The Jackson Era
Adams wanted to improve roads, waterways, and build a national university, but his promises upset his opponents in the election. Congress approved funds for improving rivers, harbors, and roads but Adams wanted more. In 1828, Congress passed high protective tariff on goods from England, but in 1832, they passed a lower tariff. The Indian Removal Act caused a war that cost 20 million dollars. Andrew Jackson disliked the second national bank, because he believed it unfairly favored wealthy people. |
Nicholas Biddle was the president of the second national bank.
The bank's charter was scheduled to end in 1836, but Jackson "killed" the bank before it officially ended. |
Banks throughout the country issued huge amounts of banknotes, which then resulted in many business closing.
Martin Van Buren became president, and as soon as he did, the US entered a severe depression. |
- In 1840, the creation of an independent federal treasury helped the nation recover from the depression.
It prevented state and private banks from using government money to back their banknotes. |