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After the War of 1812, the United States faced economic instability. Congress created the Second Bank of the United States to address this issue to regulate currency and credit. -
The first major financial crisis in the United States was caused by a collapse in cotton prices and speculative credit practices. It led to widespread bank failures, foreclosures, and unemployment, highlighting the need for better financial regulation. -
The Missouri Compromise is enacted, admitting Missouri as a slave state and Maine as a free state, and establishing a limit on slavery in the Louisiana Territory. -
President James Monroe pronounced the Monroe Doctrine, declaring that the Americas should be free from future European colonization and interference -
Nicholas Biddle took over as president of the bank and worked to stabilize its operations and restore public confidence. He implemented policies to control inflation and effectively manage the country's money supply -
The Supreme Court ruled in Gibbons v. Ogden that the federal government has exclusive power over interstate commerce, reinforcing the national government's authority over state regulations. -
The Tariff of 1828, also known as the Tariff of Abominations, is passed, imposing high tariffs on imports and leading to a crisis of sectional tensions, particularly in the South -
President Andrew Jackson vetoed the renewal of the charter of the Second Bank of the United States, leading to a conflict known as the Bank War. Jackson's actions lead to the eventual dismantling of the bank -
The controversy over the bank became a central issue in the presidential election. Jackson's strong opposition to the bank resonated with many voters, and he won re-election against Henry Clay, who supported the bank. -
President Andrew Jackson issued the Currency Circular, requiring payment for government lands to be made in gold or silver, contributing to the Panic of 1837, a financial crisis marked by bank failures and economic depression. -
The Second Bank ceased operations completely after losing its state charter. Its closure marked the end of an important institution in American financial history. -
William Henry Harrison won the presidency, defeating Martin Van Buren. Harrison's victory signaled a shift in political power and the end of the era dominated by Jacksonian policies, including the controversial battle over the national bank.