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Whigs Party
Jackson’s political opponents, united by little more than a common opposition to him, eventually come together into a common party called the Whigs, a British term signifying opposition to Jackson’s “monarchial rule .” Although they organized soon after the election campaign of 1832, it was more than a decade before they reconciled their differences and were able to draw up a platform . -
Proposal to recharter the Second National Bank
a formal proposal was made to recharter the bank. They launched an investigation into the bank, turning up much pressure exerted on journalists and politicians. In June the recharter bill passed both houses, and soon after, Jackson vetoed the bill, and accepted it as an election issue. Alexander Hamilton conceived of the bank to handle the colossal war debt — and to create a standard form of currency -
veto of the second national bank charter
Jackson Vetoes Re-Charter of the Second Bank of the US. Andrew Jackson vetoed the bill re-chartering the Second Bank in July 1832 by arguing that in the form presented to him it was incompatible with “justice,” “sound policy” and the Constitution. objected to the bank's unusual political and economic power and to the lack of congressional oversight over its business dealings -
Pet Banks
The president interpreted his triumph as a popular mandate to crush the central bank irrevocably . In September 1833 he ordered an end to deposits of government money in the bank, and gradual withdrawals of the money already in its custody . The government deposited its funds in selected state banks, characterized as “pet banks” by the opposition. -
Panic of 1837
The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins.The Panic of 1837 was partly caused by the economic policies of President Jackson, who created the Specie Circular by executive order and refused to renew the charter of Second Bank of the United States. Ohio was hurt.