The event was The Panic of 1819 that made many Americans want to elect officials who better protected their interests because it made the Americans rethink the New Republicans and their system that favoured internal improvements, tariff protection and the Second Bank of the United States.
This starts when the Second Bank of the United States tries to reduce the inflationary practices because many of the Western branches had issued large amounts of currency to speculators and farmers without having currency to support the paper currency. They thought they could solve it by drastically reducing the loans to these branches, however, this resulted in foreclosures on real property.
The Panic of 1819 was the first major financial crisis in the country and led to a collapse of the economy that continued for two years. The Panic also caused massive unemployment and bankruptcies.
