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Jackson's Veto
Jackson vetoed a bill calling for the renewal of the Second Bank's charter. Was still possible to renew in 1836, so he limited Bank's power. -
End of National Bank
Jackson ordered an end to government deposits in the bank and gradual withdrawals of the existing money. The government's money was deposited in certain state banks, known as "pet banks" by the opposition. -
Biddle's Countermove
Nicholas Biddle tried to create a financial crisis in order to solidify the need for a national bank. Didn't work out. -
Specie Circular
Issued by Jackson, federal land had to be purchased with specie, not paper currency -
Panic of 1837
Financial crisis/major recession caused by British banks not loaning to US and Specie Circular. People tried to cash in paper money and banks closed or shut down, leaving many with worthless paper.