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Jackson vetoes the renewal of the 2nd B.U.S.
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Jackson orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks"
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NIcholas Biddle demanded that old loans be repaid and no new loans
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Jackson censured by the Senate for putting federal funds in state banks
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Must use gold and silver to buy land
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State banks begin to accept payment only in specie
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Martin Van Buren takes office
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Banks run out of gold and silver and the govrnment can not get any money
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2nd bank of the United States officially closes and goes out of business(like New York)
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William H. Harrison and the Whig party take control