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This was a bill passed to charter the Second Bank of America. Congress passed it, and a week later Andrew Jackson Vetoed it.
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On July 10th, a week after the Bank Charter was passed, Andrew Jackson vetoed the bill. He thought that the policies were elitist. This veto helped him win his re-election because it was what the people from the south and west wanted.
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In this elections, Jackson won easily over Henry Clay, thanks in part to him choosing to veto the Bank Charter. Jackson's running mate was Martin Van Buren, and after he was elected, he went even further to close the National Banks
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In his process against the Second Bank, Jackson went another step and removed federal deposits. Most of the people in his cabinet were opposed, but he went ahead. This process further divided the political system into two parties.
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Biddle blamed Jackson for all of the financial panic, and he fought with all he had to keep the banks open. He asked the governor of Pennsylvania to make a speech supporting the banks, but because he refused to lend Pennsylvania $300,000 the governor made a speech heavily criticizing it.
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In an attempt to get rid of the national banks, Jackson introduced 7 "pet banks". These were state banks that received federal deposits. Most of them didn't make money and and failed in their investments
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This is a spike in a specific industry's asset values. There was too much expectation for future growth. The industry affected was the land industry.
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This was an executive order that was passed after the coinage act, and was followed through by president Martin Van Buren. It stated that government land had to be paid for in gold and silver only.
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The financial crisis in the United States lasted until the 1840's. Unemployment went up, wages went down, as did profits. The people were pessimistic.
