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2nd National Bank chartered
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Protective tariff passed by U.S. Congress, which was designed to protect industry in Northern states. Infuriated Southerners because it's raised to it's highest level, cutting a lot of profit from them.
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Written by Vice President John C. Calhoun, it stated that states had the right to nullify oppressive national legislation.
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Webster: Argues for nationalism
Hayne: Argues for State's Rights -
Jackson vetoes a bill that would have renewed the charter of the 2nd National Bank.
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Senators Henry Clay and Daniel Webster convinced bank's president, Nicholas Biddle to petition for early renewal of the bank (4 years).
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Lowers tariff
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Jackson wins re-election and vetos early charter of bank.
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Congress proposed and Jackson signed a bill that revised the tariff, but South Carolinians weren't happy. Ordinance of Nullification declared both tariffs of 1828 and 1832 null and void within state borders.
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Said South Carolina was on the brink of treason, and that he would personally lead the U.S. Army to enforce the law if he had to.
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Sponsored by Henry Clay, stated that all duties excess of 20% of the value of the goods imported were to be reduced year by year, so by 1842 all the duties would be moderate with the tariff of 1816. Ended the Nullification Crisis
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Said that Jackson would lead army to S.C. to stop the trouble
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Removes all money from national bank and deposited in state banks (pet banks)
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National Republicans and Jackson Democrats who supported the bank.
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Required gold for purchase of land
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Elected V.P.
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Caused by Jackson not renewing the national bank and moving federal funds to smaller state banks. Due to differences in credit policies, some banks began to close down, businesses bagan to fail, and people lost their land which lasted until the 1840s. Profits, prices, and wages went down while unemployment went up. Pessimism grew. Van Buren blamed for this.
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Whig candidate WIlliam Henry Harrison becomes president (dies 38 days into term). V.P. John Tyler becomes president (no one expected him to be V.P. or president [fall back plan])