-
Charter of the 2nd Bank
President Madison makes a charter for a second national bank. It starts in Philadelphia in January the next year. -
Veto of the Re-charter
Jefferson vetoed the re-charter because didn't have just, a sound policy, and was unconstitutional. It had too much power in the market. -
1832 Election
This was a presidential election between Clay and Jackson. The issue of the bank was brought up as well as Jackson's veto. But Jackson still overwhelmingly won. -
Jackson's removal of banks
Jackson removes federal deposits from the bank. This was backed by conservative businesses because they thought it would help their business and wealth grow. After taking down banks, Jackson declared anything below a $5 bill will not be printed and property must be bought with gold and silver coins. -
Jackson's Pet banks
Federal funds were diverted to Jackson's seven banks to spread them out. Congress decided to deprive the banks of money, and $35 million dollars went to states for internal improvements. -
Whig party
A new political party was formed, made up of national republicans and Jacksonians that were for the Bank. These people had views against Andrew Jackson. -
1837 depression
After Van Buren was elected, a depression happened. Prices fell, people lost jobs, and mobs broke out to steal food. This led to more criticism of the Jackson administration. -
Election of 1840
The depression was still going on when William Harrison was elected president. But he died soon so the vice president, John Tyler, took over. The main thing he did was solidify who would be next president if the current president should die.