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Renewing the Charter of the 1st National Bank

Renewing the Charter of the 1st National Bank. Jackson’s Use of Federal Power. VETO. 1830  Maysville Road project in KY [state of his political rival, Henry Clay]. The National Bank Debate. President Jackson. Nicholas Biddle.

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Renewing the Charter of the 1st National Bank

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  1. Renewing the Charter of the 1st National Bank

  2. Jackson’s Use of Federal Power VETO 1830 Maysville Roadproject in KY [state of his political rival, Henry Clay]

  3. The National Bank Debate PresidentJackson NicholasBiddle

  4. Opposition to the 2nd B.U.S. “Soft”(paper) $ “Hard”(specie) $ • state bankers feltit restrained theirbanks from issuingbank notes freely. • supported rapid economic growth & speculation. • felt that coin was the only safecurrency. • didn’t like any bankthat issued banknotes. • suspicious of expansion &speculation.

  5. The “Monster” Is Destroyed! • “pet banks”? • 1832  Jackson vetoed the extension of the 2nd National Bank of the United States. • 1836  the charter expired. • 1841  the bank went bankrupt!

  6. The Downfall of “Mother Bank”

  7. An 1832 Cartoon: “KingAndrew”?

  8. 1832 Election Results Main Issue?

  9. The Specie Circular (1836) • “wildcat banks.” • buy future federalland only with gold orsilver. • Jackson’s goal?

  10. Results of the Specie Circular • Banknotes loose their value. • Land sales plummeted. • Credit not available. • Businesses began to fail. • Unemployment rose. The Panic of 1837!

  11. The 1836 Election Results Martin Van Buren “Old Kinderhook”[O. K.]

  12. The Panic of 1837 Spreads Quickly!

  13. Andrew Jackson in Retirement

  14. Photo of Andrew Jackson in 1844(one year before his death) 1767 - 1845

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