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Private Stock/Foreigners
By documents submitted to Congres at the present session it appears that of the 28 million of private stock in the corporation, $8,405,500 were held by foreigners, mostly great Britain. -
1832 Bank Recharter Bill
This was a bill passed to charter the Second Bank of America. Congress passed it, and a week later Andrew Jackson Vetoed it. -
The Election of 1832
In this elections, Jackson won easily over Henry Clay, thanks in part to him choosing to veto the Bank Charter. Jackson's running mate was Martin Van Buren, and after he was elected, he went even further to close the National Banks -
Jackson's Veto
On July 10th, a week after the Bank Charter was passed, Andrew Jackson vetoed the bill. He thought that the policies were elitist. This veto helped him win his re-election because it was what the people from the south and west wanted. -
Biddle's Response
Biddle blamed Jackson for all of the financial panic, and he fought with all he had to keep the banks open. He asked the governor of Pennsylvania to make a speech supporting the banks, but because he refused to lend Pennsylvania $300,000 the governor made a speech heavily criticizing it. -
Jackson's Pet Banks
In an attempt to get rid of the national banks, Jackson introduced 7 "pet banks". These were state banks that received federal deposits. Most of them didn't make money and and failed in their investments -
Jackson Removes Federal Deposits
In his process against the Second Bank, Jackson went another step and removed federal deposits. Most of the people in his cabinet were opposed, but he went ahead. This process further divided the political system into two parties. -
Speculative Boom
This is a spike in a specific industry's asset values. There was too much expectation for future growth. The industry affected was the land industry. -
Specie Circular
This was an executive order that was passed after the coinage act, and was followed through by president Martin Van Buren. It stated that government land had to be paid for in gold and silver only. -
Crash of 1837
The financial crisis in the United States lasted until the 1840's. Unemployment went up, wages went down, as did profits. The people were pessimistic.