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whigs party
Jackson political opponents Eventually came together. opposed because of the bank. the Whigs supported the bank while he didn't. thought Jackson had a monarchy lead by Henry clay -
Bank Recharter Bill
bill passed to charter the Second Bank of America. Congress passed it, and a week later Andrew Jackson Vetoed it -
election of 1832 (reelected ) 1828- first election
Jackson won election over Henry Clay mostly because he decided to veto the bank charter. After he won he closed the national bank. -
bank war
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Jackson Veto
a week after the Bank Charter was passed, Andrew Jackson vetoed the bill. This veto helped him win his re-election because it was what the people from the south and west wanted. the bank limited state rights. foreigners would lead to gaining power over us currency. incompatible with justice because there are no checks and balances their inst any the bank answers to directors of the bank or stockholder but this is the bank of the people if the us but the people have nothing to say -
Removal of 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. -
Biddle
he fought with all he had to keep the banks open. 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. -
pet 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. pulls money out of the bank and puts in in state banks -
panic of 1837
economic crisis lasting into 1840 inflation unstable currency us banking was making to much currency which causes inflation -
species circular
species circular land had to be purchased cant use paper money had to use gold coin and silver to purchase land but many people didn't have that especially in the west.(high inflation people in west not enough gold and silver)