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Jackson's Veto Message
Andrew Jackson wrote a letter, which refused to recharter the Bank because there were many dangers, according to him. Jackson believed that it was dangerous for many reasons , including that almost all of stock was held by foreign powers, instead of the people of America. Also, the few Americans that did have stock were very wealthy and/or powerful, leaving the lower classes without an opportunity to compete in the monopoly. -
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1832 Election
In this election, the delegates were Andrew Jackson, Henry Clay, William Wirt, and John Floyd. Jackson gained a lot of support by forcing the Native Americans to move west because it helps with the expansion of industry and slavery. William Wirt was nominated as a third party and held a convention, which later inspired the democratic and republican party to do the same. Andrew Jackson ended up winning the election. -
Pet Banks
The charter for the renewal of the Bank was received by Andrew Jackson, 4 years earlier than it was supposed to. So since he had already denied the recharter of the Bank, he also removed their federal funds and placed these federal funds in seven "pet banks." These pet banks ended up causing a panic in the future. -
Panic of 1837
The Panic of 1837 was caused when prices,wages,profits,and interest rates decreased; the government began selling land for bank notes of suspicious value; and Jackson refused to renew the charter of the Bank. The effect was it was unemployment rates going up, cotton price going down, failed businesses, and bankruptcy among a lot of people. It didn't get better until 1844 when trade started again, the economy was boosted with the Mexican War and gold discoveries, and expansion to west restarted.