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William Henry Harrison had won the election against Martin Van Buren. This had made William look like he was he was the best option for the people to be governed right, but made Martin seem like a bad guy, for seeming arrogant. It resulted in William party taking the lead in power and having more access to economic policies.
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In this case Congress did not have the power to grant a national bank, but since it was under Necessary and Proper Clause, the court issued federal supremacy meaning the states cannot impose taxes on federal unions.
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This bank was enacted after the War of 1812, in which the economy was devastated and Congress had regulated the bank to attempt the fix the economy, and have currency with gold and silver and maintain the regulation of state banks.
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Jackson had decided to veto the second national bank because he viewed it as unconstitutional, as the government did not have authority to regulate. The people liberties was also a goal to be protected.
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This was the election between Henry Clay and Andrew Jackson in which this is how the national bank came about. Clay seen potential into the bank, but Jackson did not as it would harm the country. When Jackson vetoed had took in place, the goal was to keep the national bank out of buisness.
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After Jackson had vetoed the Second Bank, he put in for the federal deposits to be removed from the bank, instead of onto the pet banks. This led to more complications with the economy and having a national bank.
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Biddle felt it was necessary to have a bank, as it would upheld the economy. So withholding that being said this was a response to Jacksons Veto of the bank, in which Biddle responded to only the bank having to limit the credit and loans that were called in.
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Jackson’s Pet Banks were the bank which Jackson was fully opposed from. The Pet Banks were to attain and manage the money left from the second bank. Jackson pretty much was trying to take away the Banks, but it ended up with the pet banks in which they had authority of federal money.
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The Speculative Boom was a forecast of the economy being strengthen due to the westward expansion population being increased.
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Was an act enacted by Jackson in which he brought lands that had to be paid in silver or gold. He did not want the production of money being in the economy, even though it had a greater value, but it was confusing because banks was also regulating money around this time. He wanted buying property with money to be discontinued as it would help with inflation.
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This was an economic panic as many people had lost their jobs, banks were going through it and the people were still being taxed on agriculture. One of the biggest crisis that had happen relating to economics. Land being decreases in prices had to the bank and businessman going bankrupt, in which led to many people not having a job. This made the Bank look bad, as they are not what they are suppose to serve.