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The Second National Bank was established in 1816. This idea was disliked by newer states. They had their own forms of currency and they didn't want to change that since the bank would mean there would be one national currency. -
The Panic of 1819 was a financial panic across America. Banks failed, unemployment rates increased, and farming was going down from the stop of growth in trading. This was a downhill spiral for the economy and rightfully caused panic in the people. -
After losing to John Quincy Adams in 1824, Jackson ran again and won in 1828. He had more electoral votes than Adams this time around which won him the presidency. -
The Whig Party was a political party that was against President Jackson. This party was represented mostly by Republicans along with Northerners. Their name stood for the "monarchy rule" they said Jackson had over the nation. -
The Election of 1832 revolved heavily around the idea of the national bank. Jackson and Henry Clay went head to head in this election, mostly going back and forth over the national bank. Clay was for the bank while Jackson was against it. Although there was tension from these debates, Jackson won his second term in office. -
Jackson vetoed the Recharter Bill. This bill was written by Henry Clay and Daniel Webster. Their goal was to authorize the national bank for the second time. While this bill was in Congress, it was unable to override Jackson's veto with a 2/3 vote. -
Pet Banks were state banks that were given power because of their loyalty to President Jackson and his want to demolish the national bank. This was a nickname for the state banks in order to poke fun at them. The Department of Treasury's decision to allow the "Pet Banks" to have a generous amount of funds to remove the national bank was ruled unconstitutional by the Senate. -
Because of President Jackson's distrust and distaste for the national bank, he announced that the nation would no longer be using it. He removed all federal funds from the bank and allowed the state banks, "Pet Banks," the power. -
The Specie Circular Act was an act that was passed by President Jackson and required that all purchases of public lands had to be paid in only either gold or silver. This led to inflation issues and another panic in 1837. -
The Panic of 1837 was caused by inflation problems. This led to a widespread unemployment rate and led to banks closing and panic among investors. States debt rose again and prices went up on goods. -
The Election of 1840 was between Van Buren and William Henry Harrison. This election was held during the economic depression and was a large factor in the election. Harrison won this election from his fame as a hero and the Whig Party's support of him, allowing him to become the next president.