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Congress Charters the Second Continental Bank
In 1811 the first national bank charter period of 20 years had ended. This had provoked the need for the second national bank to be chartered which started in 1816 for another 20 years. Virtually everyone did not like the bank having residence over the state banks and holding the majority of the currency. -
Bank Recharter Bill
The Continental Bank's charter was not supposed to expire until 1836. Daniel Webster and Henry Clay decided to go ahead and set in place a bill that would hopefully get passed to recharter the bank before it expired. -
Jackson's Veto against the recharter of the Continental Bank
Jackson being a southerner and a tyrant in a way was always against the bank. So he saw his opportunity to shut it down without having to ask congress. He waited until the 20 year charter period had ended in 1836 but instead the recharter of the bank came earlier because the legislators wanted to extend the time before hand. So Jackson took his chances and vetoed the bill to recharter the bank which had succeeded and destroyed the bank in 1836, this had made the "common" people happy. -
The Whig Party and Opposition
The Whig party was created to oppose Jackson and his political views. The party was named the Whig's because it was a term used to go against Jackson's form of tyrannical rule as president. They were founded because Jackson had vetoed the bill for the recharter of the Continental Bank. -
Jackson's "Pet Banks"
In order to move the funds from the National Bank Jackson decided to make seven state banks split the money and hold a portion of it each. This was to make fun of the whig party or the others who support the bank because Jackson fully believed that the US does not need a National bank and that it can be split between state banks. -
The Panic of 1837
The Panic of 1837 was a financial crisis where unemployment increased and the value for money greatly decreased. This was due to Jackson's refusal to recharter the National Bank and also because of the Specie Circular which had forced government land to be paid in gold instead of paper money because Jackson thought paper money was too unstable. This had not allowed many southerners to buy land for farms leaving them poor and angry. -
The Election of 1840
The Election of 1840 was opened on the 30th of October and had mixed feelings at the start because some liked Jackson for what he did such as a few of the Southerners. But many others were in favor of the Whig party which was in favor of the bank and much more radical law making which had caused a sweeping overall victory far above the want for Jackson to be president again.