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William H. Harrison and the Whig party take control
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2nd bank of the united states officially closes and goes out of business
the 2nd national bank is shut down. -
Jackson vetoes the renewal of the 2nd B.U.S.
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Jacksons orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks"
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State banks begin to accept payment only in specie
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Jackson censured by the senate for putting federal funds in state banks
government cannot get any money -
Nicholas Biddle demanded that old loans be repaid and no new loans
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Banks run out of of gold/silver and the government can not get any money
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Martin Van Buren took office.
Martin Van Buren was in office in 1837 till 1841. -
Specie Circular- Must use a gold/silver to buy land