USA HISTORY

Detailed explanation-1: -In 1832, Andrew Jackson ordered the withdrawal of federal government funds from the Bank of the United States, one of the steps that ultimately led to the Panic of 1837 . The Panic of 1837 was a financial crisis that had damaging effects on the Ohio and national economies.

Detailed explanation-2: -Guided in his veto decision by his constitutional convictions and political exigencies, Jackson’s victory over the bank doomed central banking in the United States until the creation of the Federal Reserve in the early twentieth century.

Detailed explanation-3: -President Andrew Jackson, like Thomas Jefferson before him, was highly suspicious of the Bank of the United States. He blamed the bank for the Panic of 1819 and for corrupting politics with too much money. After congress renewed the bank charter, Jackson vetoed the bill.

Detailed explanation-4: -Decree authorized by Jackson in 1836, stating that all public lands must be purchased with gold or silver money since the Bank was collapsing and the paper money was almost worthless. This caused a run on the banks for gold and silver and, in turn, ignited the Panic of 1837.