstitutional and bad for the liberties of the people. -
Election of 1832
President Andrew Jackson and Henry Clay ran for president during this election. As a result, Jackson won. This election was significant as it was the first to use presidential nominating conventions. -
"Pet" Banks
These banks were created by the states. These banks received federal funds by Jackson. -
Creation of Whigs Party
This political party was created by the republicans. This formed in response to Jackson's veto to charter the bank again. -
Jackson's Specie Circular
This law was passed by Jackson which stated that the purchase of lands had to be made in either gold or silver. Many members of the Cabinet and Congress saw this as Jackson abusing his power as president. As a result, many banks were forced to close because they did not have enough currency. This led to a financial crisis. -
Panic of 1837
This panic was a result of the banks that failed to open back up due to little currency. This led the country into a depression which lasted until mid 1840s. Unemployment increased, prices decreased, etc. -
Election of 1840
This election was one to remember as it was the first to ever use a real campaign. In this election, Whig General William Henry Harrison won. The reason for that is because he made himself look like a simple, lower-class man even though he was really rich.