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The Second Bank of the United States was chartered by President James Madison. The Second Bank was unpopular in newer states and territories. It was also unpopular with poorer people because they believed it represented the interests of the wealthy. Even though some still disagreed with the idea of a bank, just like the first bank, the second served its purpose. -
Supporters of the bank in Congress pushed for an early renewal of its charter, which was set to expire in 1836. -
Jackson thought the National Bank was unconstitutional. When Congress pushed for the renewal of the bank, he vetoed the bill. He declared that the bank was "unauthorized by the Constitution, subversive to the rights of States, and dangerous to the liberties of the people." Jackson was big on fighting for the "common man" and the states. -
The Second Bank was a center point of the election. During the election, there was a fundamental division due to the bank. Jackson got an easy election victory over Henry Clay. He won 219 of the 286 electoral votes. -
Pet Banks were the names of banks in the states that were given more power because they were loyal to Jackson. There were 23 pet banks. -
Nicholas Biddle was the president of the bank at the time. He responded to Jackson's actions of trying to get rid of the bank by reducing loans and calling in debts. He made it more difficult for banks and businesses to borrow money in an effort to anger the public about Jackson's veto. -
As a result of his reelection, Jackson wanted to completely destroy the bank. He ordered an end to deposits of government money in the bank. The deposits would now be placed in state banks. -
Jackson believed that the only currencies that should be used were gold and silver. He set out to replace all bank notes with hard money. He prohibited the payment for public lands in anything but gold or silver. -
There were many "panics" throughout the years happening in the United States. But, the panic of 1837 resulted in a multi-year economic depression. Profits, prices, wages, and westward expansion were negatively affected. The Panic of 1837 is attributed to "erratic American banking policy." -
Won by William Harrison. The political landscape saw a big change. A party called the Whigs won the presidency. Lots of mudslinging was used during this election. Harrison was seen as a war hero, and used this to his advantage.