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2nd bank
The second bank was created in 1816 serving the purpose of controlling the notes issused to them from other state banks. Thier job was to require the payment to be in silver/gold. unpolular due to its politcal influence,and the resent for monopoly over currency/credit. It was even blamed for the panic of 1819. The second banks was established after the first one, meanwhile currency was in hands of state-chartered banks,second banks was chartered for 20 yrs. It was known to hold currency well. -
panic of 1819
The panic1918 was said to be caused by the second bank. It was known to be a major economic issue. Some of the causes besides the bank could have been the 1812 war, excessive loans from the bank.Due to the bank notes, the bank was closed down putting everyone into panic. People lost money, jobs, people went into bankrupt, including buisnesses. Banks were failing, it also put a end to economic expansion. -
rechartering the bank.
he decided to recharter the bank. He ordered the last deposits to be made, as well as withdrawals. This was caused due to Henery Clay and Daniel who were the statesmen. When supporters reffered to the bank as a moster he decided to crush it. This resulted in people using "pet banks" which were state banks. the people fearned that jackson would not re new the bank if they waited for his 2nd term. -
pet banks
Due to his crushing of the banks, there was a couple banks known as "pet banks" that would recieve aid. They were resposible for the funds they would be deposited. He was going to give the banks money to use for funds needed withing the banks. -
election of 1836
the election of 1836 , the whigs were known to not be united enough to be able to unite behing one man. This election was between Martin Van Buren, and Jackson. During this election Jacksons chooses Van to cover foor him, due to his decision to not run after his term was over. Whigs formed their own party to try and win, but Jackson had confidence in Vans ways, and he did win. -
panic of 1837
This was another panic that had to do with financial issues. The panic develoed due tp Jacksons specie circular, new second bank being shut down,high prices.some of the effects were unemployment, lost of money, banks failing, etc. Overall it led to a big pain/ economic depression. -
election of 1840
When it came to the election of 1840 the country was having economic problems. Van Buren was part of the election, and William Henery who was chosen by the Whigs. This election was Van trying to re-elect. Henery won this election, and died the year of 1841. Van looses because he was being blamed for the panic.