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The Northeast was dependent on the National Bank for financial and commercial purposes and the National Bank needed to enforce their prudent monetary policy which didn't appeal to the Southerners and Westerners who believed that prosperity and regional development all relied on an ample bank. For the next few years, banking was chartered by the states which fueled inflation, as they issued excessive currency. As a result, the Second National Bank was chartered, similar to the first for 20 years.
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The Financial Panic of 1819 was the first major economic depression in American History. This event caused a further political divide, the demand to democratize all state Constitutions, and call for the cancellation of debt resulting in imprisonment. -
McCulloh v. Maryland started when Maryland began to tax the people for goods such as stamps, which McCulloh refused to pay, getting him in legal trouble, which lead to him appealing his case to the Supreme Court. The Supreme Court would come to a final ruling for McCulloh v. Maryland on March 3, 1819, ruling in favor of McCulloh, as only Congress can tax the people unless given authorization. -
Following Cheves withdrawing his name from possibility re-election because of his harm towards the Bank’s financial health, Nicholas Biddles was sworn in. As he was head of the bank, he increased the notes from the bank, diminished any anomosity of the bank, and called for the halt of excessive bank quanitity in states. -
In 1828, President Andrew Jackson was elected for a first term in office after winning the votes of the people after the election was “stolen” from him in the election of 1824, he planned to expand the voting rights of white men, and was seen as a hero by the people. -
Henry Clay, who was in favor of a federal bank, would push for the Second National Bank to be rechartered, which would convince both Congress and the Senate to sign this bill. -
The Second National Bank, though properly managed and useful, was hated by President Andrew Jackson, as shared by many Republicans, and was untrustworthy and monsterous in his eyes. Although it passed through both Congress and the Senate, Jackson vetoed this bill, denouncing monopoly and special privelege. The attempt to override the veto was a fail. -
Jackson would be re-elected as president in the election of 1832, as many started to agree with with antibank view and belief Henry Clay had manipulated the Bank and refusal of the criticism from the Bank. -
Biddle and Jackson were in a constant state of debate over if the National Bank should stop being chartered, Jackson would cancel any federal deposits towards the Bank, as he feared economic backlash Biddle could possibly hurdle towards him. These funds would instead be invested into state banks despite their previous failure. -
President of the Second National Bank Nicholas Biddle, was constantly bickering with President Andrew Jackson about the Bank. He would do anything he could to keep the Bank in buisness, such as donating ten thousands dollars to anti Jackson campaigns and keeing a good relationship with the house.
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On March 17th, 1837- the year after the Whigs were elected to office and had too many differences to unite even a couple, Martin Van Buren, who was former President Andrew Jackson’s VP won the election of 1836 - another economical depression would begin and even more Americans would divide. Americans struggled to the fact cotton was losing its value, many workers were let go due to the inability to earn pay, and withdrawel of British Credits. This lasted until the 1840s. -
The election of 1840 was between Whig Party candidate William Harrison and Democratic Party candidate and President Martin Van Buren. Although Harrison defeated Buren by a shy 150,000 votes, he won the Electoral College by a landslide. Harrison was chosen to be president because the Whigs were successfully oppositionists of the Democrats and Buren’s hardships as a leader during the Panic of 1837.