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Second Bank Chartered
The economy was not the best so Maddison signed another 20-year charter for the second bank. Many people were upset by this decision because they thought the bank was a virtual monopoly over the credit and currency of the whole country. -
Jackson Ended Deposits of Government money
Jackson when running in his presidential campaign said that the central bank was a "monster", and this gained him more support to win the election. He ended the deposits of government money into the bank. Then the government deposited its funds in certain states bank, which were known as "pet banks". -
U.S. Senate Censures Jackson
The Senate is very upset with Jackson for removing the government deposits from the Central Bank. They said that he gave himself the power to do this and was not given to him by the Senate. Even though they were upset the censure was removed by 1837. -
Treasury Department Issues Species Circular
Jackson issued for the treasury to only take gold and silver for payment of public land. This was supposed to help protect federal revenue, and it also prevented the working class from getting federal land in the west because they don't have silver or gold. Many people in Jackson's cabinet advised against this risky decision. -
The Election of 1840
This election was between Whig General William Henry Harrison and Democratic President Martin Van Buren. During the election, the country was plagued with hard times and low wages. Harrison won the election by 5 percent in the popular vote but was the definite winner in the electoral college.