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, SELF-MADE 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 WHENJACKSON VETOED IT, JACKSON WOULD LOSE SUPPORT OF THE PEOPLE • THEIR PLAN BACKFIRED, MOST PEOPLE SUPPORTEDJACKSON’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…ALLOWEDWHIG PARTY TO WIN THE 1840 ELECTION. • WILLIAM HENRY HARRISON WON THE ELECTION WITHJOHN TYLER AS HIS VP • ON INAUGURATION DAY, IT WAS COLD ANDHARRISON 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 THEWHIGS AND WAS KICKED OUT OF THEWHIG PARTY • TYLER’S BIGGEST SUCCESS WAS THE 1842 WEBSTERASHBURTON TREATY • BETWEEN GREAT BRITAIN AND THE UNITED STATES • ENDED THE DISPUTE OVER THE BORDER BETWEENMAINE 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
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