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Second Bank
The Secon bank was created in 1816. Congress finally passed a law chartering the Second Bank of the United States, which was created to help the national treasury out of its uncomfortable financial situation and to regulate the currency. -
The Financial Panic of 1819
the country’s first major economic depression, produces political division and calls for the democratization of state constitutions and an end to imprisonment for debt. -
McCulloch v. Maryland
The Supreme Court upholds the constitutionality of the Bank of the United States and rules that a state cannot tax an agency authorized by the federal government. the Supreme Court ruled that Congress had implied powers under the Necessary and Proper Clause of Article I, Section 8 of the Constitution to create the Second Bank of the United States and that the state of Maryland lacked the power to tax the Bank. -
Jackson destroys the Bank
Jackson declared that the Bank was "unauthorized by the Constitution, subversive to the rights of States, and dangerous to the liberties of the people." After his reelection, Jackson announced that the Government would no longer deposit Federal funds with the Bank and would place them in state banks. -
Pet Banks
Pet banks is a derogatory term for state banks selected by the U.S. Department of Treasury to receive surplus Treasury funds in 1833. These pet banks were unregulated and had no power to regulate wildcat banks that sprang up in the West. Easy credit and inflation led Jackson to issue his Specie Circular, which required land payments to be made in specie. -
The Whigs (political party)
The national republicans join this political party, they all supported the bank in response to Jackson's veto. Jackson democratic party. -
Senate Expunged Censure
Jackson claimed that the bank had too many foreign investors, favored the rich over the poor and resisted lending funds to develop commercial interests in America’s Western territories. When the Senate passed legislation in 1831 to renew the bank’s charter, Jackson promptly vetoed it. An 1831 meeting with his cabinet generated classified documents regarding Jackson’s veto of the bank legislation. Soon after, Congress overruled Jackson’s veto. -
Panic of 1837
The Treasury Department issues the Species Circular, requiring payment in gold or silver for public lands. President Jackson’s critics blamed the Species Circular for the Panic of 1837. Thousands of individuals, businesses and banks went bankrupt in the resulting Panic of 1837 -
Election of 1840
Northerners wanted the tariffs to protect their industries from foreign competition. Southerners opposed the tariff because it would hurt their economy. The people blamed Van Buren for the economic depression, which caused him votes and so the people voted for Harrison.