Timeline: Jackson and The 2nd National Bank

By William Hudnell

  • The election of 1832

    The election of 1832 saw Andrew Jackson being reelected for a second term after his controversial veto of the 1832 Bank Recharter Act. The public rallied behind him and carried him back to the white house.

  • President Andrew Jackson Vetoed

    President Andrew Jackson Vetoed The 1832 Bank Recharter Bill because he did not like the way the banks were formed. He had said that it gave too much power to its investors.

  • 1832 Bank Recharter Bill

    In President Jackson's term he vetoed the Bank Recharter Bill eve n though he was risking all of his support because he felt that the banks systems were corrupted and wrong

  • Jackson removed the federal funding

    Jackson removed the federal deposits from the bank and used it to fund his many "pet" banks. This a lose in support by Congress which made it so that he couldn't do anything effectively in his term as president.

  • Pet banks

    Jackson tried to eliminate the federal government by creating "pet" banks within states. This increased the amount of paper money floating around in circulation. This was bad on the economy because it was falling.

  • Bibble Response

    Biddle was desperate to try and save his precious bank, so he called in loans, hoping it would led to a small financial crisis. The Whigs supported Biddle because he wanted to save the B.U.S, but the Democrats, who wanted to see the central bank fall, did not.

  • Specie Circular

    President Andrew Jackson issued an executive order which made it so that any public property that was going to be purchased needed to be payed using gold or silver in hopes that people would not buy things with depreciated money.

  • Western Speculation Boom

    There was a large amount of money in circulation due to the pet banks which made the value of it decease drastically

  • Crash of 1837

    The crash of 1837 was a financial crisis in the United States that sparked a major financial recession. People borrowed money so they could gamble, then they would lose the money and not be able to pay off the debt. Crop failures caused prices for food to rise.