Jackson and The Bank

By yeniselbh

  • 2nd Bank of 1816

    In 1816 the second bank of the United States was chartered. I was located in Philadelphia. This bank was similar to the first bank in 1791. It was created because due to the state banks not being able to provide the United States with a reliable currency. It held deposits, made payments, and helped issue debts to the public. Many of the less wealthier people believed that this bank would mostly benefit the rich people.

  • Panic of 1819

    In 1812 there was a financial panic in the country because of economic depression. The bank wanted to be loaned some money from people but they saw that many people couldn't even pay off their debts. During this time many people were losing their jobs and lands, and many agricultural prices were being reduced. Property values were also decreasing.

  • Jackson Vetoes Bill

    In 1832 Clay wants the second bank to be re chartered so he asks the House of Representatives for help. After Clayton's petition to recharter the second bank, both Houses pass his petition. But Andrew Jackson didn't want the second bank to be re-chartered so he vetoes the bill.

  • Election of 1832

    This election was between Andrew Jackson and Henry Clay regarding the Second Bank. This also occurred after Jackson vetoes the Bill to recharter the bank. Clay didn't want it to be vetoed but failed trying to fix it and Jackson won the election.

  • Pet Banks

    In 1833, Jackson ordered his secretary of the Treasury to have revenues form the Bank of the U.S to be distributed to certain state banks. His secretary left her position and didn't do it but then the new secretary did. But then the Senate decided not to do that and declared it unconstitutional.

  • The Whig Party

    The Whig Party was a political party created by the Republican and Northern people and they all were in favor of the second bank. They also wanted more tariffs to protect industries in America and increase investments. They were all against Jackson's opinion of the bank.

  • Coinage Act (Specie Circular)

    This act helped increase the value of paper money and hard currency was decreasing so the banks couldn't really do much. This act allowed government land to be payed using gold or sliver because of land speculation.

  • Panic of 1837

    This was another financial panic. Many product item prices were also decreasing. People were blaming Andrew Jackson and his policies. It was caused because of overspeculation.

  • Election of 1840

    This election was between William Henry Harrison and Martin Van Buren. William Harrison was part of the Whig party and he won the election but passed away shorty after his victory. Buren didn't support the the Whig Party.