Chapter 10 Part 2 Flashcards Preview

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Flashcards in Chapter 10 Part 2 Deck (20):
1

Bank characteristics

Held government money
Issued printed money
Controlled gov. money supply

2

Gold standard

$1 gold=$1 Bill

3

Jacksons view on the bank

Hated it because he thought it gave too much power to the wealthy

4

What did banks need in order to work

Charter

5

When did the banks charter end? When did biddle want to get it re chartered

Ended in 1836, but biddle wanted to get it rechartered in 1832(election year)

6

Why did biddle force the recharter of the bank in 1832

He thought Jackson would not fight it because it was an election year

7

After congress passed the bill to extend the charter of the bank, what did Jackson do

Vetoed it claiming it to be unconstitutional. Supreme Court said it was constitution

8

Who was running in the election of 1832

Clay( national republican)
Jackson

9

Issue in the election of 1832

National bank. Jackson wins the election easily which makes him believe that he has the right to destroy the national bank

10

In 1832, Jackson tried to destroy the bank before the charter ended in 1836. What did he do?

•removed money from the national government and put it in state banks. •biddle responded by making it hard to borrow money, but eventually the national bank closed.

11

Effects of destroying the bank

States began to print paper money. They printed too much causing inflammation. •1836, van buren becomes president

12

What is inflammation

When money becomes less valuable and prices of goods increased

13

Panic of 1837

Due to inflammation and lack of confidence in the economy, the US went into a panic. This caused depression (severe economic slope).
Worried that their money would be worthless, people took their cash to banks to trade it for gold. Eventually the banks ran out of money and shut down

14

Results of the panic of 1837

•90% of factories went out of business. •people went hungry and becomes homeless. • farmers were least hurt (could grow own food)

15

Why did the panic of 1837 destroy van burens chance of another term

He refused to help the economy and the people wanted someone who would

16

Whig party

Created as a challenge to Jackson. They called themselves Whigs to protest Jackson as a king

17

Which 3 people ran in the election of 1840

Harrison, Tyler, Van Buren

18

Who wins the election of 1840 and what happened to him

Harrison wins. He decided to speak for 2 hours in cold rain and later got pneumonia and died. Known as the shortest serving president in US history

19

Once Harrison dies after the election of 1840, who will become the new president of the US

Tyler

20

Who was the second national bank run by

Nicholas Biddle