Panic of 1837

Jackson vetos renewal of the 2nd B.U.S.

Jul 10, 1832

Jackson vetoed a bill that would renew the 2nd B.U.S.

Jackson orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks"

Sep 1, 1833

Jackson in an attempt to destroy the 2nd B.U.S. pulled all federal money and deposited it into state banks

Nicholas Biddle demanded that all old loand be paid off and no new loans

Sep 7, 1833

Biddle, trying to save his bank, called in all loans and didnt issue any new loans.

Jackson censured by senate for putting federal funds in state banks

Mar 28, 1834

In 1833 the senate demanded Jackson give all documents related to removing deposits from the bank. When Jackson refused, Henry Clay issued a censure resolution.

Specie Circular

Jul 11, 1836

A law passesd that said gold and silver must be used to buy land

State banks begin to only accept payment in specie

Aug 15, 1836

Jackson directed the treasury department and other recivers of public money to only accept gold and silver payments

Banks run out of silver and gold

Jan 1, 1837

Most banks in th U.S. ran out of gold and silver and the federal government couldnt get its money.

Martin Van Buren takes office

Mar 4, 1837

Martin van Buren was elected president in 1836 because of Jackson's popularity

2nd bank of the United States officially closes and goes out of buisness

Jan 1, 1841

In 1836 the charter expired and it turned into a state bank. it whent bankrupt in 1841

William H. Harrison and the Whig party take control

Mar 4, 1841

William Henry Harrison takes office, but dies shortly after