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Jackson and The Bank
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Charter of the 2nd National Bank
Congress created the Charter of 2nd National Bank to further regulate bank notes in individual state banks by enforcing payment methods with gold or silver. -
Panic of 1819
The Panic of 1819 was started when the National bank along with state banks began walking back on loans and began demanding those who took out loans needed to pay them off immediately. This set off a panic causing the economy to stop advancing and an economic depression to hit. -
Jackson's Specie Circular of 1836
Jackson's Specie Circular of 1836 was an executive order passed that forced all payments going towards buying land to be paid in gold and silver. Many banks in the states didn't have enough gold and silver to keep up with the new demand for hard currency, which caused a lot of these banks to close. -
Panic of 1837
Another major economic panic occurred in 1837. This panic was caused by excessive inflation that formed from the debts of each state beginning to get deeper than the states could handle. The panic was made even worse by Jackson's Specie Circular, which closed a lot of banks across the US. -
Election of 1840
The Whig Party won the election of 1840 due to the influence of the Panic of 1837. President William Henry Harrison died shortly after being inaugurated into office, which led John Tyler to take his place. John Tyler openly stated that he will not enforce the Whig's policies, which led up to the entire presidential cabinet except for 1 member to resign and the Whig party no longer supported him.