Jackson and the Bank

By jladams

  • Recharter Bill and Veto of the 2nd National Bank

    Jackson disliked the National bank and what he thought it did to the nation, he thought it had too much power, and their policies favored the wealthy and hurt the average person, which went against his ideals. Biddle proposed to recharter the bank because it would expire in 1836 and so when it went through Congress, but when it went to Jackson, he vetoed this, thus beginning the battle of the bank. This caught the attention of his supporters and angered his enemies.

  • Election of 1832

    Election of 1832 was between Henry Clay and Andrew Jackson, Clay supported the 2nd National Bank, while Jackson did not and in the end Jackson became the president out of the election but overwhelming votes. John Calhoun becomes Vice President and is the first vice president to resign in office on Dec. 28

  • Pet Banks

    Jackson's attempt of getting rid of and ruining the bank. This was state banks that was used to hold money, what happened was that Jackson placed deposits removed from the Nation Bank in a effort to destroy the bank.

  • Assassination Attempt

    Richard Lawrence unsuccessfully tries to assassinate President Andrew Jackson in the United States Capitol; this is the first assassination attempt against a President of the United States.

  • Election of 1836

    Jackson vs Martin Van Buren and Martin becomes president because of this election.

  • Specie Circular

    Another act created by Jackson, but carried out by president Van Buren who had taken office. This act required that land be purchased in gold and silver rather than paper money or bank notes.This led to a drastic decline in the value of paper money. Inflation greatly hurt the economy, and people mainly in the South. It stopped the land speculation and the sale of public lands went down sharply. The panic of 1837 followed.

  • Panic of 1837

    Inflation, the fall of the national bank, and overspending led to a period of deep economic recession. Prices of American goods fell, businesses went bankrupt, and state banks began to collapse without strong national support. Also this last for 6 years. It was economic depression caused by the issuing of the Specie Circular.