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Jackson vetoes Renewal
Supporters of the bank in Congress pushed through with an early renewal for the Second National Bank's charter. Jackson vetoed the renewal, the veto denounced monopoly and special privilege. The effort to override the veto failed. -
"Pet Banks"
Jackson ordered an end to deposits of government money to the bank, and gradual withdrawals of the money already in its custody. The government deposited its funds in selected state banks, called "pet banks" by the opposition. -
Panic of 1837
The Panic of 1837 was a crisis in financial and economic conditions in the nation following changes in the banking system started by President Jackson and his Specie Circular that effectively dried up credit.
