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second national bank
before the second national bank the states had their own currency which meant that their more than just one currency being exchanged in the US. it also caused inflation and confusion It was said that the states individual currency was no longer good and in 1816 the government created the 2nd national bank of US the new states didn't like the bank but it was set to create one national currency. -
created the new Whig party
creates new party made up of a lot of northers and republicans that all supported the bank are going to join this party and people from Jacksons party that are FOR the bank -
veto of the bank bill
opponents of President Andrew Jackson like Daniel Webster and Henry Clay wanted to pass a bill chartering the Second National Bank of the US. Clay and Webster wanted to force Jackson to sign a bill that made him take a pro bank or anti bank side and Jackson believed that the 2nd National bank was unconstitutional because it would just make the rich white men even more richer. -
election of 1832
the election of 1832 was a election where it was Andrew Jackson against Henry Clay and the main political debate was over the 2nd national bank, so Jackson and his people wanted to get rid of the National bank and Henry clay wanted to keep the bank clay tried to make vetoing the bank bill a major issue during the campaign but Andrew Jackson still won in 1832 by a lot and served his second term. -
Pet Banks
The "pet" banks were when Andrew Jackson told his treasury secretary to place all the revenue from the federal national bank into selected state banks but his secretary didn't do it because Jackson was doing everything he could to get rid of the National Bank. the president of the national bank was Biddle and him and President Jackson didn't get along because Andrew Jackson wanted to get rid of the banks so Biddle was reducing loans and calling in debts. -
specie circular of 1836
Andrew Jackson wanted to get rid of the national bank so Jackson prohibited the payment of land to be in only gold or silver and the president forced the banks not to receive any paper money that were worth more than 5 dollars. -
panic of 1837
in 1837 inflation had increased a lot and the debts of the states rose higher and higher, so the economy was hit hard when the price of goods went up and the profit of cotton was cut in half so the southerners were loosing money and many Americans were fired/layed off and this led to a lot of Americans on the streets with no homes nor money to fed themselves, -
the election of 1840
the election of 1840 was William henry Harrison against martin van Buren. Harrison was a well known hero of war so he had the attention and votes of the people but shortly after William henry Harrison won he passed away.