-
The second national bank was established in order to allow for an economy that, like the first national bank, was united with a national currency to lessen confusion. The second national bank was disliked by newer states/territories, because of the near monopoly it had over the economy, and poor people, who believed the bank was only made to support the rich. Important to note that the bank was only chartered for 20 years, dying in 1836 unless it was rechartered.
-
The Panic of 1819 was a financial crisis that was caused from a few factors, most importantly being the trade economy dying. The financial insecurity of the lack of trade led to Banks failing mortgages being foreclosed and agriculture pricings being cut in half most if not all of the western investments had collapsed as well. The problem got so bad that for the first time in American history poverty had to be handled by the government.
-
The election of 1828 was between Andrew Jackson and John Quincy Adams. This was the election that got Jackson his presidency and eventually lead to the closing of the national Bank.
-
The political opponents of Jackson in Congress managed to pass an early rechartering for the second national Bank, even though it was not set to expire until 4 more years. The reason the recharter happened early was to make Jackson lose supporters so the political opponents could take office: If Jackson was to veto the bank, he would lose support of the north and businessmen; if Jackson was to support the bank, he would lose support of the southerners, westerners, common folk, and farmers.
-
-
President Jackson issued an order to divert federal revenue from the national bank and into a select amount of state banks, later known as pet banks, and to stop depositing government money into the national bank or gradually withdrawing government money from the bank. Interestingly enough, the treasury and his assistant stepped down instead of enforcing the order, forcing Jackson to find a new treasury that would force the banking system to follow the order.
-
-
-
Because Jackson disliked any paper currency and was attempting to replace all paper currency with gold and silver. In the Specie Circular of 1836, President
-
-