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The Second National Bank was established with a 20-year charter in 1816 and was used to stabilize the economy after the War of 1812 by regulating currency and credit and providing a central place for federal funds.
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America's first major economic depression, which was caused by the post-war of 1812 debt and the Credit Contraction by the Second Bank of the U.S.
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This was a conflict mainly between Nicholas Biddle, who was the president of the Second National Bank, and the President of the United States, who was Andrew Jackson. That mainly happened because of Biddle trying to recharter the bank.
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Jackson despised the bank with a passion. In his annual message to Congress, he stated it was unconstitutional and only benefited the wealthy and not the common man.
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This was a key event in the Bank War because it showed the political struggle between President Jackson and the Bankers. He vetoes it because he thinks that banks are unconstitutional, favor the rich, and undemocratic, but this veto became popular among the Americans.
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Clay and Webster wanted to exploit the bank issue for their own political gain. They proposed an early recharter to Congress, which would either force President Jackson to approve the bank, which would undermine his anti-bank stance, or veto it, which would cause loads of backlash against him, making people not want to vote for him in the election.
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Andrew Jackson won against Henry Clay by a landslide, Jackson had 219 electoral votes, while Henry Clay only had 49
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President Jackson issued an order removing federal deposits from the Second National Bank and sending them to smaller state banks, which were known as pet banks. This led to a backlash, with critics arguing that Jackson was overstepping his constitutional authority.
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This was Biddle fighting back at what Jackson said about the federal Deposits, saying thatJackson was killing the bank and interfering where he didn't have the power to.
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This was an executive order made by Jackson to make any payment for public lands to be made in gold or silver instead of paper money.
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The Panic of 1837 was the downfall of the economy because of Jackson's bills, the abundance of paper money, and the falling cotton prices.
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This election was different because it was the Whig Party against the Democratic Party, the Whig Party won with 234, while the democratic party only had 60.
The canidate for the whig was William Henry Harrison.
The canidate for the decratitc party was Martin Van Buren.