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The Chartering of the Second Bank was an idea created by James Madison that would last 20 years. This bank was intended to create economic stability and to reduce any debt. -
The Panic of 1819 was a panic caused by errors in the second bank. These errors included bankruptcies, and the decrease of land prices and credit. This led to more employment and many lost trust in the banks. -
Andrew Jackson became president on March 4, 1828. Jackson did not believe in the Second Bank because he did not trust it. Andrew Jackson was considered to be like a normal common person, which was a main reason why he was elected. -
Andrew Jackson believed the Second Bank was unconstitutional which led to the recharter of the bank being denied. -
The Whig Party was a party that was encouraged by Henry Clay. They did not believe in Andrew Jackson's policies. Instead, they believed in the National Bank, and other actions in order to create a stronger and stable economy. -
The Specie Circular was issued by Andrew Jackson in which required land payments to be made in gold and silver. This would soon lead to the next panic in the economy which was caused by the hard currency. -
The Panic of 1837 was caused by increase in inflation and led to a collapse in the banks and economy. This is because hard currency took over which led the purpose of the banks not being used. -
On November 3, 1840, William Henry Harrison, was elected as the ninth president of the United States. Harrison was apart of the Whig party, but passed shortly after his election.