Jackson & the Bank War

Henry Clay

Political leader who is responsible for the rechartering Bank Bill

Nicholas Biddle

President of the Second Bank of the United States; he struggled to keep the bank functioning when President Jackson tried to destroy it.

Andrew Jackson

Believed the Bank was harmful to the nation and was unconstitutional

Reasons to support the Second Bank of the United States

Provided loans; Standardized currency; Storage of tax collected monies; Regulated the economy

Reasons to oppose the Second Bank of the United States

Monopoly; Un-American; Controlled by the elite; Too much power over the economy

Pet Banks

State banks where Andrew Jackson placed deposits removed from the federal National Bank.

Panic of 1837

A financial crisis in the United States that led to an economic depression

Specie Circular

Provided that in payment for public lands, the government would accept only gold or silver

Inflation

A general and progressive increase in prices

Presidential Election of 1832

Jackson easily won re-election against Henry Clay for the presidency in a Democratic Party triumph.