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1816 BCE
2nd Bank of 1816
James Madison decided that a 2nd bank needed to be set up to repay the debts of the US after the War of 1812. A lot of people didn't agree with this. -
The Panic of 1819
A ton of unemployment as well as inflation and the banks was failing. Investment in western land had been lost. -
McCullough v. Maryland
This Supreme Court Case decided that states didn't have the right to enforce taxes on the 2nd National Bank and only the federal government could. -
Andrew Jackson Elected
He was elected president in 1828 and declared his resentment against the 2nd National Bank. -
Bank Falling to Bits
Because of his veto the Bank was suffering; however when Jackson decided to remove all federal deposits from it. The 2nd National Bank fell to ashes. -
Jackson's Repeal
Due to his distaste for the National Bank, Andrew Jackson vetoed it and tried to reform the bank into something of his liking. -
Whig Party
Named after the British party, the Whig Party was formed by those who apposed Jackson's ruling with the Bank. With their combined efforts they would oppose Jackson during his presidency. -
Specie Circular
To limit the increasing rise of money, Jackson would enforce payments to be made in gold and silver. -
The Panic of 1837
Similar to 1819, inflation and unemployment were at a al time high, mostly due to the bank being not regulated at all. -
Election of 1840
William Henry Harrison of the Whig party would be elected, dying a month into office leading his Vice President to carry on.