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Veto of National Bank
President Andrew Jackson vetoes the bill re-chartering the Bank of the United States. -
Deposits Pulled from Bank of the United States
Newly appointed Secretary of the Treasury Roger Taney issues an order declaring that beginning October 1st, all federal government tax receipts will be deposited in one of seven state banks rather than in the Bank of the United States. -
Jackson Censure
The United States Senate passes a resolution of censure against President Andrew Jackson for assuming "authority and power not conferred by the Constitution and laws, but in derogation of both," in removing the federal deposits from the Bank of the United States. -
Support for Jackson
The United States House of Representatives votes a resolution of support for President Andrew Jackson and his policy toward the Bank of the United States. The House also votes to investigate the Bank of the United States and its role in creating the current economic crisis. -
Bank of the United States Expires
Its charter expired, the Second Bank of the United States ceases to operate as a national bank. It receives a new charter from the state of Pennsylvania and reopens as the Bank of the United States of Pennsylvania. -
Panic of 1837
Was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time