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The bank operated under twenty year charter and they made loans and deposits with businesses and individuals. -
during 1819 things began to fall downhill banks began to lose money, jobs were closing and trade numbers were dropping drastically. -
Jackson believed that the bank was unconstitutional so when congress brought it up he vetoed it. -
Pet banks were used to store the money in the banks into different locations except for just having them in one bank.
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Biddle who was the president of the bank decided to countermove Jacksons actions which was to show state bank notes and call in for loans and contracting credit.
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Jacksons announcement stated that money would no longer be deposited in the bank of the U.S but instead be placed in numerous banks which is what set up the pet banks.
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Jackson decided to withdraw money from the government banks and the people didn't agree with the choice he made because used a power that he was never given.
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The specie circular required that all payments here on out be payed with either gold or silver.
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Jackson ordered that payments for federal lands had to be payed with gold or silver which caused the banks to collapse. the bank of the U.S failed, Cotton prices fell, and businesses went bankrupt.
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In the election of 1840 both candidates Harrison and van received at least one electoral vote but van came out on top and one still.