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The Second National Bank was created after the United States already had its own currency. However, it was said that this currency was confusing since many different currencies were used. This showed the government that state banks could not provide the state with reliable currency which led to the second National Bank being created. The states did nit like this Bank because it only used one type of currency which was confusing to them at the time. -
The Bank Bill Veto was proposed by Henry Clay and Daniel Webster. They wanted President Jackson to sign off on this veto that way the second national bank would be beneficial to them. Jackson however viewed this bill to be unconstitutional because more for personal gain towards the higher classmen. -
Henry Clay and Daniel Webster both wanted to renew the bank so they decided to present a bill to Congress for a bank recharter. However, they were worried that even if Congress passed this bill President Jackson would veto this bill. -
Jackson decided to veto the bank recharter due to his reason for the bank being unconstitutional. He believed that the bank would give to much much power to financial marketing. -
Pet banks were privately funded state banks where President Jackson would deposit federal currencies. However, this caused the state's economy to decrease and destroyed the national banks. This led to people questioning the balance between a strong national bank and a strong state bank. -
The Whig party was created as a coalition between the Republicans, Non-Masons, and disgruntled Democrats united by their common hatred towards President Andrew Jackson and his judicial authority. -
The economy faced great tragedies when inflation, the decrease of the national bank, and overspending all began to happen. This led many industries to go into bankruptcy and even state banks began to plunge. -
The election of 1840 was between William Henry Harrison and Martin Van Buren. With the support of the Whigs Harrison won the election and this was a big deal because this was one of the major wins for the democrats.