Jackson and the Bank

By AnayaAshley

  • 2nd National Bank chartered (1816)

  • A bill to renew the charter for the 2nd Bank

    The first bank was giving a 20 year Charter, the 20 years were about up so Congress decided to renew the charter. Jackson objected. Proposed by Clay and Jacksons Opponents, election issue.

  • Jackson Vetos Bank Bill

    Jackson announced his objections to the Charter being renewed to Congress. Vetoing the Second Bank Bill. Jackson wins re-election

  • Jackson removes money from National Bank (Pet Banks)

    Jackson ordered his Treasury Secretary to withdraw federal funds from the Second bank, depositing them in a series of state and local banks. He also said that deposits into the bank would not be accepted as well.

  • Whig Party formed

    National Republicans and Jackson Democrats who supported the Bank.

  • the Specie Circular

    Jackson gave an executive order requiring gold and silver be used for the purchase of government lands after August 15, 1836. One of the things that caused the Panic of 1837

  • Van Buren elected president

    Jacksons V.P becomes president

  • Panic of 1837

    A major financial crisis that lead to a depression that lead up into the mid 1840's. Many people blame Jackson for not renewing the Bank charter. Some blamed Van Buren. Bc of no National Bank

  • Van Buren loses Presidential election

    Whig candidate William Henry Harrison becomes president ( dies 38 days into term)
    V.P Tyler becomes president ( dark horse- no one expected him to be V.P. or president)