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Charter of the 2nd National Bank
The federal government would charter a 2nd national bank 5 years after the first one charter expired is to have control of all the notes issued by state banks. At the time it was charted the national government wanted to have more control over how money was being run so they charted the second national bank. This would be as unpopular as the first national bank making it the sole thing to blame economic issues on. -
President Jackson's Veto
When it came for President Jackson to either sign or veto the bill rechartering the Second National Bank, he would veto it. Jackson would go on to say that the bank was simply a monopoly and claim it was created to make rich men richer. Jackson would also say that it was unconstitutional and a threat to the freedom of the people. This response from him was used by Clay in the election but Jackson still won fairly easily. -
Election of 1832
The Election of 1832 would decide if Jackson continues to serve another term or if Henry Clay will become President. The outcome would be that Jackson would easily defeat Clay in the election resulting in him serving another term as President. Even with Jackson vetoing the recharter of the Second National Bank he would still win. With this Jackson would continue doing things that would harm the National Bank. -
Removal of Federal Deposits to Pet Banks
Jackson would order his secretary of the Treasury to remove all of the federal revenues from the central bank to different state charted banks. These state banks would become known as Pet Banks from Northern businessmen. Jackson would do this as a way to further harm the 2nd National bank further due to his hatred towards it. Nicholas Biddle who is the National bank's President would reduce loans and call in debts as retaliation to this. -
Specie Circular
The Specie Circular was an executive order issued by Jackson that would require land that was being paid for in payments to be paid using hard money, gold or silver, rather than soft money, paper money. This executive order was made as an attempt to stop an increasing amount of inflation that was going on. It was also made as another attack agains the National Bank. People would have to exchange paper bills to gold and silver which the banks didn't have. The banks would have to shut down. -
Panic of 1837
The Panic of 1837 would be a very major financial crisis that would occur in the U.S. This would later lead to a depression that would last all the way up to the mid 1840s. The prices of cotton would drop, lots of people would lose their jobs. Everyone was affected by this depression. Many people would blame Jackson as the cause of the depression because of the policies such as the Specie Circular. There were however other events that lead up to this such raised interest rates from Britain. -
Election of 1840
The Election of 1840 would see the current President of the time Martine Van Buren, predecessor of Andrew Jackson, and William Henry Harrison. The results would be that Harrison would win the election with significantly more voted in the Electoral College then Buren. Buren would lose due to his failure of addressing the ongoing financial crisis and only made it worse through acts. The Whigs would gain control of both the presidency and both chambers of Congress, it would be there only time.