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Recharter the Bank of the United States
A bill proposed to reestablish the bank of the US. This bill was vetoed by Jackson, because he wanted to eliminate the bank of the U.S.He saw the bank as unconstitutional. This led to the election of 1832 to be centered around the future of the bank. -
Election of 1832
This election was between Henry Clay and Andrew Jackson. Jackson won this election by a large margin of electoral votes and his reelection allowed him to eliminate the Bank of the U.S. -
Federal Deposits Removed
Jackson took deposits from the Bank of the United States, and placed it in the state banks, in order to eliminate the Bank of the United States. -
Jackson Censure
The United States Senate passes a resolution of censure against President Jackson for 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 Jackson and his policy towards the Bank of the the U.S. The House also votes to investigate the bank and it's role in the current economic crisis. -
Bank of the U.S Expires
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
A crisis in financial and economic conditions in the nation following changes in the banking system initiated by President Jackson. This event was caused by the Bank War, financial problems, and failure of wheat crops. The aftermath of this event was economic depression, bankruptcy, functional factories and mills, unemployment, fight for food.