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The first bank was chartered for 20 year period but it wasn't renewed after it expired in 1811. The second Bank was created to solve the financial issues. The second bank was also chartered for 20 years. it was unpopular in the newer states. -
Clay and Jackson were the candidates for president and Clay tried to start issues because of Jackson's veto. But Jackson won for the second time with 219 electoral votes. -
Clay, Webster, and Jackson's opponents in Congress want to pass a bill rechartering the Second Bank of the United State. Jackson's adversaries wanted Jackson to sign the bill, excluded the voters against the bank, or veto it. He decides to veto the bill.
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To end the deposits of government money in the bank. Jackson order the Treasury secretary to divert federal revenues from the Bank of the United States to selected state banks or "pet banks." -
The Specie Circular required that public land payments be paid with gold or silver. This caused Americans to have to exchange paper bills for gold and silver. But private banks didn't have the currency so they had to close. -
The Panic of 1837 was a financial crisis in the United States were the nation was in a depression. This was because the banks didn't have gold or silver. Profits, prices, and wages decrease, expansion was stopped, and unemployment increased. -
The economy was in recovery. Whig candidate, William Henry Harrison won because he dominated the electoral college. He was the first of two Whig Presidencies.