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Henry Clay VS. Andrew Jackson
Issues such as the national bank was discussed. -
Andrew Jackson vetoes the bill in order to prevent the national bank from being re-chartered.
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An order was issued for the deposits to be taken out of the national bank, and placed into different banks in the states.
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The Whig Party was formed which was a party that opposed Andrew Jackson and referred to him as "King Jackson" because they believed that he was a tyrant. They also disagreed with the view that Jackson had on the Bank of the United States.
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The Senate passes a censure against Jackson because he did not have the power to order the removal of federal deposits from the national bank.
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The charter for the second national bank of the US expires.However, it received a new charter from the state of Pennsylvania and will be now known as the "Bank of the United States of Pennsylvania."
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This was a period of time where economics and the financials of the United States were unstable. Unemployment went through the roof and the United States was headed for a depression. Most of the banks in the US closed during this time.