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Second Bank Charter Veto
In 1832, Jackson had vetoed a bill that called for an early renewal of the Second Bank's charter, even though renewal was still possible when the charter expires in 1836. To prevent this, he set out and reduced the bank's economic power. -
Biddle's Countermove
The president of the bank, Nicholas Biddle, made a countermove to Jackson's actions by presenting state bank notes for redemption, calling in loans, and contracting credit. He thought by doing this, that it would dramatize the need for a central bank, but his campaign had less of an effect than him and his supporters thought. -
Jackson's Announcement
Jackson made an announcement in which he declared that all federal funds would no longer be deposited in the Bank of the U.S, but instead being placed in various different state banks. By the end of 1833, 23 different "pet banks" had been selected. -
Clay's Response to Jackson
Henry Clay believed that Jackson had overstepped his authority, to fix this he called on the Senate to censure Jackson. -
Senate's action towards Jackson
After looking at Jackson's actions, and at the request of censuring him from Henry Clay, the Senate decided on a 26 to 20 vote, that Jackson would be censured for withholding documents related to his actions in de-funding the Bank of the U.S. -
Panic of 1837
The Panic of 1873 was a financial crisis which resulted from an unstable currency and financial system. Approximately 10% of U.S. workers were unemployed at one time, many Ohioans had lost all their life savings due to banks closing, wages were cut, and stores refused to accept currency in payment of debts. This led to the people turning against the Democratic Party, and in 1840, voters elected William Henry Harrison over the Democratic candidate.