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The Second National Bank was created after the United States gained its own currency. Although many people had said it was confusing since they were used to many different kinds of currency. This showed the government that state banks couldn't provide the people in them with a reliable chain of currency, leading to the Second National Bank. The states then didn't like this type of banking because using one currency was confusing. This charter would last 20 years before it needed to be renewed.
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The Veto of the Bank Bill had been proposed by Henry Clay and Daniel Webster. They also proposed that President Jackson was to sign off on the veto so that the Second National Bank could benefit them. Jackson saw this Bill as unconstitutional because it benefited them most and other upperclassmen, giving many personal gains.
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Jackson made the decision to veto the bank recharter since he saw the bank as unconstitutional. He thought that it would give too much power to the financial market. -
Jackson vetoed the re-chartering bill of the bank and said that it was an injustice. -
Both Henry Clay and Daniel Webster wanted to renew the bank they presented a bill to Congress for a bank of recharter. Although, they worried that President Jackson would veto the bill even if Congress passed it. -
Previously President Jackson would deposit federal currencies into the Pet Banks that were been privately funded. These were banks that were designed to receive surplus of the federal treasury funds, these banks were state owned and loyal to the president. -
The Whig Party was created as an alliance between the Republicans, Non-Masons, and Democrats to unite their hatred for President Jackson and his judiciary authority. These were party's that compared the ways of Jackson to the former kings' ways. -
This was when government was planning to give a loan interest free to be split into four equal parts, but it was 37,000,000 dollars. -
There were great tragedies that were faced throughout the economy, such as inflation, a decrease in the national bank, and general overspending. this led to many industries going bankrupt and even some state banks started to go downhill. -
This Election was between William Henry Harrison and Maritn Van Buren. Harrison had the support of the Whigs allowing him to win the election. This was a considerable win for the Democrats.