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Charted of the Second Bank in 1816
The Second National Bank was created to help the national treasury as the nation was still struggling in regulating and stabling the currency. It regulated the public credit issued by private banking institutions through fiscal duties. The North was for it and the West and South were against the bank. -
Panic of 1819
The Panic of 1819 started due to the end of years of warfare between France and Great Britain as it caused the growth of trade to come to an abrupt halt. Unemployment mounted, banks failed, mortgages were foreclosed, and agricultural prices fell by half. The investment in western lands collapsed. -
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Jackson's Presidency
The Election of 1829 led to Andrew Jackson becoming president. As he was known as the people's president. He supported individual liberty and was a major reason for making the Native Americans move West through the Indian removal act. He was against the Second National Bank which led to him using his executive power to remove all federal funds from the bank, destroying the Second National Bank. -
Veto of the Second National Bank
Andrew Jackson vetoed the bill re-chartering the Second Bank as he declared that it was unauthorized by the Constitution, subversive to the rights of States, and dangerous to the liberties of the people. -
Bank Re-Charter Bill
Making so the Second National Back could still be intact. -
Election of 1832
Andre Jackson won the presidency. Jackson announced that the Government would no longer deposit Federal funds with the Bank. As more people vote than ever before due to more males voting since property wasn't needed to vote. -
Formation of the Whig Party
It supported Henry Clay, a proponent of internal improvements, protective tariffs, and a national bank. As they opposed the policies of President Andrew Jackson and the Democratic Party. -
Specie Circular
The Specie Circular was an executive order issued by President Andrew Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver. As the government would only accept gold or silver in payment for federal land. -
Panic of 1837
The Panic of 1837 was a financial crisis in which profits, prices, and wages went down. Nearly half of all banks failed, businesses closed, prices declined, and there was mass unemployment. Caused by the economic policies of President Jackson. -
Election of 1840
The Election of 1840 led to William Henry Harrison winning the presidency. The election marked the first of two Whig victories in presidential elections.