History 10

By dcor8269

  • Charter of the Second Bank of 1816

    Purpose:
    Stabilize the U.S. economy by regulating currency, managing federal funds, and fixing the economic situation post-War of 1812
    Similar to the First Bank
    Private investors held about 80% of capital stock
    Established a large network spread through the country
    U.S. would own stock and bank directors would be appointed

  • Panic of 1819

    An economic decline after the War of 1812.
    Caused by
    - Inflation on land value
    - Policies from the Second Bank of the United States like repaying debt and cutting credit
    Effects
    - Business decline
    - National bankruptcies
    - People could not pay back debt obligations
    - Divided the people with industrialization support and agriculture support
    - Unemployment
    - Anger towards the Jacksonian Democracy
    - Distrust in a bank fighting towards wealth and poverty

  • Election of 1828

    • Jackson is elected President.
    • Jackson’s First Annual Message
    • The most brutal campaign in history
    • Started to fight for the common man
    • Continuation of the Two-Party System
    • Everyone licked Andrew Jackson so he won and strengthened the executive branch.

  • Election of 1832

    • Andrew Jackson won again.
    • The central issue against Jackson was the veto against rechartering the Second Bank of the United States. Ran against: Henry Clay - National Republican Party William Wirt - Ant-Masonic Party John Floyd - Nullifier Party
    • National Conventions were used.
    • Nullification Crisis was still happening
    • End of National Republicans
    • Started the true two-party system

  • Bank Recharter Bill of 1832

    • A bill to renew the charter of the Second Bank of the United States.
    • The Second Bank of the U.S. would not expire until 1836, but Nicholas Biddle was anti-Jackson and wanted to create a scandal before the next election.
    • The bill was passed through both the Senate and the House of Representatives.

  • Jackson Removed Federal Deposits

    • This stopped federal deposits and the national bank ended.
    • He removed all federal deposits from the Second Bank of the United States.
    • Many states had “pet banks” which are smaller banks.

  • Jackson’s Veto

    • Issued by President Andrew Jackson
    • One of the most significant vetoes in U.S. history
    • He found the bank unconstitutional
    • He fought for a bank lead by the wealthy regardless of the effect on the common people.
    • This was a political move which opened the eyes of many instead of something small that would not matter.
    • End of the Second Bank.

  • Senate Censures Jackson

    • Senate passed a resolution that was introduced by Senator Henry Clay.
    • The resolution said that President Jackson had powers that were not shown in the Constitution in his choices for the Bank of the United States.

  • National Bank Paid Off

    • The bank’s federal charter expired in 1836.
    • Permanently suspended payments from the bank

  • Bank Charter Expires

    • The bank was not renewed and expired.
    • This was the second bank that had not been renewed.
    • Led to an unstable economy and a national bank system would not return until 1863.

  • Panic of 1837

    • Started due to bankruptcies and national bank arguments
    • Increase on western land prices
    • Economic collapse
    • Increase on interest rates and tightened credit from British and the Bank of England
    • Mass unemployment
    • Wage reductions

  • Election of 1840

    William Henry Harrison won against Martin Van Buren.
    - The largest concern was the economy.
    - Harrison was a person who grew up with the regular people who lived in a log cabin while Van Buren was from a wealthy family.
    - Held massive rallies
    - Harrison passed away after giving his inaugural address in the cold rain and died of pneumonia.
    - The first president to die in office.
    - John Tyler, vice president, became president.