Jackson and the Bank

By edwinv_12

  • Charter of Second Bank of United States

    The First Bank of the United States is never renewed as it is a very controversial topic. James Madison would eventually charter the Second Bank of the United States. The Bank was disliked by the Westerns and the Southern but was needed for the Northerns. The North's commerce used the bank to enforce the prudent monetary policy.

  • Panic of 1819

    Due to incompetent policies of the Bank of United States, the Panic of 1819 began. This would lead to a financial crisis in the United States that lasted through 1821. One of the people that was affected by this was Andrew Jackson. This made Jackson have resentment the bank and he would take this resentment to the Presidental Office.

  • Andrew Jackson Presidency

    Jackson having distrust of the Banks would protest the Bank and express his dislike of the Bank. Jackson would be a major opponent of the National Bank. He would eventually end the Second Bank of the United States in 1836.

  • Veto of Re-charter

    A petition for a recharter of the Bank is issued in Congress. This is lead by Mr. Clayton from Georgia. This petition passed throughout both Houses and make it to the President. With Jackson's resentment towards the bank, he would veto the petition. This would end the Bank in 1836. The National Bank would eventually be replaced by state banks.

  • Pet Banks

    With the end of the National Bank came state banks. These state banks were called pet banks.

  • Creation of Whig

    This would be made of mostly Republicans and some Jackson Democrats that supported the bank.

  • Specie Circular of 1836

    Jackson makes it so land is only paid in gold or silver.

  • Panic of 1837

    This was caused by policy enacted by President Jackson. This Panic would lead to wages, prices, and profit to down. Most State Banks would fail and lead to unemployment among the people.

  • Election of 1840

    Van Buren would lose to William Henry Harrison. Van Buren loses due to the Panic of 1817. This would be a win for the Whig Party. The Whigs were in full support of a national bank.