Jackson and the 2nd National Bank

  • 1832 Bank Recharter Bill

    The charter for the Second Bank of the US was going to expire in 1836, but Clay and Webster decided to reject it early.
  • Jackson’s Veto

    Jackson was not in favor of the National Bank as he thought its market power was too much and he felt it favored the wealthy. This bothered northern businessmen who supported the bank.
  • The election of 1832

    The election was between Andrew Jackson and Henry Clay. Jackson ended up being reelected fairly easily.
  • Jackson’s Removal of Federal Funding

    To continue his attack on the bank he wanted to remove federal funds. He then appointed Levi Woodbury to his cabinet as the Secretary of Treasury in order to achieve this goal.
  • The Response of Biddle

    Biddle demanded that loans from the bank be paid off immediately. He didn't want the bank to die and blamed all of the financial issues on Jackson.
  • Pet banks

    Continuing his want to attack the National Bank Jackson created 7 different state banks that he would spread federal deposits between. Many who opposed Jackson began calling them pet banks.
  • Increase in Western Speculation

    The increase in western speculation helped to pay off the national debt. There was then a surplus, and many didn't like how Jackson was using then money.
  • Specie Circular

    Jackson's executive order that required the payment for government land be done in gold and silver rather than paper money because at the time paper money was depreciating in value. This ended up bothering many southern farmers who were unable to buy land.
  • The Panic and Crash of 1837

    mainly contributed to by the over speculation of western lands. It was a terrible time in which prices, profits, and wages were decreasing rapidly while unemployment rates rose.