Chapter 12 3 Jackson and the Bank Jacksons

Chapter 12. 3 Jackson and the Bank

Jackson’s War Against the Bank • Andrew Jackson- came from nothing, selfmade man, western pioneer • Nicholas Biddle- President of the Second Bank of the United States, came from a wealthy Philadelphia family, good education • Jackson and Biddle clashed

The Bank and the Election of 1832 • Henry Clay and Daniel Webster told the bank to apply for a new charter and when Jackson vetoed it, Jackson would lose support of the people • Their plan backfired, most people supported Jackson’s veto and he was reelected. • 1826 - Jackson refused the new bank’s charter and it closed

Panic of 1837 • Jackson did not want to run for a third term • Democrats chose Martin Van Buren (Jackson’s VP) • New Party: Whigs nominated 3 people, hoping to splits the votes and the House of Representatives would vote (Whigs controlled the House) • Van Buren was very popular because of Jackson, he won the popular and electoral vote

Panic of 1837 continued… • When the Bank closed in 1836, control over state banks vanished • Government stopped accepting banknotes from smaller banks and people panicked • The Panic of 1837 - led to a depression, land values dropped, banks failed, thousands of businesses closed, workers lost their jobs, farmers lost their land, many people could not afford food or rent

The Whigs in Power • Democrats unpopular because of the depression…allowed Whig Party to win the 1840 election. • William Henry Harrison won the election with John Tyler as his VP • On Inauguration day, it was cold and Harrison insisted on delivering his speech without a hat or coat. • He died of pneumonia 32 days later.

John Tyler’s Presidency • John Tyler became the first vice president to become president because of the death of the elected president. • John Tyler ruled with very little party loyalty. • He vetoed several bills sponsored by the Whigs and was kicked out of the Whig Party • Tyler’s biggest success was the 1842 Webster-Ashburton Treaty • Between Great Britain and the United States • Ended the dispute over the border between Maine and Canada • Set a firm U. S. -Canadian boundary from Maine to Minnesota

End of the Whig Party • Next Whig president: Zachary Taylor in 1848 • Taylor also died in office • Whig Party was divided over the issue of slavery • By the 1850 s, the party had nearly disappeared • Northern Whigs left the party and joined the Republican Party

Seminole- The Unconquered https: //www. youtube. com/watch? v=9 d. Qvql. C 3 Eu. A (skip to 19. 30)