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The second national bank was established in order to allow for an economy that, like the first national bank, was united with a national currency to lessen confusion. The second national bank was disliked by newer states/territories, because of the near monopoly it had over the economy, and poor people, who believed the bank was only made to support the rich. Important to note that the bank was only chartered for 20 years, dying in 1836 unless it was rechartered.
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The Panic of 1819 was a financial crisis that was caused from a few factors, most importantly being the trade economy dying. The financial insecurity of the lack of trade led to Banks failing mortgages being foreclosed and agriculture pricings being cut in half most if not all of the western investments had collapsed as well. The problem got so bad that for the first time in American history poverty had to be handled by the government.
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Nicholas Biddle was appointed to be the president of the second national bank. Once in office, he began to create a credit system that gave more power to the national bank, which only lead to more distrust from Andrew Jackson.
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The election of 1828 was between Andrew Jackson and John Quincy Adams. This was the election that got Jackson his presidency and eventually lead to the closing of the national Bank.
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The political opponents of Jackson in Congress managed to pass an early rechartering for the second national Bank, even though it was not set to expire until 4 more years. The reason the recharter happened early was to make Jackson lose supporters so the political opponents could take office: If Jackson was to veto the bank, he would lose support of the north and businessmen; if Jackson was to support the bank, he would lose support of the southerners, westerners, common folk, and farmers.
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In 1832, Jackson vetoed the recharter for the national bank. When the bill went back into congress, it didn’t have the support of 2/3rd to be passed which effectively destroyed the national bank.
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The main problem brought up during the election was the bank. Andrew Jackson and his supporters vs. Henry Clay and his supporters. Jackson won the election and saw the reelection as confirmation that the people wanted the national bank defunded; instead of letting the bank fade out, Jackson imposed acts that would cripple the bank greatly.
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President Jackson issued an order to divert federal revenue from the national bank and into a select amount of state banks, later known as pet banks, and to stop depositing government money into the national bank or gradually withdrawing government money from the bank. Interestingly enough, the treasury and his assistant stepped down instead of enforcing the order, forcing Jackson to find a new treasury that would force the banking system to follow the order.
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The Whigs was a political party that formed primarily around the idea of a national banking system and the hatred of Andrew. The Whig political party participated in the election of 1836, but lost to Martin Van Buren (170 to 73 electoral votes). In 1840, William Henry Harrison won the election through the support of the Whig party against Martin Van Buren (234 to 60 electoral votes).
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Because Jackson disliked any paper currency and was attempting to replace all paper currency with gold and silver. In the Specie Circular of 1836, Jackson prohibited buying land with anything with silver and gold. This decision hurt the southern and westerners the most because they didn’t have the resources to buy more farmland.
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For a while after the national bank was closed, states had prospered; Much more funds were being spent on roads and waterways because the states had full control over their spending. However, with the constant expansion, inflation skyrocketed and led to a new financial crisis. The financial crisis caused the New York stock exchange to crash and lead to mass poverty.
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The main problem brought up during the election was the financial crisis of the nation