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2nd National Bank Gabby&Devonte<3

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BC: The End

FC: By Gabby Veal and Devonte Bivins | Andrew Jackson and the National Bank

1: Andrew Jackson was born on March 15, 1767 and died on June 8, 1845. He was the 7th president of the United States. He was nicknamed " Old Hickory". 4

2: Major Players | Whigs- who united in opposing Jackson, but they were unable to settle on a leader. Andrew Jackson- opposed the national bank because he regarded it as a monopoly that benefited the wealthy 2 2

3: Martin Van Buren- Van Buren supported Jackson's unpopular policies toward the Bank of the United States and stood by him when Jackson reorganized his cabinet during the Eaton affair. 3

4: Important Events Panic of 1819- During the summer of 1818, the national bank managers realized the bank's massive over-extension, and instituted a policy of contraction and the calling in of loans. This recalling of loans simultaneously curtailed land sales and slowed the U.S. production boom due to the recovery of Europe. 1

5: The Second National Bank

6: Important Events McColloch v. Maryland- The state of Maryland attempted to impede operation of a branch of the Second National Bank by imposing a tax on all notes of banks not chartered in Maryland 1

7: On July l0, 1832, President Andrew Jackson sent a message to the United States Senate. He returned unsigned, with his objections, a bill that extended the charter of the Second Bank of the United States, due to expire in 1836, for another fifteen years. 4

8: Turning Point Jackson moved to finish off the bank. Jackson ordered all federal deposits in the bank withdrawn. To do this, Jackson was forced to remove two secretaries of the treasury, eventually replacing Louis McLane and William J. Duane with the more agreeable Roger B. Taney. Despite the Senate's refusal to confirm Taney's appointment, during his nine months as acting Secretary, he carried out Jackson's orders. Jackson announced that effective October 1st, 1833, federal funds would no longer be deposited in the bank. In retaliation, Nicholas Biddle began calling in loans from across the country. Biddle believed that a financial crisis would highlight the need for a central bank. However, the move backfired, and angry businessmen and farmers blamed the bank. The bank lost its charter in 1836, and went out of business in 1841. 1

10: Whigs and Democrats Strong opposition against President Jackson slowly grew to form the Whig political party. This political party was similar to the English Whigs in that they claimed that they were against tyranny and monarchy. The members were only united by their hatred towards Jackson and had little compatibility. Most of their support came from Northern merchants, Northern manufacturers, Southern landowners, and some Western farmers seeking internal improvements. It was hoped that this collaboration would enable Whig candidates William Henry Harrison and Hugh Lawson White to gather enough electoral votes to deny Martin Van Buren the presidency in the 1836 election. However, the plan failed, and Van Buren succeeded Jackson. 1

11: Lasting Effects After removing federal funds from the bank, Jackson placed the money in so called "pet banks" which were privately owned banks. This policy arguably led to the Panic of 1837. In an effort to take control of the unstable economy, Jackson issued the Specie Circular in 1836. This document required all purchases of federal lands to be paid in metal coin rather than paper money. Jackson's war on the bank set the stage for the emergence of modern populism. His egalitarian rhetoric allowed him to cast himself as the people's tribune against the moneyed elite and their tools in government, he introduced an enduring theme in American politics. Biddle continued to believe the bank was an honorable institution needlessly killed by Jackson. In the second of two letters addressed to John Quincy Adams dated November 10, 1836, Biddle derided the loss of the bank and claimed that it had allowed the American financial system to remain stable. 1

12: Andrew Jackson

13: Democratic cartoon from 1833 showing Jackson destroying the bank.

14: A promissory note issued by the Second | A promissory note issued by the Second Bank of the United States, December 15, 1840, for the amount of $1000

15: Sources 1-Wikipedia 2-Text 3-Gale 4-SIRS

20: A family is pieced together with hope and faith. A family is quilted and bound with love and grace.

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  • Title: 2nd National Bank Gabby&Devonte<3
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  • Started: over 7 years ago
  • Updated: over 7 years ago