-
The Second National Bank Chartered
After the War of 1812, America was left with huge debts. As many private banks issued currencies, inflation skyrocketed. James Madison sought to remedy this by creating a Second National Bank. this bank had much in common with the one before it, and it served a similar purpose, unite the nation under one currency, lower inflation, and resolve debt. However this all failed and the bank was ruined by fraud and bad management. -
Establishing the Second National Bank
In April of 1816, President James Madison admitted the need for a new national bank, so one was created. The War of 1812 left America with crushing debts, so this bank served a similar purpoe to the first one, lower debt, lower inflation, and unite the nation under one currency (states had created their own currenciesthrough private banks after the closure of the firsth National Bank. This Bank was an embarassment, as it was debased by fraud and miserable leadership. -
Nicholas Biddle
Nicholas Biddle was the president of the second National Bank from 1823 to 1836. He and President Andrew Jackson butted heads often on what the bank needed. Jackson always opted for less power, in fact he wanted to eradicate the entire bank. But Biddle made the Bank effective, so it lived a little longer. -
Jackson Vetoes the Bank Recharter
In 1832, United States Congress passed an act to recharter the second National Bank, but Jackson vetoed this act on the grounds that it was unconstitutional. This charter would have given the bank a near monopoly market power, the power to move currencies with ease all around the world. After he was reelected, Jackson eliminated the bank. -
Jackson Vetoes the Recharter
Congress proposed a recharter for the second National bank, but Andrew Jackson vetoed this bill on the grounds that this recharter would make the bank far to powerful than what was constitutional. Jackson viewed the recharter as an injustice, therefore denied it. This campaign eventually led to his presidential destruction. -
Jackson eradicated the Bank
On the grounds that it was unconcstitutional, Jackson used his remaining political power to vanquish the national bank. He withdrew all funds from the bank and then gave them to private state banks. -
Jackson Stops the Bank
On September 10, 1833, President Andrew Jackson announced the discontinuation of the Second National Bank. Then Jackson extracted all the remaining monies from the bank, and "redistributed them to various state banks." Jackson successfully destroyed the bank, it would officially lose its trial in 1836. -
The Election of 1840 Date
The Election of 1840 featured democrat Martin van Buren versus Whig William Henry Harrison. Harrison one and was nominated in the first Whig Convention. This election was the first where candidates campaigned for themelves. This election also marked the first of two Whig victories for president. -
The Election of 1840
The Election of 1840 was one of the most important elections in U.S. History. This election featured Democrat Martin van Buren versus Whig William Henry Harrison. Harrison won by a landslide in the elctoral college, and by a razor-thin margin from the people. This was monumental, as Harrison would be the first memeber of the whig party to become a U.S. President.