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Bank Bill vetoed by Jackson
The Bank BIll was supposed to cause the Second National Bank of the United States to be rechartered. Congress passed the bill easily and the bill went on it's way to the Executive Branch, which was where President Jackson vetoed the bill. Based on the readings and research, he chose not to pass the bill because it did not pass certain qualifications (being compatible with justice, sound policy, or the U.S. Constitution.) -
Andrew Jackson is reelected
Winning the popular vote against Henry Clay (Democratic-Republican), Andrew Jackson (Democrat) was elected for a 2nd term. THis was a surprise to many, due to his choice of vetoing the Bank Bill previously, but he pulled it off and was able to sit with 4 more years, this time with a different Vice President (John Calhoun resigned, and Martin Van Buren was his V.P. for his 2nd term). -
No More Federal Deposits
"Pet banks," a nickname given to state banks, were given funds that Jackson took out of the Second National Bank after the federal funds were vetoed. This was a controversial and risky veto, because it made commoners think about Jackson in a more positive light, while it made the wealthy Americans rebuke and oppose their original viewpoint of Jackson. -
The Speculative Boom & the Specie Circular Order
Jackson required that all payments for lands owned for the sake of government use would be paid in gold and silver (along with the veto of the Second National Bank). The surplus in America grew, and the national debt shrunk, and many Americans thought a Speculative Boom might occur in the economy. Americans were not pleased with this outcome, tho, also leading to the Panic of 1837. -
Expiration of the Second National Bank Charter
The "Bank War" was over with the expiration of this charter. Jackson had vetoed the Bank Bill, which was supposed to be the renewal for the 2nd National Bank. Although the Bank Bill had not expired yet, they were trying to go ahead and renew themselves, but they still had time before the original bill expired, which was until 1836. This led to the Panic of 1837. -
Panic of 1837
Latest until 1943
America's (and foreign) economy was tortured and exacerbated with this Panic. The economy fell into a depression, wages, prices, and profit were down. Crops were not doing so great, either, failing tremendously. The levels of unemployment were shooting up like never before.
