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Election of 1832
This presidential election allowed the Democratic party candidate Andrew Jackson to go back into the office which allowed him to continue to fight the charters and bills for the National Bank. -
Jackson Vetoed the Bill
Jackson vetoes a bill that would have extended the life of the Second Bank of the United States. Henry Clay, running against Jackson in the presidential election, proposes the bill to bring the issue of the Bank to the forefront in the election. Jackson's opposition to the Bank actually garners him additional popular support. -
Change of Banks
Following the instructions of President Jackson, Treasury Secretary Roger B. Taney announces that the government will shift its deposits from the Second Bank of the United States to state banks, a move that as Jackson intended weakens the Bank of the United States. -
National Debt Termination
Jackson announces he will terminate the national debt, freeing the United States of foreign and domestic obligations beyond the reserves of the Treasury. -
Jackson Censured
Henry Clay challenged Jackson on the bank issue with a Senate resolution seeking a paper the president had read to his cabinet. When Jackson refused, Clay introduced the censure resolution. The Senate voted to censure the president for assuming power not given by the Constitution. Jackson responded with a lengthy protest denying the validity of the Senate's action. -
Withdrawing Federal Deposits
Jackson issues an order for the Treasury Department to withdrawal federal deposits from the Bank of the United States and places them in state banks. When Secretary of the Treasury William Duane refuses, Jackson fires him. On March 28, the Senate, led by Clay, Calhoun and Daniel Webster, passes a resolution of censure admonishing Jackson. -
Panic of 1837
The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up.