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Henry Clay Nomination
In December of 1831, Henry Clay of Kentucky was chosen by the National Republicans as their candidate for the US presidency. -
Recharter of the Second Bank
Jackson rejected the renewal of the bank. He states the issue of the constitutionality of the bank and where the monetary power should be held. -
The Bank Bill was passed
Bank bill renewing the charter of the Second Bank of the U.S. was passed through both houses of the U.S. Congress. -
Election of 1832
Jackson and Clay were running for president. Jackson was re-elected. Jackson was to get rid of the national bank, while Clay supported it. -
The Veto of the Bank Bill
Jackson vetoed the Bank Bill. -
An end to deposits to the government money
Jackson took the money from national reserves and started to distribute it to "pet banks". He thought it would help the national bank to collapse. The fall of the national bank caused the country to fall into an economic crisis. -
Speculative Boom of 1833
This was a false notion that there was plenty of money for the United States and that the economy was growing. People though they were becoming richer. The overspending and abuse of money lead to the Panic of 1837. -
Jackson's Pet Banks
These were privately funded state banks that Jackson used to deposit federal money. It hurt the economy and destroyed the national bank. Money was being transferred from the federal level to the state level. -
Biddle response
The President of the national bank began taking actions to recharter the national bank. He was not a supporters of Jackson's decision. Congress voted to recharter the bank, but Jackson vetoed. -
1836 Election
The Whigs were divided and could not unite behind a single man. New York's Martin Van Buren, Jackson's vice president, won the contest. -
Specie Circular of 1836
This was an act created by Jackson that required land to be purchased in gold and silver rather than paper money and bank notes. -
Panic of 1837
The national bank fell, inflation, and overspending lead to a economic recession. Prices of American goods fell, businesses went bankrupt, and state banks began to collapse without strong national support. -
Election of 1840
The election found the country afflicted with hard times and low wages. The economic depression and the personality destroyed the merits of Van Buren.