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Second Bank of the US
The Second Bank of the US was very unpopular and disliked by several of the newer states because it was taking a significant toll on the credit and currency of the nation. Several of the working class like farmers, upcoming entrepreneurs, and other regional bankers supported the ideas of a higher money supply and lower interest rates. However, Jackson and his supporters weren't fond of the bank because of their previous distrust of financial establishment; he also vetoed the early renewal. -
Election of 1828
The election of 1828 was a huge success for Andrew Jackson, but not so much for John Adams, especially because Jackson carried a great number of supporters and popularity during this time. The significance of this election was the broader voter participation because in previous elections the common majority of the knowledge votes would be from rich white men, however, during this election the "common people" definitely placed their opinions and were majority votes toward Jackson. -
Recharter Bill of 1832
The Recharter Bill was passed by both of the Congress houses in 1832 because they all agreed that a Second National Bank was needed for the US financial stability of the nation to be grounded. Jackson had been elected President, and it was his doing to decide whether he would want to encourage the bank and sign the Recharter Bill. He vetoed the bill with the rationale that the bank would hold too much market power, it went against the Constitution and was subversive of the States powers. -
"Pet" Banks
After Jackson vetoed the Recharter Bill, a series of "Pet" Banks spread throughout several states, which initially were banks selected in 1833, by the US Department of Treasury to give out government funds to those states that needed it. They weren't too successful, this was an attempt from president Jackson to regulate the economy, but it was more of a huge economic panic in the nation. From these banks, new banks began to appear throughout the West called "wildcat banks." -
Election of 1840
The election of 1840 was a real eye-opener for the US because based off of the previous election and the decisions made ever since that election, the US was not financially stable, and it was hard times for all states/all individuals. Political parties included the Democrats and the Whigs (William Henry Harrison as candidate). William was popular in similar aspects as Jackson, he was hero of the War of 1812, popular among southerners and with conflicts between Indians; he won the election.