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Congress wanted to renew Jackson's Bank charter, Jackson vetoed the renewal. With so many loans the bank made to the goverment it was hard to keep track and to pay back.
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President Andrew Jackson put 23 federal deposits, into state banks, referred to at the time as "pet banks."
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To make Jackson except the renewal of the charter, Biddle demanded no new loans, and all old ones repaid
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in 1834, The senate wanted Jackson to turn over a document, when he did'nt they censured him.
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After the war of 1812, the country was in debt. Congress wanted to renew Jackson's Bank charter, Jackson vetoed the renewal. With so many loans the bank made to the goverment it was hard to keep track and to pay back. The 2nd bank or "Biddles' Bank" was officaly closed in June, 2nd 1836
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Because many people were printing there own currency Jackson ordered all land be bought in either Gold or silver.
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Banks enforce the Specie Circular
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Burren was apart of Jacksons "Spoiled System" and was the Secretary of State, then became Jacksons most trusted advisor.
Later became the Vice President, then President. -
With the value of the dollar decreasing, President Andrew Jackson ordered everyone to pay with gold and silver coins, soon the bank ran out of coins to exchange for the paper money. This led to the Panic of 1837 and then the 1837 Depression. Ohio was hit really hard, some citizens even started to print there own money
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In 1840, William H. Harrison ran for president against Martin Vann Burren, Harrison defeat Burren and the whig's become the new popular party.
